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Millicom tenders for $300 million of its 4¾% notes, 6 5/8% notes
New York, Nov. 30 – Millicom International Cellular SA began a tender offer to buy up to $300 million of its $500 million of 4¾% senior notes due 2020 and $800 million of 6 5/8% senior notes due 2021.
The company is offering to buy the 4¾% notes at a price of $1,018.75 per $1,000 principal amount, according to a news release.
Included in the amount is an early tender premium of $30.00 per $1,000 principal amount that will only be paid to holders who tender by 5 p.m. ET on Dec. 13.
After that deadline, the payment on offer will be $988.75 per $1,000 principal amount.
The tender ends at 5 p.m. ET on Jan. 6.
For the 6 5/8% notes, the purchase price will be set using a modified Dutch auction.
Millicom will accept offers to sell in the range of $1,042.50 to $1,062.50 per $1,000 principal amount and will buy all accepted notes at a single price within this range.
The range includes the $30.00 per $1,000 early tender premium.
Deadlines for the 6 5/8% notes are the same as for the 4¾% notes.
Millicom will accept its 4¾% notes for purchase first, buying notes up to the $300 million cap. Any remaining capacity within the cap will then be used for the 6 5/8% notes.
Settlement of early tenders is planned for Dec. 16 and final settlement for Jan. 11.
Millicom said the tender will lower its annual interest costs, reduce the proportion of debt denominated in dollars and smooth its debt maturity profile.
Goldman Sachs International (+44 20 7774 9862, 800 828-3182, 212 902-6941 or liabilitymanagement.eu@gs.com) and J.P. Morgan Securities plc (+44 20 7134 2468, 866 834-4666, 212 834-3617 or em_europe_lm@jpmorgan.com) are dealer managers.
Citibank NA, London Branch (+44 20 7508 3867 or exchange.gats@citi.com) is tender agent.
Millicom is a Luxembourg-based telecom and media company focused on emerging markets in Latin America and Africa.
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