Millicom converts most 4% convertibles, redeems remainder

By Jennifer Chiou

New York, Jan. 22 - Millicom International Cellular SA said that following the conversion of $1 million of its $200 million of 4% convertible bonds due 2010 in October, holders converted a further $196 million of the bonds into 5,407,327 shares and 215,144 Swedish Depositary Receipts ahead of redemption.

The company said it redeemed the remaining convertibles on Jan. 21 at par plus accrued interest up to and excluding the redemption date.

Holders could have converted the bonds into common shares or Swedish Depositary Receipts until noon ET on Jan. 11.

The conversion price was $34.86 per share. On Dec. 18, Millicom's stock (Nasdaq: MICC) closed at $107.13.

The company announced the redemption on Dec. 21.

The Luxembourg-based telecommunications company said on Oct. 23 that it benefited from market volatility by buying back $45 million of its 10% senior notes due Dec. 1, 2013.

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