Dubai-based digital technology company VEON Ltd. has successfully secured a $210 million syndicated loan with a two-year tenure. A consortium of lenders, including ICBC Standard Bank and several prominent banks from the Gulf Cooperation Council (GCC) region, arranged the financing.
The unsecured term loan facility carries an interest rate of SOFR plus 425 basis points (bps), reflecting the market conditions and the company’s financial position.
This newly acquired financing significantly enhances VEON’s financial flexibility, providing it with greater liquidity and strengthening its overall financial position to support its strategic initiatives.
VEON, which relocated its global headquarters from Amsterdam to Dubai in 2023, utilised the funds to fully repay the outstanding $805 million balance of its revolving credit facility. Following the repayment, the company opted to cancel the facility as part of its financial restructuring efforts.
Operating in multiple emerging markets, VEON provides a wide range of digital services to millions of customers across Pakistan, Ukraine, Bangladesh, Kazakhstan, Uzbekistan, and Kyrgyzstan, contributing to digital transformation and connectivity in these regions.
