VimpelCom Says Plans to Borrow $700 Mln in 2006

MOSCOW, April 25 (Prime-Tass) -- Russia's second largest mobile operator VimpelCom plans to borrow about U.S. $700 million in 2006, the company said in a statement Tuesday.

The company may borrow the money from banks, or raise the money on the Russian and international financial markets, VimpelCom said.

The company plans to use the funds on capital investments, outstanding debt servicing and company acquisitions.

VimpelCom said last week that it plans to offer in early May a 10-year Loan Participation Note (LPN) issue worth up to $500 million, of which up to $250 million will be allocated for refinancing an outstanding $450 million LPN issue that matures in 2009.

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Posted to the site on 25th April 2006