VEON Ltd. [NASDAQ: VEON] disclosed that VEON Finance Ireland Designated Activity Company which is a unit of VEON Ltd. [NASDAQ: VEON] has successfully ended bank financing of RUB 90 billion which is nearly USD 1,215 million guaranteed by VEON Holdings B.V.
VEON has finalized two bilateral loan facilities of RUB 45bn each with Sberbank and Alfa Bank. The RUB 45 billion Alfa-Bank facility has a 5-year amortizing tenor with a RUB 30 billion fixed rate tranche and a RUB 15 billion floating-rate tranches. Moreover, the RUB 45 billion Sberbank facility has a 5-year amortizing tenor and is fully floating.
Furthermore, the profit from both facilities will be utilized for general business purposes, including the financing of business-to-business loans to PJSC VimpelCom. VEON’s Chief Financial Officer disclosed that these new facilities demonstrate continued good progress in its efforts to enhance the Group’s capital structure and increase the maturity of its debt portfolio.
About VEON Ltd
VEON Ltd. has earned a reputation as a company that offers mobile and fixed-line telecommunications services through its subsidiaries. The company has also been recognized for offering voice, data, and other telecommunication services through a variety of wireless, fixed, and broadband internet services.