VEON closes $1.4 billion bond offering to refinance 2027 debt

VEON Ltd. (NASDAQ: VEON) completed a $1.4 billion dual-tranche senior unsecured notes offering through its subsidiary VEON Midco B.V., the company announced. The offering refinances substantially all of VEON's debt maturing in 2027.

The offering consists of $700 million 6.95% Senior Notes due June 1, 2031, and $700 million 7.45% Senior Notes due June 1, 2033. Both tranches were priced at par and received BB- credit ratings from Fitch and S&P. The notes began trading on the Euro MTF market of the Luxembourg Stock Exchange on June 1, 2026.

"This transaction is VEON's largest bond offering in over a decade," said VEON Group Chief Executive Officer Kaan Terzioglu. The company said the transaction nearly doubles the average maturity of its debt excluding leases to over four years on a pro forma basis.

In conjunction with the bond offering, VEON launched a tender offer for its outstanding $1.01 billion 3.375% Senior Notes due 2027. Noteholders tendered over $936 million in principal amount, exceeding the maximum participation amount. VEON accepted approximately $886 million of the outstanding 2027 notes at a purchase price of $987.50 per $1,000 in principal amount.

The bond offering attracted participation from institutional fixed-income investors in the United States, along with asset managers and investment funds across Europe, the Middle East and Asia. The notes were offered under Rule 144A and Regulation S of the U.S. Securities Act of 1933.

VEON operates as a digital operator providing connectivity and digital services to over 150 million connectivity customers across five countries. The company is listed on NASDAQ under the ticker VEON.

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