Millicom begins tender offer for Guatemala-based Comcel’s 2032 notes

By Marisa Wong

Los Angeles, Nov. 7 – Millicom International Cellular SA (Tigo) announced that its Guatemalan operation, Comunicaciones Celulares, SA (Comcel), has begun a tender offer to purchase for cash up to $90 million of the $900 million outstanding 5 1/8% senior notes due 2032 (Cusip: 12659BAA2, G2588BAA2) issued by Walkers Fiduciary Ltd. and guaranteed by Comcel.

Comcel is offering a total consideration of $822.50 per $1,000 principal amount. The total consideration includes an early tender payment of $30 per $1,000 of notes tendered by the early tender time.

Holders tendering after the early deadline will only be eligible to receive the tender offer consideration of $792.50 per $1,000 principal amount.

The company will also pay accrued interest to but excluding the applicable settlement date.

The early tender time is 5 p.m. ET on Nov. 18, which is also the withdrawal deadline.

The offer expires at 11:59 p.m. ET on Dec. 5.

The company said it may choose to settle early tendered notes on an early settlement date, which would fall on any business day after the early tender time and before the expiration time.

Final settlement is expected on Dec. 6.

Tenders may be subject to proration.

Comcel said it reserves the right to waive any condition to the tender offer, amend any of the terms of the offer, terminate the offer, increase or modify the maximum amount, extend the withdrawal deadline, extend or amend the early tender time or the expiration time or modify the tender offer consideration or the early tender payment.

BNP Paribas Securities Corp. (888 210-4358 , dl.us.liability.management@us.bnpparibas.com), J.P. Morgan Securities LLC (212 834-7279) and Scotia Capital (USA) Inc. (800 372-3930, LM@scotiabank.com) are acting as dealer managers for the tender offer.

The information agent and tender agent is D.F. King & Co, Inc. (800 431-9645, 212 269-5550 or comcel@dfking.com).

Millicom said the purpose of the offer is to reduce its debt.

Millicom is a Luxembourg-based provider of fixed and mobile telecommunications services in Latin America.

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