VEON Secures USD 210 Million Term Loan to Fuel Growth
VEON's Strategic Return to Capital Markets
VEON Ltd. (Nasdaq: VEON), a prominent global digital operator, has made a significant re-entry into the capital markets by successfully syndicating a substantial USD 210 million senior unsecured term loan. This loan has been secured under a new facility agreement from an esteemed consortium of international lenders, showcasing VEON’s robust reputation among financial institutions. By aligning with key partners such as ICBC Standard Bank and several leading banks in the Gulf Cooperation Council (GCC), VEON is poised to leverage this funding to enhance its operational capabilities.
CEO Kaan Terzioglu's Vision for the Future
Kaan Terzioglu, the Group CEO of VEON, expressed his enthusiasm regarding this accomplishment. He highlighted the importance of this new term loan as a testament to the confidence that the market possesses in VEON’s strategic direction and financial health. Terzioglu stated that the additional liquidity not only fortifies VEON's current financial standing but also underpins the execution of the company's digital operator strategy. This approach aims to foster sustainable growth and deliver long-term value for stakeholders.
Empowering Stakeholders Through Financial Flexibility
Burak Ozer, the Group CFO, further emphasized the significance of this loan by indicating that it is a clear reflection of the strong alliances VEON has developed with its banks and financial partners over time. This financial backing is expected to greatly enhance the Group's financial flexibility, allowing for better adaptation to market needs and opportunities as they arise. Strengthening the financial position of the company is paramount for VEON as it looks to expand its range of digital services and improve customer experience.
Understanding the Loan's Financials
The newly secured facility will accrue interest based on the Secured Overnight Financing Rate (SOFR) plus an additional 425 basis points. This structure places VEON in a favorable position to manage its debt while pursuing innovative digital solutions across various markets.
About VEON and Its Impact on Global Connectivity
VEON stands out as a leading digital operator, providing comprehensive connectivity and digital services to approximately 160 million customers globally. Operating across six countries that encompass more than 7% of the world’s population, VEON is continually transforming lives by utilizing technology-driven solutions focused on empowering individuals and stimulating economic advancement. As a Nasdaq-listed entity, VEON is committed to pushing boundaries through innovation.
Company's Commitment to Innovation
In addition to securing vital financing, VEON maintains a forward-thinking approach. The company not only aims to bolster its current offerings but also seeks to expand its horizon by exploring new technologies and services to better serve its diverse customer base. This relentless pursuit of excellence positions VEON to be at the forefront of the digital transformation landscape.
Contact Information
For further inquiries or detailed information about VEON, please reach out to:
VEON
Hande Asik
Group Director of Communication
pr@veon.com
Frequently Asked Questions
What does the new term loan allow VEON to do?
The new term loan aids VEON in enhancing its financial flexibility, supporting growth initiatives and digital services expansion.
How much is VEON's new term loan?
VEON has successfully secured a USD 210 million term loan under a new facility agreement.
Who are the lenders involved in this loan syndication?
The loan has been syndicated by a consortium of international lenders, including ICBC Standard Bank and key GCC banks.
What is VEON's mission as a digital operator?
VEON aims to provide converged connectivity and digital services, empowering customers and contributing to economic growth.
How does this loan affect VEON's overall strategy?
This loan strengthens VEON's liquidity position and supports its commitment to a digital operator strategy focused on long-term value creation.
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