VEON completes bond consent solicitation with unanimous support, paving the way for Kyivstar's potential Nasdaq listing.
Quiver AI Summary
VEON Ltd. has successfully completed a bond consent solicitation process involving its U.S. $1,013,683,000 Senior Unsecured Notes, with unanimous support from voting noteholders. The process allows for the substitution of a new subsidiary and adjustments to the terms of the notes, marking a crucial step for VEON as it aims to combine with Cohen Circle to potentially list its subsidiary Kyivstar on Nasdaq. A significant 95.83% of noteholders participated in the vote, leading to the resolution passing with 100% approval. VEON CEO Kaan Terzioglu expressed gratitude for the bondholders' support as the company advances in its strategic plans. The press release also mentions VEON's operations across six countries and invites interested parties to seek more information on their website.
Potential Positives
- The bond consent solicitation was completed successfully with 100% support from voting noteholders, indicating strong investor confidence in VEON.
- The resolution passed with a high participation rate of 95.83% of noteholders, showcasing significant engagement and approval from investors.
- The successful completion of this process paves the way for a potential indirect listing of Kyivstar on the Nasdaq, which could enhance VEON's visibility and capital accessibility in the U.S. market.
Potential Negatives
- The bond consent solicitation process indicates potential underlying financial instability or restructuring needs within the company, raising concerns about its current financial health.
- The focus on a potential indirect listing of Kyivstar on Nasdaq may suggest VEON's need to enhance its market presence and investor confidence, which could imply challenges in achieving those goals independently.
- The reliance on unanimous support from noteholders for critical financial decisions raises questions about the company's ability to secure broad investor backing in the future, highlighting possible vulnerabilities in investor relations.
FAQ
What is the purpose of VEON's bond consent solicitation?
VEON's bond consent solicitation aims to substitute a new subsidiary for the Issuer and amend the terms of its senior unsecured notes.
What milestone has VEON achieved recently?
VEON successfully completed a bond consent solicitation with unanimous support, moving closer to the potential indirect listing of Kyivstar on Nasdaq.
What was the voter turnout for the bondholders' meeting?
During the bondholders' meeting, 95.83% of the principal amount of notes were represented, with 100% voting in favor of the resolution.
Who provided advisory services for the consent solicitation?
Jefferies GMBH and ICBC Standard Bank Plc acted as Structuring and Solicitation Agents for the consent solicitation process.
How many customers does VEON serve?
VEON serves nearly 160 million customers across six countries, offering converged connectivity and digital services.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$VEON Hedge Fund Activity
We have seen 23 institutional investors add shares of $VEON stock to their portfolio, and 7 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- LINGOTTO INVESTMENT MANAGEMENT LLP added 193,142 shares (+3.6%) to their portfolio in Q3 2024, for an estimated $5,875,379
- HELIKON INVESTMENTS LTD added 138,149 shares (+5.0%) to their portfolio in Q4 2024, for an estimated $5,539,774
- CITIGROUP INC added 29,350 shares (+13.4%) to their portfolio in Q3 2024, for an estimated $892,827
- CITADEL ADVISORS LLC added 22,213 shares (+58.4%) to their portfolio in Q3 2024, for an estimated $675,719
- TWO SIGMA INVESTMENTS, LP added 17,157 shares (+85.6%) to their portfolio in Q3 2024, for an estimated $521,915
- DIAMETRIC CAPITAL, LP added 12,758 shares (+inf%) to their portfolio in Q3 2024, for an estimated $388,098
- MORGAN STANLEY added 11,778 shares (+12.8%) to their portfolio in Q3 2024, for an estimated $358,286
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Dubai and Amsterdam, 30 January 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or the “Group”), today announces the successful completion of a bond consent solicitation process (the ”Consent Solicitation”) undertaken by VEON Holdings B.V. (the "Issuer"), with unanimous support from voting noteholders to substitute a new VEON subsidiary for the Issuer and to make certain other amendments to the terms and conditions of the Issuer’s U.S.$1,013,683,000 3.375 per cent. Senior Unsecured Notes due 25 November 2027 (ISIN: Reg S: XS2824764521/ Rule 144A: XS2824766146) (the "Notes").
Completion of the Consent Solicitation is an important milestone for VEON following the announcement the signing of a letter of intent (“LOI”) with Cohen Circle to enter into a business combination aimed at listing Kyivstar on the Nasdaq in the United States.
Earlier today, a meeting of the holders of the Notes was held in connection with the Consent Solicitation. With holders of 95.83% in principal amount of the Notes represented at the meeting, the extraordinary resolution in connection with the Consent Solicitation was passed with 100% of the total votes cast in favor.
"Successful completion of the consent solicitation is a further sign of investor support for VEON’s decision to pursue the potential indirect listing of Kyivstar on the Nasdaq. We are deeply grateful for the unanimous backing of participating bondholders as we work diligently towards the successful completion of this process," said Kaan Terzioglu, VEON Group CEO.
For the full announcement about the results of the noteholders’ meeting, please visit the VEON website: https://www.veon.com/investors/credit-investors
Advisors
Jefferies GMBH and ICBC Standard Bank Plc acted as Structuring and Solicitation Agents in connection with the Consent Solicitation. Kroll Issuer Services Limited acted as Tabulation Agent in connection with the Consent Solicitation.
About VEON
VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information visit:
www.veon.com
Disclaimer
This release contains “forward-looking statements”, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, VEON’s corporate strategy. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. 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 U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.
Contact Information
VEON
Hande Asik
Group Director of Communication
[email protected]