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. Last Updated: 07/27/2016

VimpelCom to Buy Back $320M of Bonds

MOSCOW — Vimpelcom, Russia's second-biggest mobile phone operator, is to buy back up to $320 million of bonds maturing in 2011 and 2013 in a move to reduce its exposure to dollar-denominated debt.

"We have announced a tender to buy back bonds. Our main purpose is to use existing funds to lower the share of foreign-currency denominated debt in our portfolio," Ksenia Korneyeva, a Vimpelcom spokeswoman, said on Monday.

Vimpelcom announced the offer to buy back up to $320 million of 2011 and 2013 bonds out of a total of $300 million and $1 billion issued.

The offer period will expire on Friday, Sept. 25.