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Dubai-based digital technology company VEON Ltd. has secured a $210 million two-year syndicated loan from a consortium of lenders, including ICBC Standard Bank and leading GCC banks.
The unsecured term loan facility carries an interest of SOFR plus 425 basis points (bps).
The financing significantly enhances VEON’s financial flexibility and strengthens its overall financial position.
VEON, which moved headquarters to Dubai from Amsterdam last year, repaid the $805 million outstanding balance of its revolving credit facility and cancelled the facility.
VEON provides digital services in Pakistan, Ukraine, Bangladesh, Kazakhstan, Uzbekistan and Kyrgyzstan.
(Writing by Brinda Darasha; editing by Bindu Rai)
