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VimpelCom Signs 10 Billion Ruble Credit Agreement with Sberbank
04 Sep 2009
Moscow and New York (September 4, 2009) - Open Joint Stock Company “Vimpel-Communications” (“VimpelCom” or the “Company”) (NYSE: VIP), the leading provider of telecommunications services in Russia and the Commonwealth of Independent States (CIS), today announced that it has signed a credit line agreement with Sberbank in the amount of RUR 10 billion.
The loan with Sberbank bears interest at a rate of 15% per annum and to be repaid in two equal installments in August 2012 and in April 2013.
VimpelCom intends to use the proceeds from the loan for refinancing of its existing indebtedness and development of VimpelCom’s core business.
This release contains “forward-looking statements”, as the phrase is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements relate to the Company’s intended use of the proceeds from the credit agreement described above and are based on Management’s best assessment of the Company’s strategic and financial position and of future market conditions and trends. These statements involve risks and uncertainties. The actual use of proceeds may differ materially from these statements as a result of continued volatility in the economies in the markets in which the Company operates, unforeseen developments from competition, governmental regulation of the telecommunications industries, general political uncertainties in the markets in which the Company operates and/or litigation with third parties. The actual use of proceeds may also differ materially if the Company is unable to obtain all necessary corporate approvals relating to its business, if the Company is unable to successfully integrate newly-acquired businesses, including Golden Telecom, and other factors. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risks described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2008 and other public filings made by the Company with the United States Securities and Exchange Commission, which risk factors are incorporated herein by reference. VimpelCom disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.
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VimpelCom Ltd.
Altimo, a leading private equity group, operating on some of the world's most desirable and potentially lucrative mobile telecommunications markets, was created in 2005 from Alfa Telecom, which itself was established in 2004 to hold the telecoms investments of the Alfa Group Consortium (Turkcell Iletisim Hizmetleri A.S., MegaFon and VimpelCom Ltd. (provides services under the "Beeline" and "Kyivstar" brands)). Those assets are in Russia, the CIS and other promising emerging markets.
VimpelCom Ltd. consists of telecommunications operators providing voice and data services through a range of wireless, fixed and broadband technologies. VimpelCom Ltd. is headquartered in Amsterdam and has operations in Russia, Ukraine, Kazakhstan, Uzbekistan, Tajikistan, Georgia, Armenia, Kyrgyzstan, Vietnam and Cambodia, covering territory with a total population of about 360 million. VimpelCom Ltd. operating companies provide services under the "Beeline" and "Kyivstar" brands. VimpelCom Ltd.’s ADRs are listed on the New York Stock Exchange under the symbol "VIP".
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