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VEON issues put option notice for 2023 notes as amendments effective
By Mary-Katherine Stinson
Lexington, Ky., April 5 – VEON Ltd. and subsidiary VEON Holdings BV released a put option event notice related to the $529.32 million 5.95% notes due February 2023 (ISIN: US92718WAE93, XS0889401724) and $700 million 7¼% notes due April 2023 (ISIN: US36251BAB18, XS1400710726) as a result of the previously announced amendments becoming effective as of April 4, according to a press release attached to a 6-K filing with the Securities and Exchange Commission.
The put option period begins April 5 and expires at 5 p.m. ET on April 19. Settlement will be on April 26.
Holders may require the company to repurchase their notes at 102 plus accrued interest.
Put election notices are irrevocable.
Holders who wish to participate must submit their election notice to the settlement agent Kroll Issuer Services Ltd. (+44 20 7704 0880, veon@is.kroll.com) by the expiration date.
As previously reported, the event was triggered by the amendments to the notes becoming effective. The amendments were set out in the creditor scheme relating to eight-month extensions for the 2023 notes which was summarized in an explanatory statement dated Dec. 21, amended on Jan. 11 and approved on Jan. 30.
Information is available on the scheme website (https://deals.is.kroll.com/veon).
Amsterdam-based VEON Ltd. provides mobile and fixed-line telecommunications services through its subsidiaries in emerging markets.
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