Commentary & Deal Flow

IPTs: 5NC2: 7.375-7.500% 7NC3: 7.875% area

• Issuer: VEON Midco B.V.
• Guarantor: VEON Amsterdam B.V.
• Issuer Ratings: BB- (Stable) / BB- (Stable) (S&P/Fitch)
• Expected Issue Ratings: BB- / BB- (S&P/Fitch)
• Status: Senior Unsecured Guaranteed Offering
• Format: Reg S / Rule 144A
• Settlement Date: 01-Jun-26
• Tenor:
• • 5NC2
  • 7NC3
• Currency, Size:
• • 5NC2: US$ Benchmark
  • 7NC3: US$ Benchmark
• Maturity:
• • 5NC2: 01-Jun-31
  • 7NC3: 01-Jun-33
• Call Structure:
• • 5NC2: Par + 50% coupon from 01-Jun-28, Par + 25% coupon from 01-Jun-29, Par from 01-Jun-30 onwards
  • 7NC3: Par + 50% coupon from 01-Jun-29, Par + 25% coupon from 01-Jun-30, Par from 26-May-31 onwards
• Other Optional Redemption: Make-whole call (during the non-call period), equity claw, clean-up call, 10% at 103 p.a.
• Use of Proceeds: Refinancing of existing indebtedness, including concurrent offer to purchase for cash of the Issuer’s 3.375% Senior Notes due 2027, and general corporate purposes
• Coupon: Fixed, payable semi-annually in arrear, 30/360
• Listing: Luxembourg Euro MTF
• Governing Law: English Law
• Clearing: Euroclear, Clearstream Luxembourg and DTC
• Denominations: US$ 200k x US$ 1k
• Joint Global Coordinators and Joint Bookrunners: Barclays, Citi (B&D)
• Joint Lead Managers and Joint Bookrunners: ICBC, Jefferies
• Timing: Books open, today’s business
• Stabilisation: FCA/ICMA Stabilisation applies