Russia's VimpelCom announces plans for up to RUR 30 billion five-year bonds

By Angela McDaniels

Tacoma, Wash., Feb. 10 - OJSC Vimpel-Communications said it plans to issue up to RUR 30 billion of five-year bonds through LLC VimpelCom-Invest with a guarantee from VimpelCom.

The bonds may be issued in three series of RUR 10 billion each depending on VimpelCom's funding needs within the next year.

The bonds will be putable.

According to a company news release, the coupon rate for each series will be determined for the period prior to exercise of the put option or redemption, depending on market conditions, and the annual interest rate will be defined as the result of a public placement.

Proceeds will be used to refinance existing foreign-currency debt and to develop VimpelCom's core business.

VimpelCom is a Moscow-based telecommunications provider.

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