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BRIEF-Telenor launches $1 bln bonds exchangeable for VimpelCom shares

Sept 15 Telenor says:

* Telenor ASA today announced that it has commenced an offering of 3-year bonds, in an aggregate principal amount of up to USD 1,000,000,000, that will be exchangeable for VimpelCom American Depositary Shares (ADSs) owned by Telenor, each representing one VimpelCom common share

* The bonds will be offered via an accelerated bookbuilding to institutional investors that are non-US persons, outside the United States, pursuant to Regulation S under the U.S. Securities Act

* The bonds will be marketed with an annual coupon of 0.3750 - 0.8750 per cent, payable semi-annually in arrear

* The bonds' initial exchange price is expected to be at a premium of between 30 - 35 per cent above the reference ADS price, which will be the public offering price at which Telenor is selling ADSs in a concurrent U.S. registered offering of ADSs

* The coupon, initial exchange price and the exchange premium for the bonds will be determined following the accelerated bookbuilding, which is expected to occur today

* Telenor asa says settlement is expected to take place on or about 21 September 2016

* An application will be made to list and trade the bonds on the Open Market (Freiverkehr) segment of the Frankfurt Stock Exchange within 90 days following settlement

* Under the terms of the bond offering, Telenor will agree not to sell any ADSs for a lock-up period ending 90 days following the pricing date, subject to customary exceptions

* Morgan Stanley and J.P. Morgan will act as joint global coordinators and joint bookrunners, and Citigroup and CreditSuisse will act as joint bookrunners for the offering Source text for Eikon: Further company coverage: (Reporting By Ole Petter Skonnord)

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