VEON Issues $1.4B of 6.95% and 7.45% Notes to Refinance 2027 Debt
VEON•VEON Ltd completed a $1.4B dual-tranche senior unsecured notes offering, refinancing over $886M of 2027 notes and extending average debt maturity to over four years. The offering comprised $700M 6.95% notes due 2031 and $700M 7.45% notes due 2033, rated BB-.
1. Offering Details
VEON Midco B.V. issued $700M 6.95% Senior Notes due June 1, 2031 and $700M 7.45% Senior Notes due June 1, 2033, both priced at par and guaranteed by VEON Amsterdam B.V., with BB- ratings from Fitch and S&P. The notes rank pari passu with existing debt and began trading on the Luxembourg Stock Exchange’s Euro MTF market on June 1, 2026.
2. Refinancing Impact
The offering raised $1.4B and enabled VEON to accept $886.1M of 3.375% notes due 2027 through an oversubscribed tender offer, boosting average debt maturity to over four years on a pro forma basis. This transaction reduces near-term refinancing risk and underscores VEON’s balance sheet discipline.
3. Investor Confidence and Strategy
Strong participation from US institutional investors, asset managers and funds in Europe, the Middle East and Asia highlights confidence in VEON’s digital operator transformation and AI1440 strategy. CEO Kaan Terzioglu noted this is the company’s largest bond deal in over a decade and a clear endorsement of its long-term credit story.
