VEON announced today that its subsidiary VEON Holdings has successfully entered into a new RUB 100 billion, approximately USD 1.5 billion, bilateral term loan agreement with Sberbank, a state-owned Russian banking and financial services company headquartered in Moscow.
According to the Operator, the loan will be used to refinance and extend the maturity of the existing loan between Sberbank and VEON Holdings, as well as to provide additional funds for general corporate purposes.
Headquartered in Amsterdam, the Netherlands, VEON provides essential communications and digital services to 210 million customers in over 10 markets which includes Russia, Pakistan, Uzbekistan, Kazakhstan, Ukraine, Bangladesh, Kyrgyzstan, Tajikistan, Armenia and Georgia. VEON operates under the Beeline, Kyivstar, Jazz, banglalink, and Djezzy brands.
Sekan Okandan, CFO, Veon Group
This new loan agreement is a further milestone in our continued focus on improving VEON's capital structure. We are pleased with the strong ongoing commitment we have received from Sberbank in relation to this loan, which reinforces the Group's objectives with respect to capital structure and financial flexibility.
