Commentary & Deal Flow

Reoffer: 5NC2: 6.95% / 100 7NC3: 7.45% / 100

Final Books:
5NC2: > US$1.4bn (incl. US$80m JLM)
7NC3: > US$1.6bn (incl. US$80m JLM)

Launched:
5NC2: US$700m @ 6.95% - Final book > US$1.4bn (incl US$80m JLM)
7NC3: US$700m @ 7.45% - Final book > US$1.6bn (incl US$80m JLM)
Yield set at: 5NC2: 6.95% 7NC3: 7.45% - Combined books > US$3.9bn (incl. US$160m JLM)
Book Update: Combined books > US$3bn (incl. US$134m JLM), no skew
IPTs: 5NC2: 7.375-7.500% 7NC3: 7.875%a

• 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
• Size:
• • 5NC2: US$700m
  • 7NC3: US$700m
• Reoffer:
• • 5NC2: 6.95% / 100
  • 7NC3: 7.45% / 100
• 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-Jun-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
• Coupon:
• • 5NC2: 6.95% Fixed, payable semi-annually in arrear, 30/360
  • 7NC3: 7.45% 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
• ISINs:
• • 5NC2: XS3372847957 / US92337DAA00
  • 7NC3: XS3372848419 / US92337DAB82
• Timing: TOE 18:05 UKT / FTT 8AM UKT 20-May subj to TS
• Stabilisation: FCA/ICMA Stabilisation applies