VEON VEON Ltd.
Price Chart
Executive Summary
VEON closed a USD 1.4 billion dual-tranche bond offering (USD 700M 6.95% notes due 2031 and USD 700M 7.45% notes due 2033) and concurrently retired ~USD 886 million of its 3.375% notes due 2027 via a tender offer that was heavily oversubscribed. The refinancing extends average debt maturity to over four years and removes near-term refinancing risk, a clear credit-positive event for the equity holder.
Actionable Insight
The successful USD 1.4B bond offering and tender offer eliminate the 2027 maturity overhang, a key overhang on VEON equity. Monitor upcoming Q2 2026 earnings for updated leverage and FFO coverage metrics; the credit profile improvement supports the equity thesis for a re-rating.
Key Facts
- Closed USD 1.4 billion dual-tranche senior unsecured notes offering: USD 700M at 6.95% due 2031 (NC2) and USD 700M at 7.45% due 2033 (NC3), both rated BB- by Fitch and S&P.
- Tender offer retired ~USD 886 million of the outstanding USD 1.01 billion 3.375% notes due 2027 at a purchase price of USD 987.50 per USD 1,000 principal, funded by the new notes.
- Tender offer was oversubscribed with USD 936 million validly tendered; accepted amount scaled at a proration factor of 0.922911.
- Average maturity of debt excluding leases nearly doubled to over four years on a pro forma basis per management.
- New Financing Condition satisfied; early settlement expected on or around June 4, 2026.
Financial Impact
Refinancing of ~USD 886M of 3.375% 2027 notes with USD 1.4B of new notes at 6.95%-7.45% increases annual interest cost by approximately USD 31-36M, but extends maturity by 4-6 years and eliminates 2027 refinancing cliff.
Risk Factors
- Higher blended coupon (6.95%-7.45% vs 3.375%) increases annual interest expense by ~USD 31-36M, pressuring free cash flow.
- Remaining ~USD 125M of 2027 notes not tendered still need to be addressed at maturity.
- Execution risk on AI1440 strategy and emerging-market currency exposure remain unchanged.
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-063800 |
| Document: ea029294201ex99-2.htm | 0001213900-26-063800 |
| Document: ea0292942-6k_veon.htm | 0001213900-26-063800 |
| Document: 0001213900-26-063800-index-headers.html | 0001213900-26-063800 |
| Document: 0001213900-26-063800-index.html | 0001213900-26-063800 |
| Document: 0001213900-26-063800.txt | 0001213900-26-063800 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 10, 2026
3d ago
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Press Release
| $49.34 awaiting T+1 | awaiting T+1 | — | $52.42 (+6.24%) |
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Jun 9, 2026
3d ago
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Press Release
| $48.86 awaiting T+1 | awaiting T+1 | — | $52.42 (+7.29%) |
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Jun 5, 2026
8d ago
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Press Release
| $50.87 awaiting T+1 | awaiting T+1 | — | $52.42 (+3.05%) |
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Jun 3, 2026
9d ago
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Press Release
| $52.61 $51.53 | ▼ −2.05% | ▼ −2.45% | $52.42 (−0.36%) |
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Jun 2, 2026
10d ago
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6-K
| $55.30 $52.61 | ▼ −4.86% | ▼ −4.17% | $52.42 (−5.21%) |
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May 26, 2026
17d ago
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Press Release
| $56.42 $57.54 | ▲ +1.99% | ▲ +1.97% | $52.42 (−7.09%) |
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May 20, 2026
23d ago
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6-K
| $55.11 $56.70 | ▲ +2.89% | ▲ +2.69% | $52.42 (−4.88%) |
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May 18, 2026
26d ago
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Press Release
| $54.57 $55.44 | ▲ +1.59% | ▲ +2.24% | $52.42 (−3.94%) |
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May 13, 2026
4w ago
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Press Release
| $56.89 $53.92 | ▼ −5.22% | ▼ −6.00% | $52.42 (−7.86%) |
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May 11, 2026
4w ago
|
6-K
| $50.03 $50.00 | ▼ −0.06% | ▲ +0.08% | $52.42 (+4.78%) |
US Market Status
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