Company: KYIV
Filing Date: 2025-03-31
Form Type: DRS
Source: 0001213900-25-026261
Chunk: 275

Company: Kyivstar Group Ltd.
Filing Date: 2025-03-31
Form: DRS
Chunk 275
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 to facilitate the Business Combination, on January13, 2025, VEON Holdings filed the Demerger Proposal with the Dutch Trade Register of the Chamber of Commerce to isolate VEON Holdings’ interests in Kyivstar and its subsidiaries and certain other select assets and liabilities. The Demerger is a condition precedent to the closing of the Business Combination pursuant the Business Combination Agreement. The Demerger Proposal provides that VEON Holdings’ interests in all of its other subsidiaries would be transferred to one of two newly -formedsubsidiaries of the Seller, outside of the Kyivstar Group, by operation of law and VEON Holdings will cease, as of the date of closing of the Demerger, to own or be legally responsible for such entities, assets or liabilities. Except for the 2025 Bonds, the Old Bonds and the Business Combination Agreement, all other assets, liabilities and employees are to be transferred out of VEON Holdings, and any contracts will be transferred, to one of the two aforementioned newly -formedentities where the relevant asset or liability contemplated in the contract is being transferred. With respect to the 2025 Bonds, the Demerger Proposal provides that the 2025 Bonds will remain at VEON Holdings until their respective maturity dates, as completion of the Business Combination is expected to occur after the relevant maturity dates under the 2025 Bonds and such 2025 Bonds will be repaid by the one of the newly -formedentities of VEON Ltd. and VEON Holdings will not have any legal or financial liability to repay the 2025 Bonds. With respect to the 2027 Bonds, a consent solicitation was launched simultaneous with the Demerger Proposal on January13, 2025, requesting the 2027 Bonds to be moved out of VEON Holdings upon completion of the Demerger to a newly -formedsubsidiary of the Seller with such entity being substituted as the issuer and principal debtor in respect of the 2027 Bonds. The consent of holders with the required amount of 2027 Bonds to approve the consent solicitation was achieved on January30, 2025. In conjunction with the closing of the Demerger, the proposed amendments pursuant to the consent solicitation, including the transfer of the issuer and principal debtor from VEON Holdings to the applicable newly -formedentity of the VEON Ltd., will become effective. 139 The Old Bonds are the April 2025 Bonds, June 2025 Bonds and 2027 Bonds, as originally issued by VEON Holdings