VimpelCom has priced about US$2bn in US dollar and Russian rouble-denominated notes to refinance soon-to-mature debt and for other corporate purposes.
The issuance, carried out by Dutch subsidiary VimpelCom Holding, consists of six-year US$600m 5.2%…
VimpelCom has priced about US$2bn in US dollar and Russian rouble-denominated notes to refinance soon-to-mature debt and for other corporate purposes.
The issuance, carried out by Dutch subsidiary VimpelCom Holding, consists of six-year US$600m 5.2% notes, 10-year US$1bn 5.95% notes and five-year Rbs12bn (US$399.6m) 9% notes. All are to be guaranteed by Russian subsidiary OJSC Vimpel-Communications. An application has been made to list the notes on the Irish Stock Exchange.
Lead managers for the financing were Barclays, Citigroup, ING and the Royal Bank of Scotland.
Announcing its intention to issue a dual-tranche bond yesterday, VimpelCom said the proceeds would be used to refinance debt held by Vimpel-Communications.
Moody’s has assigned the notes a provisional Ba3 rating with a stable outlook.
VimpelCom – which operates in Russia, Ukraine, other eastern European markets, Italy, Canada and parts of Asia and Africa – reported gross debt of US$26.6bn at the end of Q3 2012.
The company is co-owned by Russian businessman Mikhail Fridman’s Alfa Group and Norwegian telco Telenor.
