VimpelCom, which has telecom assets in Russia, Italy and various emerging markets, is to issue notes denominated in dollars and rubles to refinance existing obligations.
VimpelCom said Wednesday that it had mandated Barclays, Citigroup, ING and Royal Bank of Scotland as lead managers for the financing.
IFR, a Thomson Reuters news and analytical service, reported that VimpelCom had guided investors for pricing at midswaps plus 425 basis points for six- and 10-year dollar eurobonds and is also considering five-year ruble notes.
Russian borrowers raised about $53 billion via eurobond issues in 2012 and have issued more debt this year to profit from positive risk sentiment toward emerging markets.
VimpelCom, co-owned by billionaire Mikhail Fridman's Alfa Group and Norwegian telecom group Telenor, had gross debt of $26.6 billion at the end of September 2012.