Amsterdam, 28th March 2024 - VEON Ltd. (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator, has successfully repaid the full outstanding balance of USD 805 million (principal, excluding accrued interest) under its revolving credit facility (RCF). Additionally, the company has chosen to cancel the RCF.
This major financial move showcases VEON’s commitment to maintaining a strong financial position and further enhances its operational flexibility. By repaying the outstanding balance in full, VEON has effectively minimized its debt obligations and improved its financial standing.
The repayment of the USD 805 million debt marks a significant achievement for VEON, eliminating the interest burden that it previously carried. Additionally, the decision to cancel the RCF demonstrates the company’s confidence in its ability to meet its financial needs through other means without the reliance on credit facilities.
VEON Ltd. operates as a global digital operator, providing converged connectivity and online services. With a focus on emerging markets, the company offers a range of services including voice, messaging, data, and value-added digital services to approximately 211 million active users across its market presence in Russia, Pakistan, Ukraine, and Algeria.
The repayment and cancellation of VEON’s revolving credit facility aligns with its strategic vision to maximize financial stability and provide a solid foundation for growth and investment opportunities in the future. By reducing its debt load and streamlining its capital structure, the company is well-positioned to pursue its long-term goals and deliver sustainable value to its shareholders.
Overall, VEON’s announcement of repaying its outstanding balance and canceling its revolving credit facility represents a positive development for the company. With improved financial flexibility and reduced debt obligations, VEON is ready to navigate the digital market dynamics and capitalize on opportunities that will enhance its competitive position.
In conclusion, VEON’s repayment of the outstanding balance and cancellation of its revolving credit facility signal its determination to maintain a robust financial position. By taking these decisive steps, the company solidifies its standing as a leading global digital operator and positions itself for continued success in the evolving digital landscape.
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