Millicom Announces Consent Solicitation for its $500,000,000 6.000% Senior Notes due 2025, and its $500,000,000 5.125% Senior Notes due 2028

Millicom Announces Consent Solicitation for its $500,000,000 6.000% Senior Notes due 2025, and its $500,000,000 5.125% Senior Notes due 2028

PR Newswire

LUXEMBOURG, May 14, 2018

LUXEMBOURG, May 14, 2018 /PRNewswire/ -- 

Millicom International Cellular S.A. ("Millicom") today announced that it will solicit consents from the holders of its $500,000,000 6.000% Senior Notes due 2025 (ISIN US600814AM98; CUSIP 600814AM9 and ISIN XS1204091588), and its $500,000,000 5.125% Senior Notes due 2028 (ISIN US600814AN71; CUSIP 600814AN7 and ISIN USL6388GAB60) (each, a "Series of Notes" and together, the "Notes") to amend (the "Proposed Amendments") certain provisions of the indentures governing the Notes.

The consent solicitations (the "Consent Solicitations") are being made solely on the terms and subject to the conditions set forth in the consent solicitation statement dated 14 May 2018 (the "Consent Solicitation Statement").

Millicom is seeking consents from the holders of the Notes in order to introduce a customary Restricted Subsidiary and Unrestricted Subsidiary mechanic to allow for flexibility to operate subsidiaries outside the restricted group of subsidiaries and to make conforming amendments to certain defined terms and covenants in the indentures that reflect the potential designation of Unrestricted Subsidiaries. In addition, the Proposed Amendments enable Millicom to elect to apply IFRS or U.S. GAAP as either may be in effect from time to time.

Each indenture requires the valid consent of the holders of a majority in aggregate principal amount outstanding of the relevant Notes for the adoption of the Proposed Amendments and for the execution of an amended and restated indenture giving effect to the Proposed Amendments. For further details of the Proposed Amendments, Holders should refer to the Consent Solicitation Statement.

Millicom will pay a cash payment equal to $5 per $1,000 principal amount of Notes (the "Consent Consideration") to holders of the Notes for which consents to the Proposed Amendments have been validly delivered (and not validly revoked) prior to 5:00 p.m., New York City time, on May 24, 2018, unless extended or earlier terminated (the "Expiration Time"), provided that the conditions described in the Consent Solicitation Statement are satisfied or waived with respect to one or both Series of Notes prior to the Expiration Time and an amended and restated indenture with respect to the relevant Series of Notes is executed and becomes effective, as described in the Consent Solicitation Statement. Millicom intends to pay the Consent Consideration on or around May 30, 2018. Holders of Notes who do not deliver a consent prior to the Expiration Time will not receive the Consent Consideration, even though the Proposed Amendments, if they become operative, will bind all holders of the Notes and any subsequent holders.

Millicom reserves the right to modify or terminate the terms of the Consent Solicitations at any time. This press release will also be posted on the website of the Luxembourg Stock Exchange.

The information and tabulation agent for the Consent Solicitations is D.F. King. Any questions or requests for assistance may be directed to D.F. King, at +1-212-269-5550 (Banks and Brokers) or +1-866-207-2324 (All Others - US toll free) or +44-20-7920-9700, by e-mail to millicom@dfkingltd.com, website: https://sites.dfkingltd.com/millicom.

Millicom has retained BNP Paribas and J.P. Morgan to act as solicitation agents in connection with the Consent Solicitations. Questions regarding the consent solicitation may be directed to BNP Paribas at 888-210-4358 (US toll free) or +1-212-841-3059 (collect) or by email to dl.us.liability.management@us.bnpparibas.com, or to J.P. Morgan at +44-20-7134-2468, or by email to em_europe_lm@jpmorgan.com

This announcement does not constitute an offer to sell or issue, or the solicitation of an offer to buy or subscribe for, securities (including the Notes) in any jurisdiction.

For further information, please contact:

Press:
Vivian Kobeh, Corporate Communications Director
+1-305-476-7352 / +1-305-302-2858
press@millicom.com

Investors:
Michel Morin, VP Investor Relations 
+352-277-59094
investors@millicom.com

Mauricio Pinzon, Investor Relations Manager
Tel: +44-20-3249-2460                                                                                                     
investors@millicom.com

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Millicom announces consent solicitation for its $500,000,000 6.000% Senior Notes due 2025, and its $500,000,000 5.125% Senior Notes due 2028

 

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