VimpelCom says most 5.5% convertibles exchanged for stock ahead of redemption

New York, Dec. 23 - Open Joint Stock Company Vimpel-Communications said most holders of its 5.5% convertible senior notes due 2005 exchanged the securities for stock ahead of their redemption.

Between the announcement of the redemption on Nov. 20 and the last conversion date of Dec. 17, holders converted $66.2 million of the notes into 2,449,011 American Depositary Shares.

The Moscow-based wireless phone company redeemed the remaining $1 million on Dec. 22, paying $1,241.76 per $1,000 principal amount, a figure made up of the call price of $1,219.76 and $22.00 of accrued interest.

VimpelCom also paid $707.07 in lieu of fractional shares for holders who converted their notes.

The convertibles were issued by VimpelCom's subsidiary VimpelCom BV.

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