Millicom’s tender offer fully subscribed, accepts $300 million notes

New York, Dec. 14 – Millicom International Cellular SA said that its 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 was fully subscribed by the early tender date.

The company will accept for purchase all of the $158,476,000 of the 4¾% notes that were tendered and $141,524,000 of the $355,616,000 of 6 5/8% notes that were tendered, according to a press release.

The clearing price for the 6 5/8% notes was set at $1,057.50 per $1,000 principal amount.

All bids below the clearing price were accepted, and bids at the clearing price were accepted subject to a pro ration factor of 0.3068.

Notes not accepted for purchase will be returned to holders.

Settlement is scheduled for Dec. 16.

No more notes will be accepted in the tender offer.

Millicom began the tender offer on Nov. 30.

The company said it was offering to buy the 4¾% notes at a price of $1,018.75 per $1,000 principal amount.

For the 6 5/8% notes, the company said it would set the purchase price using a modified Dutch auction.

Holders could offer to sell their notes within a range of $1,042.50 to $1,062.50 per $1,000 principal amount. All accepted notes will be purchased at a single price within this range.

Included in all amounts is an early tender premium of $30.00 per $1,000 principal amount that will only be paid to holders who tendered by the early deadline of 5 p.m. ET on Dec. 13.

The tender was set to end at 5 p.m. ET on Jan. 6.

Millicom said it would accept 4¾% notes for purchase first, buying notes up to the $300 million cap. Any remaining capacity within the cap would then be used for the 6 5/8% notes.

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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