Telenor announces pricing of VimpelCom ADSs

Dhaka,  Monday,   2016-09-16
Published : 16 Sep 2016, 21:43:47

Telenor announces pricing of VimpelCom ADSs

Telenor ASA Friday announces that the underwriters have priced its offering of 142,500,000 VimpelCom Ltd American Depository Shares (ADSs) in the United States at a public offering price of USD 3.50 per ADS, resulting in net proceeds to Telenor of USD 486,281,250, said a statement.

Telenor has also granted the underwriters a 30-day option from today to purchase up to 21,375,000 additional ADSs at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about 21 September 2016.  In addition, in a transaction outside the United States to non-US persons pursuant to Regulation S under the U.S. Securities Act, Telenor has priced a USD 1,000,000,000, 0.25 per cent 3-year bond that will be exchangeable under certain conditions for up to a total of 204,081,633 ADSs (subject to adjustment) at an exchange price representing a premium of 40 per cent to the public offering price of the ADSs.  The bond is expected to be issued on or about 21 September 2016.

The transactions follow Telenor's previous announcements, including the announcement on 5 October 2015, of its intention to divest its stake in VimpelCom.  VimpelCom is listed on NASDAQ in the United States under the ticker "VIP".

Morgan Stanley and J.P. Morgan are acting as joint global coordinators and joint bookrunners and Citigroup and Credit Suisse are acting as joint bookrunners.

The offering is being made pursuant to VimpelCom's shelf registration statement on Form F-3 initially filed with the Securities and Exchange Commission (SEC) on 23 May 2014, as amended and most recently declared effective on 20 April 2016 (the "Registration Statement"). The ADSs will be offered only by means of a prospectus and accompanying prospectus supplement forming a part of the effective Registration Statement. Prospective investors should read the prospectus included in the Registration Statement, the preliminary prospectus supplement and other documents that VimpelCom has filed with the SEC for more information, the statement added.

The Registration Statement, the preliminary prospectus supplement and the documents incorporated by reference therein are available on the SEC's website at www.sec.gov.
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