VF Ukraine

Vodafone Ukraine is a leading Ukrainian mobile operator providing a wide range of services including 3G/4G data transfer, mobile voice communications, messaging, fixed Internet and mobile TV. The Vodafone Ukraine serves 19.8 million customers.

Year	2027
Issue Volume ($m)	500
Coupon Rate (% p.a.)	9.63%
Coupon Frequency	S/A
Maturity date	2/11/2027
Ratings: Fitch/Moody`s/S&P	CCC/—/NR
Market Price* ($)	99.50
Market YTM*	9.90%
Spread over UST*	-
Note: *Based on bid price.

Year	2021	2022	2023
Net Sales ($m)	739	***	***
EBITDA ($m)	402	***	***
Net Income ($m)	141	***	***
EBIT Coverage Ratio (x)	3.65	***	***
Net Debt/Equity (%)	104.4%	***	***

Covenants
Financial Reports	A - within 120 days; S/A - within 60 days
Max. Consolidated Net Debt/EBITDA*	2.75:1

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Latest news about VF Ukraine

Mar 13, 2025

| TMT

Vodafone Ukraine — Local subsidiaries report stand-alone 2024 financials

PJSC VF Ukraine, the borrower under Vodafone Ukraine’s (VFU) $300m 2027 loan participation notes, and VFU’s key subsidiaries have reported their stand-alone financials for 2024, posting combined sales of $625m (+5.8% y-o-y), EBITDA of $302m (-13%), and net income of $91m (-35%). End-2024 net debt stood at $277m, down 6.4% y-o-y but 14% above the end-9M24 level, while end-2024 cash and short-term investments totaled $326m, up 44% y-o-y and 5.9% higher than at end-9M24.

Feb 19, 2025

| TMT

Vodafone Ukraine — Fitch downgrades to RD and upgrades to CCC on Eurobond restructuring

Fitch Ratings has downgraded its long-term issuer default ratings on Vodafone Ukraine to RD from CCC- and simultaneously upgraded them to CCC following the company’s Eurobond restructuring, which the agency treated as a distressed debt exchange.