VEON Successfully Enters Into a $1.25 Billion Multi-currency Revolving Credit Facility Agreement

VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, announces that it has successfully entered into a new multi-currency revolving credit facility agreement (the "RCF") of USD 1.25 billion for VEON Holdings B.V. ("VEON Holdings"). The RCF will replace the existing revolving credit facility signed in 2017. The RCF has an initial tenor of three years, with VEON Holdings having the right to request two one-year extensions, subject to lender consent. International banks from Asia, Europe and the US have committed to the RCF. VEON  Holdings will have the option to make each drawdown in either U.S. dollars or euro.

Serkan Okandan, VEON's CFO, said: "The progress we have made in improving our capital structure since 2017 and over the last 12 months, where we have seen our average cost of funding decrease by 150bp reducing our annual interest expenses by around USD 100 million and the average tenor extended by 13 months to 3.5 years, has allowed us to reduce the size as well as improve the pricing when compared to our previous RCF facility. This new RCF supports the Group's liquidity profile and is expected to provide the Group with greater financial flexibility".

About VEON

VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and internet services.  For more information visit: www.veon.com.

Contact Information

VEON
Investor Relations
Nik Kershaw
ir@veon.com