Amsterdam, 16 January 2023 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, has today contacted holders (the 2023 Noteholders ) of interests in the 5.95% notes due February 2023 and the 7.25% notes due April 2023 (together, the 2023 Notes ) issued by VEON Holdings BV ( VEON Holdings ) in relation to the English Scheme of Arrangement (the Scheme ) that aims to extend the maturities of the 2023 Notes by eight months from their respective maturity dates.
In the letter, VEON's Chief Executive Officer Kaan Terzio lu requested the assistance and cooperation of 2023 Noteholders in connection with the Scheme, and specifically requested them to vote in favour of the Scheme at the forthcoming scheme meeting taking place on 24 January 2023. The deadline by which 2023 Noteholders must submit their Voting and Proxy Forms (or, if the 2023 Noteholder holds their 2023 Notes through DTC, procure that their DTC participant submits on their behalf) is 5.00 p.m. (London time) on 20 January 2023. The letter further explained:
We understand the significance of what we are asking and take our obligations to our stakeholders, including the repayment of our debts in full and on time, very seriously.
However, despite strong operational results and a strong balance sheet, given the current circumstances, we must consider the repayment of the 2023 Notes within the context of our future debt obligations beyond 2023 and the difficulties VEON currently faces in raising debt or equity on the international capital markets on commercially acceptable terms. It is this which has led us to take the decision to launch the Scheme, as we believe it would provide the best route to us repaying you in advance of VEON Holdings' other future debt obligations.
Your support and the resultant implementation of the proposal set out in the Scheme will enable us to avoid the near-term inefficient use of cash that would result from a significant portion of the principal repayment (relating to 2023 Notes held via the Russian National Settlement Depository ( NSD )) being trapped in international clearing systems (with no clear prospect of such monies being returned to VEON). VEON and its legal advisors have spent significant time and efforts exploring potential options to avoid having cash trapped in the international clearing systems, but at present there does not appear to be a clearly viable path to avoid this unattractive outcome. At a time that, due to Russian Decree 430, the Group potentially can no longer rely on payments to the international clearing systems effectively being recognised by its Russian noteholders as a full discharge of the underlying liability, the proposed maturity extension will provide additional time for the impact of Decree 430 on VimpelCom and the Group (as set out in the Scheme documentation) to become clearer and for the Group to mitigate, where possible, the associated risk of double payments. The Scheme proposal would also provide time to progress our asset monetization strategy anchored by the sale of our Russian business (the VimpelCom Disposal ), as announced on 24 November 2022. We believe that the VimpelCom Disposal represents the single-most material deleveraging action available to VEON Holdings and increases the prospects of VEON regaining access to the international capital markets, and thereby refinancing its indebtedness, on commercially acceptable terms.
As set out more fully in the Scheme documents, in return for granting us with a modest extension, we have sought to compensate the 2023 Noteholders with the benefit of an amendment fee and a put right. As announced on 11 January 2023, the Company has further amended the terms of the proposal set out in the Scheme and entered into undertakings to vote in favour of the Scheme with certain 2023 Noteholders holding approximately 10.4% of the principal amount of the 2023 Notes. Each of these amendments improves the terms of the proposal for the benefit of the 2023 Noteholders.
If the Scheme fails, the directors of VEON Holdings will need to continue to assess the Company's solvency and liquidity position up to the original maturity date of the February 2023 Notes. Whilst VEON Holdings will have sufficient cash to pay the 2023 Notes on their original maturity dates, we cannot exclude the possibility that the directors may determine that the best action for VEON Holdings to take is not to pay on maturity while the double-payment risk continues. We consider that, by providing further runway to allow the sale of VimpelCom to complete, the Scheme will greatly reduce the risks of non-payment and impact on our stakeholders.
We are pleased that good progress has already been made in respect of the implementation of the Scheme (and strive to continue this progress). In particular, on 26 December, we announced that VEON Holdings was granted an OFAC License (if you would like to see a copy of the OFAC License, you can request a copy by email to bonds@veon.com). Following receipt of this license, VEON Holdings believes that no further licenses are required in order to permit eligible noteholders to vote on the Scheme. In addition, we are in active dialogue with the Netherlands Ministry of Finance and the UK Office of Financial Sanctions Implementation in respect of the licenses we have sought from those regulators, which will be required to implement the amendments contemplated by the Scheme.
Therefore in consideration of the steps taken above, we request your support and encourage you to vote in favour of the Scheme at the forthcoming scheme meeting. By doing so, you will provide us with crucial time to mitigate the risks of trapped cash and potential double-payment and to undertake the VimpelCom Disposal and our wider asset monetization programme
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
09/10/2026
September 10 2026, 06:00 (PDT) Dolby Expands Dolby OptiView Platform with New Capabilities at IBC 2026
New Sports Intelligence helps providers better unders...
07/10/2026
Dalet, a leading technology and service provider for media-rich organizations, today announced the latest Long-Term Supported (LTS) release of Dalet Flex. Build...
30/09/2026
Schibsted Media, one of Norways largest and most influential digital media publishers and content producers, has invested in mixers and digital signal processor...
30/09/2026
Big Blue Marble announces the addition of live multiview channels to Cloud Video Kit, its broadcast-grade video processing platform. The feature is powered by A...
30/09/2026
Leading video software provider Synamedia today announced that Telekom Slovenije, Slovenia's largest provider of telecommunications and TV services, is open...
30/09/2026
PODCAST EXPO 2026 Recorded Using Blackmagic Design Workflow
Brie Clayton September 29, 2026
0 Comments
Conference featuring 24 sessions over two days ...
30/09/2026
IBC2026 Show Report
David Kirk September 29, 2026
0 Comments
The International Broadcasting Convention has long been Europe's equivalent of the US...
30/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
30/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
30/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
30/09/2026
Mavis has launched Mavis Camera 8.2, the latest release of its professional camera app for the iPhone and iPad. This update brings support for iPhone 18 Pro and...
29/09/2026
Oak View Group (OVG) has announced Cisco as an Official Technology Partner, with plans to standardize infrastructure across its venue network on Cisco solutions...
29/09/2026
SportsNet Pittsburgh (SNP) won three honors at the 2026 Mid-Atlantic Emmy Awards.
Program awards went to Bucs BP in the Sports Program Live category (produced ...
29/09/2026
The Professional Women's Hockey League has announced home openers for all 12 teams for the 2026-27 season, along with a broadcast partnership with CBC under...
29/09/2026
Manifold technologies has been recognized as a contributor to the Media eXchange...
29/09/2026
FuboTV has announced My Local Sports, allowing subscribers in select markets to add their local regional sports network (RSN) as an add-on to a Fubo Sports subs...
29/09/2026
Asian News International (ANI), a wire agency and video news provider based in India, has deployed Grass Valley's AMPP Media Operating System and Framelight...
29/09/2026
South African Broadcasting Corporation (SABC) has deployed Ikegami UHK-X600 cameras as part of an upgrade to IP-based production infrastructure. The deployment ...
29/09/2026
REMI, REMCO models will drive the bulk of the broadcaster's NHL productions ...
29/09/2026
Three years in, the facility is supporting more centralized race production, com...
29/09/2026
NBC, Peacock, and NBSN are carrying all four Wild Card series with a production ...
29/09/2026
19 Nonfiction Projects Across All Stages of Production to Receive More Than $1 million in Support as Documentary Film Program Approaches 25th Anniversary
LOS ...
29/09/2026
Two new plug-ins launch alongside updated bundles
Zynaptiq have just announced the launch of two new plug-ins, alongside new and improved versions of two of...
29/09/2026
All-in-one bus processor revealed
Wes Audio's ng product range has come a long way since it was first introduced, and now includes a tasty selection of ...
29/09/2026
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({ content_source:......
29/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
29/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
29/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
29/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
29/09/2026
Ikegami announces that the South African Broadcasting Corporation, SABC, has chosen Ikegami UHK-X600 camera systems as part of an advance to IP-based operation ...
29/09/2026
Blendkit Offers 20% Discount to Celebrate Crossing 150K Asset Milestone
Brie Clayton September 29, 2026
0 Comments
Blendkit, the largest 3D asset libr...
29/09/2026
Interactive streaming specialist Ease Live supported more than 76.5 million fan sessions across three major European media operators during this summers FIFA Wo...
29/09/2026
Ease Live has added support for VAST (Video Ad Serving Template) to its graphical overlay technology, opening up new ways for broadcasters, streamers and rights...
29/09/2026
Rise AV has announced the launch of the inaugural Rise AV Awards, a new global awards programme celebrating the women, advocates and organisations across the AV...
29/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
29/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
29/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
29/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
29/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
29/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
29/09/2026
Clear-Com announced that First Baptist Nashville has upgraded its production communications with a Clear-Com intercom solution as part of a comprehensive sanct...
29/09/2026
Blackmagic Cinema Camera 6K Captured Action Shots for Sketch
Brie Clayton September 28, 2026
0 Comments
Camera's portable design and dynamic range...
29/09/2026
Kean Production Services Deploys AJA ColorBox to Deliver Consistent, Accurate Co...
29/09/2026
Berklee Alumni and Faculty Nominated for the 2026 Latin Grammy Awards A total of 28 Berklee alumni and faculty earned nominations across 20 categories this ye...
29/09/2026
Berklee's K-Pop & Beyond Explores Connections Between K-Pop and Hip-Hop Now in its fifth year, the series brings together artists, industry leaders, and s...
29/09/2026
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN, OR AT ANY ADDRESS IN, THE UNITED STATES OF AMERICA, ITS TERRITO...
29/09/2026
We tend to think we live in a digital world, with hopes and fears around artificial intelligence (AI), quantum computing, data centres and the next big technolo...
Amsterdam, 16 January 2023 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, has today contacted holders (the 2023 Noteholders ) of interests in the 5.95% notes due February 2023 and the 7.25% notes due April 2023 (together, the 2023 Notes ) issued by VEON Holdings BV ( VEON Holdings ) in relation to the English Scheme of Arrangement (the Scheme ) that aims to extend the maturities of the 2023 Notes by eight months from their respective maturity dates.
