VEON Liquidity Update
AMSTERDAM, March 2, 2022 /PRNewswire/ — VEON Ltd. (NASDAQ: VEON) (Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, today provides an update on its current liquidity position.
Like a February 27, 2022VEON had about $2.1 billion cash and deposits, including $1.5 billion cash and deposits denominated in USD and EUR held at its registered office (“HQ”) in amsterdam. Head office cash and deposits are held in bank accounts, money market funds and demand deposits with a diversified group of European Union international banks, United States and Japan.
In addition to the above cash and deposits, VEON has a $1.250 billion committed revolving credit facility (“RCF“) available to it from a group of diversified lenders headquartered in United States, Europe and Asia.
VEON used $430 million as part of its RCF of February 28, 2022 and used these funds to repay his $417 million notes expired on March 1, 2022, and to pay accrued interest on such notes. Following this use, $820 million remains undrawn under the RCF.
Following this repayment, VEON has no additional debt maturities at its headquarters in 2022. The first maturity of the headquarters in 2023 is the $529 millon 5.95% of the bonds of VEON Holdings maturing in February 2023.
Serkan OkandanChief Financial Officer of VEON, said, “The $1.5 billion Head office cash and deposit balance and $0.8 billion Undrawn credit line under the RCF will allow us to maintain a prudent liquidity position in these times of macroeconomic uncertainty.”
 The drawing of the RCF can be renewed until the final maturity of the facility. In February 2022the original March 2024 maturity has been extended to March 2025.
This press release contains “forward-looking statements”, as defined in Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts and include statements relating to, among other things, expectations regarding VEON’s financial condition, liquidity and capital structure. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be accurately predicted by VEON and some of which cannot even be anticipated by VEON. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by US federal securities laws, any forward-looking statements to reflect events or circumstances after such dates or to reflect the occurrence of unforeseen events.
VEON is a global provider of connectivity and Internet services listed on NASDAQ and Euronext Amsterdam. For more information visit: www.veon.com.
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SOURCE VEON Ltd.