VEON (VEON) Stock: Why The Price Jumped Up Today

By Amit Chowdhry ● Mar 18, 2022
  • The stock price of VEON Ltd. (NASDAQ: VEON) increased by over 8% pre-market today. This is why.

The stock price of VEON Ltd. (NASDAQ: VEON) – a leading global provider of connectivity and digital services – increased by over 8% pre-market today. Investors are responding positively to VEON providing some further details regarding the company’s ruble-denominated notes. They also reminded investors that as disclosed on March 2, 2022, VEON has no additional debt maturities at the HQ level during 2022.

The company reiterated the currency election terms for the holders of the following ruble-denominated notes:

— VEON Holdings B.V., RUB 20 billion (c.USD 194 million1) 6.30% ruble-denominated notes, maturing June 2025;

— VEON Holdings B.V., RUB 10 billion (c.USD 97 million1) 6.50% ruble-denominated notes maturing September 2025; and

— VEON Holdings B.V., RUB 20 billion (c.USD 194 million1) 8.125% ruble-denominated notes maturing September 2026,

— Each is issued under VEON Holdings B.V.’s Global Medium Term Note Programme (the “Notes”).

— Each final terms document for the Notes includes a currency exchange option, the terms of which are set out in condition 6(f) (Currency Exchange Option) of the terms and conditions of the Notes in each base offering memorandum.

Due to the currency exchange option being applicable, the holders of the Notes may, through the notification procedures of Euroclear and/or Clearstream on or before the tenth business day prior to interest or principal payment date, give an irrevocable notice of election to Citibank, N.A., London Branch as a principal paying agent to receive payments of interest or principal, as the case may be, in U.S. dollars.

VEON is a provider of connectivity and digital services to almost 220 million customers across 9 countries. VEON has a diverse investor base with no controlling shareholders, a majority of independent directors, and an international management team.

“We are appalled by the growing humanitarian crisis in Ukraine. VEON calls for a lasting, peaceful resolution of the conflict and an immediate end of hostilities,” wrote the company’s board of directors in a statement. “We continuously evaluate the developments and are in communication with relevant authorities and other stakeholders.”

The company’s operations span 9 countries where they serve nearly 220 million customers. And one-third of them are in Ukraine and Russia, where they are supported by 33,000 employees.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.