EM-focused VEON reiterates ruble-denominated notes’ currency election option

By Rebecca Melvin

Concord, N.H., March 18 – VEON Holdings BV reiterated its currency election option under three series of ruble-denominated notes and the procedure holders must follow to elect to receive interest or principal payments in U.S. dollars.

Under the terms of the notes, holders may notify Citibank NA London Branch as principal paying agent to receive payments in dollars if they do so on or before the tenth business day prior to an interest or principal payment date. The Euroclear and/or Clearstream systems should be used to make the notification.

The currency option pertains to

• RUB 20 billion 6.30% ruble-denominated notes maturing June 2025;

• RUB 10 billion 6.50% ruble-denominated notes maturing September 2025; and

• RUB 20 billion 8.125% ruble-denominated notes maturing September 2026.

The notes were issued under VEON’s global medium term note program.

The company also reiterated – as previously disclosed on March 2 – that it has no additional debt maturities at the corporate level during 2022.

Amsterdam-based VEON provides mobile and fixed-line telecommunications services through its subsidiaries in emerging markets.

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