VEON Ltd. ADS - VEON STOCK NEWS

VEON Ltd. has announced that its subsidiary Kyivstar in Ukraine signed three unsecured loan agreements totaling UAH 4.1 billion (approx. USD 145 million) with Raiffeisen Bank Aval, Alfa-Bank, and OTP Bank. The loans have terms of 5 years for Raiffeisen and 3 years for Alfa-Bank and OTP. Additionally, KaR-Tel, VEON's subsidiary in Kazakhstan, signed a loan agreement with Forte Bank for KZT 10 billion (approx. USD 25 million) over 3 years. Both subsidiaries will explore local debt markets for further borrowing opportunities to enhance VEON's capital structure.

VEON Ltd. announced that Mariano de Beer has stepped down from its Board of Directors effective December 21, 2020. De Beer, who also chaired the Digital Committee, is leaving to focus on other commitments. The company expresses gratitude for his contributions. A search for his replacement is currently in progress. This change occurs amid the company's ongoing efforts to enhance its governance and operational strategies.

VEON Ltd. has appointed Joop Brakenhoff as the Group Chief Internal Audit & Compliance Officer, a newly established role reporting to the co-CEOs and the Audit Committee Chairman. Brakenhoff, who joined VEON in January 2019, previously served as the Head of Internal Audit. His leadership will enhance oversight on risk management and compliance across the organization. The co-CEOs stated that Brakenhoff brings valuable experience to a priority area of governance and ethics for VEON.

VEON Holdings B.V., a subsidiary of VEON Ltd., has priced USD 1.25 billion in senior unsecured notes at 3.375% due in 2027 under its Global Medium Term Note Programme. The offering, scheduled for settlement on November 25, 2020, aims to finance investments in subsidiaries, refinance existing debt, and support general corporate purposes. The move is seen as a step towards improving VEON's capital structure by reducing borrowing costs and lengthening debt maturity.

VEON Ltd. announced that Kaan Terzioğlu has been elected to the Board of Directors of the GSMA, a leading organization in the mobile communications industry. Terzioğlu, co-CEO of VEON, will serve alongside 26 other leaders from January 2021 to December 2022. He emphasized the importance of mobile communications to customers and economies, aiming to leverage VEON's global insights in his new role. VEON operates in 9 countries, serving over 200 million subscribers with a range of digital services, including mobile and fixed-line connectivity.

VEON Holdings B.V. announced a drawdown of 7-year senior unsecured notes under its Global Medium Term Note Programme, totaling USD 500 million. The net proceeds from this drawdown will be utilized for refinancing existing debt and supporting investments in subsidiaries. This marks the third issuance under the GMTN Programme, with the offering memorandum approved by the Luxembourg Stock Exchange. Investors should note that these notes will not be registered under U.S. securities laws, restricting their public offering in the U.S.

VEON Ltd. (NASDAQ: VEON) has issued a statement regarding tax disputes involving its subsidiary in Pakistan, Jazz. The company is contesting a 25 billion PKR assessment from the Federal Board of Revenue (FBR) for FY2017 and has filed a challenge in the Islamabad High Court. Jazz has received a stay on the FBR's demand and has made a pre-payment of 5 billion PKR pending a final court decision, with the next hearing set for December 2, 2020.

On October 29, 2020, VEON Ltd. (NASDAQ: VEON) reported Q3 2020 results, revealing a 10.4% YoY revenue decrease, largely due to currency issues, although local revenue only declined by 1.3%. The customer base increased by 3 million, reaching 207 million, with a notable growth in 4G users at 73 million. Despite a 9% YoY decline in reported EBITDA, local EBITDA grew slightly by 0.1% YoY. VEON confirmed FY2020 guidance, projecting a low to mid-single-digit local currency decline in revenue and EBITDA. Impairments totaling $790 million were recorded, mainly related to Russian operations.

VEON Ltd. (NASDAQ: VEON) has announced the sale of its Armenian subsidiary, CJSC "VEON Armenia", to Team LLC. This move aligns with VEON's strategy to streamline its organizational structure and concentrate on markets with promising long-term growth potential. The sale is valued at an EV/EBITDA multiple of 2.9x based on 2019 EBITDA figures. The transaction is expected to close shortly, strengthening VEON's operational focus.