By Paul A. Harris
Portland, Ore., May 17 - Millicom International Cellular SA launched and priced a $500 million issue of 4¾% seven-year senior notes (Ba2//BB+) at 99.266 to yield 4 7/8% on Friday, according to a market source.
The yield came 50 basis points below the 5 3/8% guidance.
Joint global coordinator JPMorgan will bill and deliver. Standard Bank was also a global coordinator. BNP Paribas was a joint bookrunner.
The Luxembourg-based telecommunications company plans to use the proceeds to refinance existing debt of African subsidiaries in Chad, DRC, Ghana, Senegal and Tanzania.
| Issuer: | Millicom International Cellular SA
|
| Amount: | $500 million
|
| Proceeds: | $496.33 million
|
| Maturity: | May 22, 2020
|
| Securities: | Senior notes
|
| Global coordinators: | JPMorgan (bill and deliver), Standard Bank
|
| Joint bookrunner: | BNP Paribas
|
| Coupon: | 4¾%
|
| Price: | 99.266
|
| Yield: | 4 7/8%
|
| Spread: | 361 bps
|
| Call protection: | Four years
|
| Trade date: | May 17
|
| Settlement date: | May 22
|
| Ratings: | Moody's: Ba2
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5 3/8%
|
| Marketing: | Roadshow
|
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