Millicom gives early results, amends offer for Guatemala-based Comcel’s 2032 notes

By Mary-Katherine Stinson

Lexington, Ky., Nov. 21 – Millicom International Cellular SA (Tigo) announced the early results and the amended terms extending the total consideration and the early tender payment in its Guatemalan operation Comunicaciones Celulares, SA’s (Comcel) 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.

As of the early expiration time of 5 p.m. ET on Nov. 18, which was also the withdrawal deadline, $18.83 million of notes had been tendered.

The offer has also been amended to extend the total consideration and early tender payment. Holders who tender their notes after the early tender time but at or prior to the expiration time are now eligible to receive the total consideration, including the early tender payment, and will also receive accrued and unpaid interest on such notes from the last interest payment date up to, but not including, the final settlement date. This is in addition to the total consideration.

The company has chosen to exercise its option for an early settlement date, which will be Nov. 21.

As previously reported, 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.

In the original offer, holders tendering after the early deadline were only eligible to receive the tender offer consideration of $792.50 per $1,000 principal amount.

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

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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