VEON Gets Unanimous Support from Noteholders Voting in Consent Solicitation to Facilitate Indirect Listing of Kyivstar on Nasdaq
VEON (Nasdaq: VEON) has successfully completed a bond consent solicitation process with unanimous support from voting noteholders. The process aims to substitute a new VEON subsidiary for VEON Holdings B.V. and modify terms of its U.S.$1,013,683,000 3.375% Senior Unsecured Notes due November 2027.
The extraordinary resolution passed with 100% approval from voters, representing 95.83% of the total principal amount. This development is a important milestone following VEON's announcement of a letter of intent with Cohen Circle to pursue a business combination for listing Kyivstar on Nasdaq.
VEON (Nasdaq: VEON) ha completato con successo un processo di sollecitazione del consenso per le obbligazioni con il supporto unanime degli obbligazionisti votanti. L'obiettivo del processo è sostituire una nuova controllata di VEON a VEON Holdings B.V. e modificare i termini delle sue Note Senior Non Garantite da U.S.$1.013.683.000 al 3,375% in scadenza a novembre 2027.
La risoluzione straordinaria è stata approvata con il 100% dei voti, rappresentando il 95,83% dell'importo principale totale. Questo sviluppo è una pietra miliare importante dopo l'annuncio da parte di VEON di una lettera di intento con Cohen Circle per perseguire una combinazione aziendale per la quotazione di Kyivstar su Nasdaq.
VEON (Nasdaq: VEON) ha completado con éxito un proceso de solicitud de consentimiento de bonos con el apoyo unánime de los tenedores de notas votantes. El objetivo del proceso es sustituir una nueva subsidiaria de VEON por VEON Holdings B.V. y modificar los términos de sus Notas Senior No Garantizadas de U.S.$1,013,683,000 al 3,375% con vencimiento en noviembre de 2027.
La resolución extraordinaria fue aprobada con un 100% de apoyo de los votantes, representando el 95,83% del monto principal total. Este desarrollo es un importante hito tras el anuncio de VEON de una carta de intención con Cohen Circle para perseguir una combinación empresarial para listar Kyivstar en Nasdaq.
VEON (Nasdaq: VEON)은 채권 보유자들의 만장일치 지지를 얻어 채권 동의 요청 절차를 성공적으로 완료했습니다. 이 과정은 VEON Holdings B.V.를 대체할 VEON의 새로운 자회사를 지정하고, 2027년 11월 만기인 U.S.$1,013,683,000 규모의 3.375% 선순위 비지급 채권의 조건을 수정하는 것을 목표로 하고 있습니다.
이 특별 결의안은 투표자들의 100% 찬성으로 통과되었으며, 이는 총 원금의 95.83%에 해당합니다. 이 발전은 VEON이 Kyivstar를 Nasdaq에 상장하기 위한 사업 결합을 추진하기 위해 Cohen Circle과의 의향서를 발표한 이후의 중요한 이정표입니다.
VEON (Nasdaq: VEON) a réussi à achever un processus de sollicitation de consentement d'obligations avec un soutien unanime des détenteurs de notes votants. Ce processus vise à substituer une nouvelle filiale de VEON à VEON Holdings B.V. et à modifier les conditions de ses Obligations Senior Non Garanties d'un montant de U.S.$1.013.683.000 à un taux de 3,375% arrivant à échéance en novembre 2027.
La résolution extraordinaire a été adoptée avec une approbation de 100% des votants, représentant 95,83% du montant principal total. Ce développement est une étape importante suite à l'annonce de VEON d'une lettre d'intention avec Cohen Circle pour poursuivre une fusion dans le but de lister Kyivstar sur Nasdaq.
VEON (Nasdaq: VEON) hat erfolgreich einen Bond-Zustimmungsprozess mit einstimmiger Unterstützung von abstimmenden Anleihegläubigern abgeschlossen. Der Prozess zielt darauf ab, eine neue Tochtergesellschaft von VEON für VEON Holdings B.V. zu bestimmen und die Bedingungen seiner U.S.$1.013.683.000 3,375% nachrangigen unbesicherten Anleihen mit Fälligkeit im November 2027 zu ändern.
Die außergewöhnliche Resolution wurde mit 100% Zustimmung der Wähler angenommen, was 95,83% des gesamten Hauptbetrags entspricht. Diese Entwicklung ist ein wichtiger Meilenstein nach der Ankündigung von VEON über ein Absichtsschreiben mit Cohen Circle, um eine Unternehmensfusion zur Listung von Kyivstar an der Nasdaq zu verfolgen.
- Unanimous approval (100%) from voting noteholders for the bond consent solicitation
- High participation rate with 95.83% of principal amount represented
- Progress towards potential Nasdaq listing of Kyivstar
- None.
Insights
The unanimous bondholder approval marks a important milestone in VEON's strategic transformation, demonstrating exceptional investor confidence in the company's direction. The consent solicitation for the
This development carries several significant implications:
- The debt restructuring provides VEON with enhanced financial flexibility and a clearer path toward the Kyivstar listing
- The involvement of prestigious institutions like Jefferies and ICBC Standard Bank adds credibility to the transaction
- The potential Nasdaq listing of Kyivstar through Cohen Circle could unlock significant shareholder value by providing direct market access to Ukraine's leading telecom operator
- The high participation rate and unanimous approval indicate strong institutional investor backing, which could positively influence future capital market activities
The successful completion of this process positions VEON favorably for executing its strategic vision, potentially leading to improved market visibility and enhanced value creation opportunities for stakeholders. The strong show of confidence from bondholders suggests positive momentum for the upcoming phases of the Kyivstar listing initiative.
Dubai and Amsterdam, 30 January 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or the “Group”), today announces the successful completion of a bond consent solicitation process (the ”Consent Solicitation”) undertaken by VEON Holdings B.V. (the "Issuer"), with unanimous support from voting noteholders to substitute a new VEON subsidiary for the Issuer and to make certain other amendments to the terms and conditions of the Issuer’s U.S.
Completion of the Consent Solicitation is an important milestone for VEON following the announcement the signing of a letter of intent (“LOI”) with Cohen Circle to enter into a business combination aimed at listing Kyivstar on the Nasdaq in the United States.
Earlier today, a meeting of the holders of the Notes was held in connection with the Consent Solicitation. With holders of
"Successful completion of the consent solicitation is a further sign of investor support for VEON’s decision to pursue the potential indirect listing of Kyivstar on the Nasdaq. We are deeply grateful for the unanimous backing of participating bondholders as we work diligently towards the successful completion of this process," said Kaan Terzioglu, VEON Group CEO.
For the full announcement about the results of the noteholders’ meeting, please visit the VEON website: https://www.veon.com/investors/credit-investors
Advisors
Jefferies GMBH and ICBC Standard Bank Plc acted as Structuring and Solicitation Agents in connection with the Consent Solicitation. Kroll Issuer Services Limited acted as Tabulation Agent in connection with the Consent Solicitation.
About VEON
VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than
Disclaimer
This 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, VEON’s corporate strategy. 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 dates or to reflect the occurrence of unanticipated events.
Contact Information
VEON
Hande Asik
Group Director of Communication
pr@veon.com
FAQ
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