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Announcement of Currency Exchange OptionVEON Holdings B.V. Announcement of Currency Exchange Option Amsterdam, 9 June 2023 – VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, today provides some further details regarding our ruble denominated notes. We would like to reiterate the currency election terms for the holders of the following ruble denominated notes: RUB10,000,000,000 6.50% Senior Unsecured Notes; Each issued under the U.S.$6,500,000,000 Global Medium Term Note Programme (the “Programme”) of VEON Holdings B.V. (the “Issuer”)
Further reference is made to the announcements by Euroclear and Clearstream dated 3 February 2023 (as updated on 8 February 2023) and 6 February 2023, respectively, that with immediate effect Euroclear and Clearstream are no longer accepting nor processing RUB payments. Under the Conditions (as defined in the Trust Deed), this is being treated as Euroclear and Clearstream having made an effective U.S. dollar currency election (as set out below) on behalf of each of the respective Noteholders holding through them, since no other payment is possible. The Conditions (as defined in the Trust Deed) provide the ability for Noteholders (or any of them), through the notification procedures of Euroclear and/or Clearstream, on or before the tenth Business Day prior to an Interest Payment Date or any date for the repayment of principal of the relevant notes, to give an irrevocable election to the Principal Paying Agent to receive such payment in U.S. dollars (the “U.S. dollar currency election”). As of today’s date, Euroclear and Clearstream are still not accepting nor processing RUB payments, and as such are deemed to have given such notice on behalf of all Noteholders with respect to all Interest Payment Dates until further notice. In accordance with Condition 13 (Notices) of the Trust Deed, the Principal Paying Agent for each of the respective Notes shall upon request provide to the Noteholders the Exchange Amount and the U.S. Dollar Amount applicable to the respective Interest Payment Dates. Disclaimer Whilst the Trustee for the Notes approves the circulation of this notice to Noteholders for the purposes of clause 14.1(e) of the Trust Deed, the Trustee does not express or give any opinion as to the effectiveness, validity, or binding nature of any of the Issuer’s statements as set out in this notice, or the election notices purported to be served by Euroclear and Clearstream on behalf of Noteholders in respect of the U.S. dollar currency election for the purposes of the respective Conditions and Issuer's payment obligations in respect of the Notes. About VEON Contact Information |