backOn April 2, 2024, Millicom International Cellular S.A. completed the issuance of its 7.375% $450 million senior notes in an unregistered offering pursuant to Rule 144A and Reg. S. The Notes will be listed on the Luxembourg Stock Exchange. Millicom expects to use a portion of the net proceeds from the issuance of the Notes to repay in full $200 million of indebtedness outstanding under the DNB Loans (as defined below), with accrued interest, and to use the remaining net proceeds from the issuance of the Notes for the repayment, redemption, retirement or repurchase of existing indebtedness of Millicom and its subsidiaries and for other general corporate purposes. The DNB Loans consist of (i) a $100 million unsecured credit agreement of Millicom, with DNB Sweden AB as administrative agent and initial lender, and (ii) a $100 million unsecured credit agreement of Telemóvil El Salvador, a subsidiary of Millicom, as borrower, and Millicom, as guarantor, with DNB Sweden AB as administrative agent and initial lender.
Millicom is a leading provider of fixed and mobile telecommunications services in Latin America, providing a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions, such as cloud and security. As of December 31, 2023, Millicom provided mobile and fiber-cable services through its digital highways to more than 45 million customers, with a fiber-cable footprint over 13 million homes passed.
The King & Spalding team advising Millicom on the offering consisted of Fradyn Suarez, Elizabeth Morgan, Keith Townsend, Kevin Manz, Jessica Mendoza, John Morris, Savannah Padgett, Tiffany Monzon and Rebecca Miller. Jonathan Talansky advised on tax matters, Jennifer Neilsson and Emily Manns advised on ERISA matters, and Conrad Axelrod advised on Investment Company Act matters. Millicom’s press release announcing the closing of the transaction is available here.