VEON VEON Ltd.
Price Chart
Executive Summary
VEON MidCo B.V. (VEON subsidiary) upsize tender offer for its 3.375% Notes due 2027 from $750M to $875M of the $1.01B outstanding principal. This aggressively reduces near-term refinancing risk by retiring ~86% of a 2027 maturity at a 1.25% discount to par (Early Tender at $987.50/$1,000).
Actionable Insight
The aggressive upsize signals strong liquidity and confidence in refinancing execution. Watch for closure of New Financing Condition and any further adjustments. The reduced maturity overhang lowers credit risk, supportive for VEON equity. Monitor the Tender Offer Website for final acceptance results.
Key Facts
- Maximum Aggregate Purchase Price increased from $750M to $875M
- Tender offer covers $1.01B outstanding 3.375% Notes due 2027 (ISIN: XS2824764521 / XS2824766146)
- Early Tender Purchase Price: $987.50 per $1,000 principal (98.75% of par)
- Tender Offer Purchase Price: $957.50 per $1,000 principal (95.75% of par)
- Offer conditioned on New Financing Condition satisfaction or waiver
- Upsize represents 86.6% of outstanding Notes at current principal ($875M / $1.01B)
- Transaction announced May 20, 2026, with reference to May 18 Tender Offer Memorandum
Financial Impact
VEON is retiring up to $875M of 3.375% Notes due 2027, reducing annual interest expense by ~$29.5M. At a tender discount of 1.25%-4.25% below par, the effective cost of liability management is a small premium to market. This significantly de-levers near-term maturity wall.
Risk Factors
- Tender offer subject to New Financing Condition — if not satisfied or waived, the upsize does not proceed
- Only $1.01B outstanding; purchasing $875M leaves ~$136M Notes outstanding, still a tail maturity to manage
- Leverage reduction partially offset if new financing is debt rather than equity/cash
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-059405 |
| Document: ea0291707-6k_veon.htm | 0001213900-26-059405 |
| Document: 0001213900-26-059405-index-headers.html | 0001213900-26-059405 |
| Document: 0001213900-26-059405-index.html | 0001213900-26-059405 |
| Document: 0001213900-26-059405.txt | 0001213900-26-059405 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 9, 2026
today
|
Press Release
| $48.86 awaiting T+1 | awaiting T+1 | — | $49.01 (+0.31%) |
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Jun 5, 2026
4d ago
|
Press Release
| $50.87 awaiting T+1 | awaiting T+1 | — | $49.01 (−3.66%) |
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Jun 3, 2026
6d ago
|
Press Release
| $52.61 $51.53 | ▼ −2.05% | ▼ −2.45% | $49.01 (−6.84%) |
|
Jun 2, 2026
7d ago
|
6-K
| $55.30 $52.61 | ▼ −4.86% | ▼ −4.17% | $49.01 (−11.37%) |
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May 26, 2026
14d ago
|
Press Release
| $56.42 $57.54 | ▲ +1.99% | ▲ +1.97% | $49.01 (−13.13%) |
|
May 20, 2026
20d ago
|
6-K
| $55.11 $56.70 | ▲ +2.89% | ▲ +2.69% | $49.01 (−11.07%) |
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May 18, 2026
22d ago
|
Press Release
| $54.57 $55.44 | ▲ +1.59% | ▲ +2.24% | $49.01 (−10.19%) |
|
May 13, 2026
28d ago
|
Press Release
| $56.89 $53.92 | ▼ −5.22% | ▼ −6.00% | $49.01 (−13.85%) |
|
May 11, 2026
29d ago
|
6-K
| $50.03 $50.00 | ▼ −0.06% | ▲ +0.08% | $49.01 (−2.04%) |
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May 6, 2026
4w ago
|
Press Release
| $49.13 $48.46 | ▼ −1.36% | ▼ −1.03% | $49.01 (−0.24%) |
US Market Status
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