Russia's Vimpelcom starts exchange for up to $250 million in notes due 2009

By Reshmi Basu

New York, April 21- Mobile phone provider Vimpel-Communications SA said it started a tender offer to swap up to $250 million of its $450 million 10% loan participation notes due 2009 for new loan participation notes due 2016 plus cash.

The tender offer ends at 5 p.m. ET on May 18.

Holders who tender by 5 p.m. ET on May 4 will new notes with the same principal amount as the old notes they tendered plus a cash consideration, including an early submission premium.

Those who exchange after the early submission deadline but before the expiration will not receive the early submission payment.

The company said the tender offer would lengthen its debt maturity profile as well as create a new liquid longer dated benchmark in the public credit market.

UBS SA is managing the exchange.

Additionally, Moscow-based Vimpelcom plans to sell $500 million in loan participation notes for the development and expansion of its network.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.