Company: KYIV
Filing Date: 2025-06-05
Form Type: F-4
Source: 0001213900-25-051575
Chunk: 331

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-05
Form: F-4
Chunk 331
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 |          894 |     | 898 |
| Non-current                                    |     |              252 |     |          225 |     | 815 |
| Current                                        |     |              708 |     |          669 |     |  83 |

Our derivative instruments at discounted redemption amount relate to our Helsi put option, which amounted to $11 million for the year ended December 31, 2023, $9million for the year ended December 31, 2024 and $10million for the three months ended March31, 2025. As of March31, 2025 and December 31, 2024, we held call and put options issued under an option agreement with non -controllingshareholders of Helsi Ukraine dated August 9, 2022. These options grant their holders the right to demand the sale/purchase of 30.01% of shares held by non -controllingshareholders for variable consideration in the future. See “— Significant Factors Affecting our Results of Operations — Recent Acquisitions.”

175 In the year ended December 31, 2023, the loan received from the Seller reflected the amount of a related party loan received to repay the two 2025 Bonds, and we expect each of the 2025 Bonds will be repaid prior to their respective maturity dates prior to the consummation of the Business Combination. See “ The Business Combination Agreement and Transaction Documents.” In the year ended December 31, 2023, we fully prepaid all of our remaining external bank debt which included a UAH 1,400 million ($38 million) loan with Raiffeisen Bank and UAH 760 million ($21 million) loan with OTP Bank. In addition, we paid interest on the 2025 Bonds amounting to $26 million. On March 27, 2025, VEON Holdings, as the original borrower, the Seller, as the original guarantor, and certain financial institutions entered into a term loan facility agreement (the “Loan Agreement”). The Loan Agreement provides for a $210 million term loan facility. Upon the completion of the Demerger on April8, 2025 and an accession deed under the Loan Agreement, all obligations of VEON Holdings under the Loan Agreement ceased to be obligations of VEON Holdings and were transferred, by operation of law, to VEON MidCo B.V., a subsidiary of VEON Ltd. and an entity not affiliated with Kyivstar Group Ltd., VE