VimpelCom to redeem 5.5% convertibles

New York, Nov. 20 - Open Joint Stock Company Vimpel-Communications said its VimpelCom BV subsidiary will redeem its 5.5% senior convertible notes due 2005 on Dec. 22.

The Moscow-based wireless phone company has $67.2 million of the securities outstanding.

Up to 5 p.m. ET Dec. 17 holders can convert the notes into ADSs at a price of $27.0312 or 36.9943 ADSs per $1,000 principal amount. VimpelCom ADSs closed at $58.85 on Wednesday.

The redemption price on Dec. 22 will be $1,241.76 per $1,000 principal amount, made up of the redemption price of $1,219.76 plus $22 of accrued interest.

The conversion agent and paying agent is Bank of New York (Trevor Blewer at +44 207 964-7298 or Lee Pellicci at +44 207 964-7337).

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