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Millicom to solicit consents for USD1,000m of senior notes.

NORDIC BUSINESS REPORT-May 15, 2018-Millicom to solicit consents for USD1,000m of senior notes

(C)2018 M2 COMMUNICATIONS http://www.m2.com

Millicom International Cellular SA (Millicom)(STO:MIC-SDB), a provider of cable and mobile services dedicated to emerging markets in Latin America and Africa, announced on Monday that it will solicit consents from the holders of its USD500,000,000 6.000% senior notes due 2025 and its USD500,000,000 5.125% senior notes due 2028 (together the notes) to amend certain provisions of the indentures governing the notes.

Reportedly, 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.

According to Millicom, it 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.

Also, the proposed amendments enable Millicom to elect to apply IFRS or US 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.

Millicom will pay a cash payment equal to USD5.00 per USD1,000 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 17:00 hours, New York City time on 24 May 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.

Also, Millicom intends to pay the consent consideration on or around 30 May 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.

In addition, Millicom reserves the right to modify or terminate the terms of the consent solicitations at any time.

The information and tabulation agent for the consent solicitations is DF King, while BNP Paribas and JP Morgan have been retained by Millicom to act as solicitation agents in connection with the consent solicitations.

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Publication:Nordic Business Report
Date:May 15, 2018
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