By Cristal Cody
Tupelo, Miss., Jan. 14 – VEON Holdings BV priced a $300 million add-on to its 4% senior notes due April 9, 2025 (Ba2/BB+/BBB-) on Tuesday at 103.75 to yield a spread of 155.17 basis points over Treasuries, according to a market source and a news release.
Initial price talk was at 102.5 to 103 with guidance tightened to 103.5 to 103.75.
The VEON Ltd. subsidiary first sold $700 million of the notes in a Rule 144A and Regulation S transaction on Oct. 2 at par to yield a spread of 257.6 bps over Treasuries. The total outstanding is now $1 billion.
Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Societe Generale were the bookrunners.
Proceeds will be used to refinance debt, to address upcoming maturities and for general corporate purposes.
In the secondary market, the notes were last seen trading on Thursday at 104.625.
Amsterdam-based VEON Ltd. provides mobile and fixed-line telecommunications services through its subsidiaries in emerging markets.
| Issuer: | VEON Holdings BV
|
| Amount: | $300 million reopening
|
| Maturity: | April 9, 2025
|
| Securities: | Senior notes
|
| Bookrunners: | Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Societe Generale
|
| Coupon: | 4%
|
| Price: | 103.75
|
| Spread: | Treasuries plus 155.17 bps
|
| Pricing date: | Jan. 14
|
| Settlement date: | Jan. 22
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB+
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Total outstanding: | $1 billion, including $700 million of notes priced Oct. 2, 2019 at par to yield Treasuries plus 257.6 bps
|
| Price guidance: | 103.5-103.75; initial talk at 102.5-103
|
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