Vimpel-Communications (VIP): VimpelCom Group issues bonds of approxim...

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Monday, 07/28/2008 9:34:56 AM

Monday, July 28, 2008 9:34:56 AM

VimpelCom Group issues bonds of approximately USD428m

Monday , July 28, 2008 04:13ET

Jul 28, 2008 (M2 EQUITYBITES via COMTEX) -- Vimpel-Communications, a telecomms operator providing voice and data services, on Friday (25 July) announced that the company has issued Russian rouble-denominated bonds through VimpelCom-Invest LLC, a consolidated Russian subsidiary of VimpelCom.

The bonds have been issued for approximately USD428m.

The company said that the bonds, which are due on 19 July 2013, are guaranteed by VimpelCom.

Interest under the bonds will be paid semi-annually, and the annual interest rate for the first three payment periods is 9.05%. VimpelCom-Invest will reportedly determine the annual interest rate for subsequent periods based on market conditions. The proceeds of the offering are expected to be used by the company for the development and expansion of VimpelCom's networks, including through possible acquisitions or investments in existing operators, and to repay indebtedness.

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