VimpelCom issues Ruble bonds of approximately $428m

Vimpel-Communications has issued Russian ruble-denominated bonds through VimpelCom-Invest, a consolidated Russian subsidiary of VimpelCom, in an aggregate principal amount of 10 bn Russian rubles (approximately $428m). The bonds are guaranteed by VimpelCom. The bonds are due on 19 July, 2013. Interest will be paid semi-annually. The annual interest rate for the first three payment periods is 9.05 per cent. VimpelCom-Invest will determine the annual interest rate for subsequent periods based on market conditions. Bond holders will have the right to sell their bonds to VimpelCom-Invest when the annual interest rate for subsequent periods is announced at the end of the third payment period. The proceeds of the offering will be used for the development and expansion of VimpelCom's networks, including through possible acquisitions... [read full story]