OREANDA-NEWS. March 10, 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 two non-revolving credit line agreements with Sberbank in the amount of RUR 8 billion and USD 250 million.

 
The three year loan agreement with Sberbank in the amount of RUR 8 billion bears interest at a maximum rate of 19.0% per annum and matures in December, 2011. The four year loan agreement with Sberbank in the amount of USD 250 million bears interest at a maximum rate of 13.0% per annum and matures in December, 2012.  Both loans are secured by a pledge of telecom equipment.

VimpelCom intends to use the proceeds from the loans for refinancing of its existing indebtedness denominated in foreign currency and development of VimpelCom’s core business.

Commenting on today’s announcement, Elena Shmatova, Chief Financial Officer of VimpelCom, said,

“We are pleased to have a long-term partnership with Sberbank, the leader in the Russian banking industry, which proved to be strong despite the difficult economic environment.”

The VimpelCom Group consists of telecommunications operators providing voice and data services through a range of wireless, fixed and broadband technologies. The Group includes companies operating in Russia, Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia and Armenia, as well as in Vietnam and Cambodia. The VimpelCom Group has licenses to operate in territories with a total population of about 340 million. The Group companies provide services under the "Beeline" brand. VimpelCom was the first Russian company to list its shares on the New York Stock Exchange ("NYSE"). VimpelCom's ADRs are listed on the NYSE under the symbol "VIP".