Amsterdam based Global digital operator Veon has announced taking a significant step towards finalizing the sale of its Russia operations by submitting all required documentation to Euroclear, Clearstream, and registrars for the cancellation of Veon's Eurobonds held by its subsidiary, PJSC VimpelCom (Beeline).
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Cancellation of Veon's Eurobonds Enables Smooth Transition
Veon says this move signifies the company's progress in the closing stages of the sale announced on November 24, 2022, which aims to ensure an optimal outcome for all stakeholders, including investors, creditors, customers, and employees.
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Cancelling Veon's Eurobonds is crucial in facilitating a smooth exit from the Russian market. According to the terms of the Veon Bonds, the registrar is obligated to cancel the Eurobonds purchased by a Veon subsidiary and surrendered for cancellation.
According to the statement, Veon has now fulfilled both conditions required for cancellation, marking an important milestone in the process.
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In its statement, Veon Group expressed confidence in the cancellation of Eurobonds, emphasizing its significance in enabling Veon to exit the Russian market in a manner that benefits all stakeholders. The cancellation is a non-cash transaction necessary for a timely exit from Russia, safeguarding Veon and its investors from potential future double payments.
The company looks forward to completing the cancellation process, which marks a pivotal step towards finalizing the sale of Veon's Russia operations.
With the submission of the necessary documentation, Veon is now closer to concluding the sale of its Russia operations and successfully exiting the market.
