VEON Announces the Refinancing of Its RUB 30 Billion Loan Agreement With VTB

Rhea-AI Summary

VEON Ltd. announced the successful refinancing of its RUB 30 billion (approximately USD 422 million) term loan agreement with VTB Bank. This refinancing will extend the loan's maturity and lower its cost, enhancing VEON's capital structure. Chief Financial Officer Serkan Okandan emphasized the transaction's importance for financial flexibility and capital improvements. The refinancing is expected to strengthen the group's financial standing, further aligning with VEON's objectives in managing its RUB financings.

Positive

• Successful refinancing of RUB 30 billion loan, reducing costs and extending maturity.
• Improves VEON's capital structure and financial flexibility.

Negative

• None.

AMSTERDAM, July 9, 2020 /PRNewswire/ -- VEON Ltd. (NASDAQ: VEON) (Euronext Amsterdam: VEON) announced today that its subsidiary VEON Holdings B.V. has successfully refinanced its existing RUB 30 billion, approximately USD 422 million¹, bilateral term loan agreement with VTB Bank. This refinancing will extend the maturity and reduce the cost of the existing loan between VTB Bank and VEON Holdings.

VEON Group Chief Financial Officer Serkan Okandan commented: "This transaction is another step in our continued focus on improving VEON's capital structure and enhancing our RUB financings.  We are pleased with the strong support we have received from VTB in relation to this transaction, which further reinforces the Group's objectives with respect to capital structure and financial flexibility."

¹ Based on USD/RUB=71.1664

About VEON
VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and internet services.  For more information visit: www.veon.com.

Disclaimer
This press release contains "forward-looking statements," as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, expectations regarding VEON's financial position and capital structure. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.

Contact information

INVESTOR RELATIONS
Nik Kershaw
ir@veon.com

CORPORATE COMMUNICATIONS
Kieran Toohey
pr@veon.com

Tel: +31-20-79-77-200

View original content:http://www.prnewswire.com/news-releases/veon-announces-the-refinancing-of-its-rub-30-billion-loan-agreement-with-vtb-301091136.html

SOURCE VEON Ltd

FAQ

What is VEON's recent refinancing announcement?

VEON announced the successful refinancing of its RUB 30 billion loan with VTB Bank, which will reduce costs and extend the loan's maturity.

How much is the term loan that VEON refinanced?

VEON refinanced a term loan worth RUB 30 billion, approximately USD 422 million.

What impact will the refinancing have on VEON's capital structure?

The refinancing is expected to enhance VEON's capital structure and improve its financial flexibility.

Who commented on the refinancing deal for VEON?

VEON Group Chief Financial Officer Serkan Okandan commented on the refinancing transaction.

Which bank was involved in VEON's refinancing deal?

The refinancing deal was conducted with VTB Bank.