VEON Holdings Shares Jump After it Reiterated Currency Election on its Ruble-Denominated Notes

Mar 18, 2022 By MarketDepth

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VEON Ltd. (NASDAQ: VEON) stock has jumped more than 25% after the Company announced that it has provided some further details regarding our ruble denominated notes. We also remind investors that as disclosed on 2 March 2022, VEON has no additional debt maturities at the HQ level during 2022.

Service Offerings

VEON Ltd., through its subsidiaries, provides mobile and fixed-line telecommunications services. It offers voice, data, and other telecommunication services through a range of wireless, fixed, and broadband internet services.

We would like to reiterate the currency election terms for the holders of the following ruble denominated notes:

  • VEON Holdings B.V., RUB 20 billion (c.USD 194 million1) 6.30% ruble denominated notes, maturing June 2025;
  • VEON Holdings B.V., RUB 10 billion (c.USD 97 million1) 6.50% ruble denominated notes maturing September 2025; and
  • VEON Holdings B.V., RUB 20 billion (c.USD 194 million1) 8.125% ruble denominated notes maturing September 2026,
Currency Exchange

As a result of this currency exchange option being applicable, holders of the Notes may, through the notification procedures of Euroclear and/or Clearstream on or before the tenth business day prior to an interest or principal payment date, give an irrevocable notice of election to Citibank, N.A., London Branch as principal paying agent to receive payments of interest or principal, as the case may be, in U.S. dollars.