Millicom seeks to amend 6%, 6 1/8% notes for subsidiary flexibility

New York, May 14 – Millicom International Cellular SA began a solicitation of consents for its $500 million of 6% senior notes due 2025 and $500 million of 5 1/8% senior notes due 2028, according to a news release.

The company is seeking to amend the notes so that it can introduce a mechanism that will allow it to have restricted and unrestricted subsidiaries. The change will allow it to operate subsidiaries outside the restricted group of subsidiaries.

In addition, the amendments will allow Millicom to apply either IFRS or U.S. GAAP for accounting purposes.

For consents delivered by the expiration time of 5 p.m. ET on May 24, Millicom will make a cash payment of $5.00 per $1,000 principal amount. Payment is planned for May 30.

To make the changes, the company needs consents from holders of a majority of the principal amount of each series of notes.

BNP Paribas (888 210-4358, 212 841-3059 or dl.us.liability.management@us.bnpparibas.com) and J.P. Morgan (+44 20 7134 2468 or em_europe_lm@jpmorgan.com) are solicitation agents. D.F. King. (212 269-5550 866 207-2324, +44 20 7920 9700, millicom@dfkingltd.com or https://sites.dfkingltd.com/millicom) is information agent and tabulation agent.

Millicom is a Luxembourg-based telecom and media company focused on emerging markets in Latin America and Africa.

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