- VEON (VEON +2.0%) successfully entered into a new multi-currency revolving credit facility (RCF) agreement, replacing existing agreement signed in 2017, of $1.25B for VEON Holdings B.V.
- RCF has a three years initial tenor with VEON having the right to request two one-year extensions.
- VEON holds the optionality to make each drawdown in either U.S. dollars or euro.
- "The progress we have made in improving our capital structure since 2017 and over past year, where we have seen our average cost of funding decrease by 150 bps reducing our annual interest expenses by ~$100M 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," CFO Serkan Okandan commented.