Stock VEON (VEON): why the price jumped
- VEON Ltd (NASDAQ: VEON) stock rose 17.68% in the last trading session. That is why.
VEON Ltd (NASDAQ: VEON) stock rose 17.68% in the last trading session. Investors respond to the company by providing an update on its current liquidity position.
As of February 27, 2022, VEON had approximately $2.1 billion in cash and deposits, including $1.5 billion in cash and deposits denominated in USD and EUR held at its head office (HQ) in Amsterdam. And head office cash and deposits are held in bank accounts, money market funds and demand deposits with a diverse group of international banks in the European Union, United States and Japan.
In addition to the above cash and deposits, VEON has a committed revolving credit facility (RCF) of $1.250 billion with a group of diversified lenders headquartered in the United States, Europe and in Asia.
VEON used $430 million under its RCF on February 28, 2022 and used those funds to repay its $417 million notes that matured on March 1, 2022 and to pay accrued interest on those notes. Following this use, 820 million dollars remain undrawn under the RCF.
Following this repayment, VEON has no additional debt maturities at its headquarters in 2022. in February 2023.
“HQ’s cash and deposit balance of $1.5 billion and the undrawn RCF line of credit of $0.8 billion will allow us to maintain a prudent liquidity position during these uncertain times. macroeconomic.”
— Serkan Okandan, VEON CFO
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