Millicom buys back $45 million of 10% notes amid market turmoil

By Susanna Moon

Chicago, Oct. 23 - Millicom International Cellular SA said it benefited from market volatility by repurchasing $45 million of its 10% senior notes due Dec. 1, 2013.

"We took advantage of the turbulence in the debt markets to buy the bonds at a discount to the net present value of the price at which the bonds can be called in December 2008," Marc Beuls, the company's chief executive officer, said in a press release.

The company issued $550 million of the notes on Nov. 19, 2003. The notes are callable after Dec. 1, 2008 at 105.

Millicom is a Luxembourg-based telecommunications investor with cellular operations in Asia, Latin America and Africa.

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