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VEON completes amendments to 2023 notes, sets timeline for put right
By Marisa Wong
Los Angeles, April 4 – VEON Ltd. and subsidiary VEON Holdings BV announced that each of the steps required to implement the previously announced amendments to its $529.32 million 5.95% notes due February 2023 (ISIN: US92718WAE93, XS0889401724) and $700 million 7¼% notes due April 2023 (ISIN: US36251BAB18, XS1400710726) have been completed.
As a result, the amendments to the terms of the 2023 notes have become effective as of April 4, according to a Tuesday press release.
The amendments were set out in the creditor scheme relating to eight-month extensions for the 2023 notes. The scheme was summarized in an explanatory statement dated Dec. 21, amended on Jan. 11 and approved on Jan. 30.
On Tuesday the company also outlined anticipated key dates with respect to the exercise of the notes’ put right.
The company will issue a put option event notice on April 5, which is when the put option period begins. The put option period expires at 5 p.m. ET on April 19. Settlement will be on April 26.
Information is available on the scheme website (https://deals.is.kroll.com/veon).
Amsterdam-based VEON Ltd. provides mobile and fixed-line telecommunications services through its subsidiaries in emerging markets.
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