Telenor announces pricing of its offering of 70 million VEON common shares and ADSs
(Thomson Reuters ONE) -
(Fornebu, 7 April 2017) Telenor ASA today announces that the underwriters have
priced its offering of 70 million common shares in VEON Ltd. (formerly known as
VimpelCom Ltd.) in the form of common shares and American Depositary Shares
(ADSs) at a public offering price of USD 3.75 per ADS/share, resulting in net
proceeds to Telenor of USD 259 million.
The offering is expected to close on or about 12 April 2017. Today's transaction
represents 4.0 per cent of VEON's total outstanding common shares, leaving
Telenor with approximately 346.7 million VEON ADSs (19.7 per cent of VEON's
total outstanding common shares), including the VEON ADSs that are underlying
Telenor's USD 1 billion, 3-year exchangeable bond due 2019.
Citigroup and Morgan Stanley have acted as joint global coordinators and joint
bookrunners for the offering.
Following the transaction, VEON will no longer be treated as an associated
company in Telenor's financial reporting and all of the previously recognised
currency translation differences, amounting to an accounting loss of NOK 7.5
billion, including tax effects related to the hedging instruments, will be
reclassified to the income statement. The effects of reclassification do not
impact the total equity of Telenor. The effect will be recognised in the second
quarter 2017.
The net proceeds of USD 259 million (around NOK 2.2 billion) will be included in
Telenor's cash flow statement for the second quarter 2017.
The offering of common shares and ADSs is being made pursuant to VEON's shelf
registration statement on Form F-3 initially filed with the Securities and
Exchange Commission (SEC) on 23 May 2014, as amended and most recently declared
effective on 20 April 2016 (the "Registration Statement"). The common shares and
ADSs will be offered only by means of a prospectus and accompanying prospectus
supplement forming a part of the effective Registration Statement. Prospective
investors should read the prospectus included in the Registration Statement, the
preliminary prospectus supplement and other documents that VEON has filed with
the SEC for more information. The Registration Statement, the preliminary
prospectus supplement and the documents incorporated by reference therein are
available at the SEC's website at www.sec.gov.
Alternatively, a copy of the prospectus and related final prospectus supplement
may be obtained, when available, from Citigroup Global Markets Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
toll-free: (800) 831-9146; Morgan Stanley & Co. LLC, 180 Varick Street, 2nd
Floor, New York, NY 10014, Attention: Prospectus Department.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities in any state or
other jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any
such state or other jurisdiction.
For readers in the European Economic Area: In any EEA Member State that has
implemented the Prospectus Directive, this communication is only addressed to
and directed at qualified investors in that Member State within the meaning of
the Prospectus Directive. The term "Prospectus Directive" means Directive
2003/71/EC (and amendments thereto, including Directive 2010/73/EU, to the
extent implemented in each relevant Member State), together with any relevant
implementing measure in the relevant Member State.
For readers in the United Kingdom: This communication is being directed only at
(i) persons who are outside the United Kingdom or (ii) investment professionals
falling within Article 19(5) ("Investment professionals") of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or
(iii) certain high value persons and entities who fall within Article 49(2)(a)
to (d) ("High net worth companies, unincorporated associations etc") of the
Order; or (iv) any other person to whom it may lawfully be communicated (all
such persons in (i) to (iv) together being referred to as "relevant persons").
The common shares and ADSs are only available to, and any invitation, offer or
agreement to subscribe, purchase or otherwise acquire such common shares and
ADSs will be engaged in only with, relevant persons. Any person who is not a
relevant person should not act or rely on this document or any of its contents.
Investor Relations
Marianne Moe
Mobile: +47 9161 7631
marianne.moe(at)telenor.com
Helge Øien
Mobile: +47 9131 9242
helge.oien(at)telenor.com
Media Contact
Glenn Mandelid
Mobile: +47 9266 1300
glenn.mandelid(at)telenor.com
Meera Bhatia
Mobile: +47 4684 4959
meera.bhatia(at)telenor.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Telenor via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 07.04.2017 - 07:04 Uhr
Sprache: Deutsch
News-ID 535112
Anzahl Zeichen: 5701
contact information:
Town:
OSLO
Kategorie:
Business News
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