VEON Proposes Dual-Tranche USD Notes Offer and $750M Tender for 2027 Debt
VEON MidCo B.V. plans a dual tranche USD note offering—a five-year non-callable tranche and a seven-year non-callable tranche—while tendering up to USD 750 million of its 3.375% senior notes due 2027. The transaction seeks to extend VEON’s debt maturity and repurchase USD 1.014 billion of outstanding 2027 notes.
1. Offer Structure
VEON MidCo B.V. has initiated investor meetings to propose a dual tranche unsecured USD medium-term note offering, comprising a five-year tranche non-callable for two years and a seven-year tranche non-callable for three years.
2. Tender Offer Details
Concurrently, VEON launched a tender offer to repurchase up to USD 750 million of its 3.375% Senior Notes due 2027, which have an outstanding principal amount of USD 1.014 billion under ISINs XS2824764521 and XS2824766146.
3. Objectives and Use of Proceeds
The offering and tender aim to extend VEON’s average debt maturity; net proceeds will fund the repurchase of outstanding 2027 notes, with any surplus directed toward further debt reduction and general corporate purposes.