Russia's VimpelCom to sell up to $577.6 million in ruble-denominated bonds

By Reshmi Basu

New York, June 22 - OJSC Vimpel-Communications (VimpelCom) said it plans to sell up to $577.6 million in a two-part offering of five-year ruble-denominated bonds.

The issue is expected to be divided into 10 billion ruble and 5 billion ruble tranches.

Proceeds from the sale will be used to continue the development and expansion of the company's networks, including possible acquisitions or investments in existing wireless operators, and to repay existing debt, according to Friday's news release.

VimpelCom is a mobile provider in Russia. It also has cellular companies operating in Kazakhstan, Ukraine, Uzbekistan and Tajikistan and recently acquired companies in Georgia and Armenia.

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