[GRAPHIC OMITTED]
FOR IMMEDIATE RELEASE
VIMPELCOM GROUP INTENDS TO ISSUE RUBLE BONDS
IN THE EQUIVALENT AMOUNT OF $95.9 MILLION
_________________________________________________________________________
Moscow (April 3, 2003) - Open Joint Stock Company "Vimpel-Communications"
("VimpelCom" or the "Company") (NYSE: VIP) today announced that it intends to
issue xxxxx denominated bonds by LLC VimpelCom Finance, a consolidated Russian
subsidiary of VimpelCom, following the registration of the issuance with the
Russian Federal Commission on the Securities Markets. The bonds will be
guaranteed by VimpelCom-Region, VimpelCom's vehicle for national expansion. The
proposed amount of the issue is 3 billion rubles, which is the equivalent of
approximately $95.9 million at today's Central Bank of Russia exchange rate. The
proposed maturity period is 3 years and the bonds have a put option on the first
anniversary of the placement date. The coupon rate for the first two coupon
payments will be defined depending on market conditions. The coupon rate for
further coupon payments will be determined by the issuer no later than ten days
before the second coupon payment. Interest will be paid semiannually.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy the securities, nor shall there be any sale of the securities in
any state in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state. The
securities will not be registered under the Securities Act of 1933, as amended
(the "Securities Act"). Unless and until so registered, the securities may not
be offered or sold in the United States except pursuant to an exemption from, or
in a transaction not subject to, the registration requirements of the Securities
Act and applicable state securities laws.
VimpelCom is a leading provider of telecommunications services in Russia,
operating under the "Bee Line" family of brand names. The VimpelCom Group's
license portfolio covers approximately 94% of Russia's population (137 million
people), including the City of Moscow, the Moscow Region and the City of St.
Petersburg. VimpelCom's ADSs are listed on the New York Stock Exchange ("NYSE")
under the symbol "VIP". VimpelCom's convertible notes are listed on the NYSE
under the symbol "VIP 05".
This press release contains "forward-looking statements," as the phrase is
defined in Section 27A of the Securities Act and Section 21E of the Exchange
Act. These statements relate to the Company's intention to consummate the
proposed transaction 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 outcome may differ materially from these statements as a result of
unforeseen developments from competition, governmental regulations of the
wireless telecommunications industry, general political uncertainties in Russia
and general economic developments in Russia and other factors. As a result of
such risks and uncertainties, there can be no assurance that the effects of
competition or current or future changes in the political, economic and social
environment or current or future regulation of the Russian telecommunications
industry will not have a material adverse effect on the VimpelCom Group and
there can be no assurance that the Company will be able to complete this
proposed transaction. 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, 2001 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.
VIMPELCOM GROUP INTENDS TO ISSUE RUBLE BONDS IN THE EQUIVALENT AMOUNT OF $95.9
MILLION
Page 2 of 2
For more information, please contact:
Xxxxxx Xxxxxx Xxxxxxxxxxx Xxxxxxxxxx
VimpelCom (Moscow) Edelman Financial Worldwide
Tel: 0(000) 000-0000 Tel: 0(000) 000-0000
xxxxxxx@xxxxxxxxx.xxx xxxxxxxxxxx.xxxxxxxxxx@xxxxxxx.xxx
