Millicom amends consent solicitation for 2% convertibles

New York, Nov. 13 - Millicom International Cellular SA said it has amended its consent solicitation for its 2% senior convertible payable-in-kind notes due 2006.

The Luxembourg-based telecommunications investor said it will now pay 25 basis points of additional interest on the notes if it has not filed a shelf registration with the Securities and Exchange Commission within 60 days of the proposed waivers becoming effective. The shelf registration will cover resales of the notes and the stock issued on conversion.

Under the consent solicitation, Millicom is seeking to waive certain possible past defaults under the note indenture and to waive compliance with the limitation on restricted payments covenant in connection with Millicom's proposed redemption or repurchase of its 13.5% senior subordinated notes due 2006, which are subordinated to the convertibles, with the proceeds of a proposed financing by Millicom.

The changes require the consent of at least a majority of the principal amount of the convertibles. If it does not receive consents, Millicom will redeem the notes under their terms.

Millicom is not offering any fee for consents.

The consent solicitation runs through 5.00 p.m. ET on Nov. 18.

Consents, once received, may not be revoked.

Morgan Stanley & Co. Inc. is the solicitation agent (800 624-1808). The information agent is D. F. King & Co., Inc. (212 269-5550).

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