NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE
UNITED STATES OR TO ANY PERSON LOCATED OR RESIDENT IN ANY OTHER
JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS
ANNOUNCEMENT.
Millicom International Cellular S.A. ("Millicom") today
announces that its Early Tender Offer for its outstanding SEK bonds
has been a success, with holders of SEK 1,571,000,000 in aggregate
principal amount of the bonds accepting Millicom's offer.
In light of the reduced bond liquidity following Millicom's
purchase of these bonds, Millicom has decided to align the tender
consideration offered to holders in the Regular Tender Offer with
the consideration offered to holders in the Early Tender Offer, as
further described below.
Millicom also announces the placing of a new SEK 2,000,000,000
3-year floating rate bond in the Swedish market. Issued at par, the
new bond will have a floating rate coupon of 3 months STIBOR +3.3%.
Millicom will use the proceeds from the new bond to finance its
purchase of notes tendered in the Early Tender Offer and, if
completed, the Regular Tender Offer.
Early Tender Offer Results
In the Early Tender Offer, Millicom offered to holders of its
SEK 250,000,000 5.125% Senior Unsecured Fixed Rate Notes due 2017
(ISIN SE0004809655) (the "Fixed Rate Notes") and its SEK
1,750,000,000 STIBOR +3.500% Senior Unsecured Floating Rate Notes
due 2017 (ISIN SE0004809663) (the "Floating Rate Notes", and
together with the Fixed Rate Notes, the "Notes") to tender for
purchase by Millicom any and all of their Notes by 10:30 a.m. CET
on 15 April 2016 (the "Early Tender Deadline").
At the Early Tender Deadline, SEK 169,000,000 in aggregate
principal amount of the Fixed Rate Notes had been validly tendered.
Millicom has decided to accept for purchase in full all such
validly tendered Fixed Rate Notes and will pay to such noteholders
105.8% of the nominal amount of the Fixed Rate Notes, together with
any accrued interest.
On the Early Tender Deadline, SEK 1,402,000,000 in aggregate
principal amount of the Floating Rate Notes had been validly
tendered. Millicom has decided to accept for purchase in full all
such validly tendered Floating Rate Notes and will pay to such
noteholders 102.8% of the nominal amount of the Floating Rate
Notes, together with any accrued interest.
The Early Tender Offer is expected to settle on 21 April 2016.
Following settlement of the Early Tender Offer, SEK 81,000,000 in
aggregate principal amount of the Fixed Rate Notes and SEK
348,000,000 in aggregate principal amount of the Floating Rate
Notes will remain outstanding, representing 32.4% and 19.9% of the
pre-settlement principal amount of the Fixed Rate Notes and the
Floating Rate Notes, respectively.
Aligning the Tender Consideration Amounts in the Offers
Millicom's Regular Tender Offer remains open for acceptance, and
all remaining eligible holders of the Fixed Rate Notes and the
Floating Rate Notes can still participate. Today Millicom announces
that, in the Regular Tender Offer, Millicom will increase the cash
consideration amount offered for validly tendered Notes so that the
consideration offered in the Regular Tender Offer will be equal to
the amount offered in the Early Tender Offer.
In the Regular Tender Offer, Millicom is now offering to pay a
cash purchase price for each SEK 1,000,000 nominal amount of Notes
validly tendered on or before 4:00 p.m. CET on 27 April 2016 (the
"Regular Tender Deadline") equal to the following amounts:
· for the Fixed Rate Notes, (i) 105.8% of the nominal principal
amount of each Fixed Rate Note (i.e., SEK 1,058,000 per each Fixed
Rate Note), plus (ii) interest accrued and unpaid on the Notes from
(but excluding) the immediately preceding interest payment date for
the Notes to (and including) the settlement date; or
· for the Floating Rate Notes, (i) 102.8% of the nominal
principal amount of each Floating Rate Note (i.e., SEK 1,028,000
per each Floating Rate Note), plus (ii) interest accrued and unpaid
on the Notes from (but excluding) 29 April 2016 (which is the
immediately preceding interest payment date for the Notes) to (and
including) the settlement date.
The Regular Tender Offer will remain open until 4:00 p.m. CET on
27 April 2016, and the anticipated settlement date for the
repurchase of validly tendered Notes in the Regular Tender Offer is
2 May 2016. Millicom intends to announce its decision of whether to
accept valid tenders of Notes pursuant to the Regular Tender Offer
on or before 29 April 2016.
If Millicom decides to accept any valid tenders of any Notes
pursuant to the Regular Tender Offer, it will accept for purchase
all Notes that are validly tendered by the Regular Tender
Deadline.
Holders are advised to read carefully the Tender Offer
Memorandum dated 12 April 2016 for full details of the Regular
Tender Offer, including the terms and conditions on which it is
made, and for information on the procedures for participating in
the Regular Tender Offer.
Millicom reserves the right to modify, extend or terminate the
terms of the Regular Tender Offer at any time.
The Tender Agent for the Early Tender Offer and the Regular
Tender Offer (together, the "Offers") is Nordea Bank AB (publ). Any
questions or requests for assistance or copies of the Tender Offer
Memorandum may be directed to Nordea Bank AB (publ) by e-mail to
IssuerSeCustodian@nordea.com.
DNB Bank ASA, Sweden Branch, and Nordea Bank Danmark A/S are
acting as Dealer Managers in connection with the Offers and Joint
Bookrunners on the bond issuance. Any questions or requests for
copies of the Tender Offer Memorandum may be directed to DNB Bank
ASA, Sweden Branch, at +46 (0)8 473 48 67, or by email to
kristofer.pousette@dnb.se and karljohan.kulling@dnb.se, or to
Nordea Bank Danmark A/S, at +45 3333 1675 or by email to
bibi.larsen@nordea.com and
nordealiabilitymanagement@nordea.com.
This press release is for information purposes only and is not
an offer to sell or a solicitation of an offer to buy any security,
nor is it a tender offer with respect to any Notes. The Offers have
been made solely by the Tender Offer Memorandum. This press release
and the Tender Offer Memorandum contain important information which
should be read carefully before any decision is made with respect
to the Regular Tender Offer. The Tender Offer Memorandum should be
consulted for additional information regarding the tender
procedures and the terms and conditions of the Offers. To receive
copies of the Tender Offer Memorandum or for questions relating to
the Offers, please contact the Tender Agent or the Dealer Managers
using the contact information given above. Any individual or
company whose Notes are held by a broker, dealer, bank, custodian,
trust company or other nominee must contact such entity to tender
Notes in the Regular Tender Offer. If any holder is in any doubt as
to the action it should take, it is recommended for such holder to
seek its own financial and legal advice, including as to any tax
consequences, immediately from its stockbroker, bank, manager,
solicitor, accountant or other independent financial or legal
adviser. None of Millicom, the Tender Agent, the trustee, the
Dealer Managers or any person who controls, or is a director,
officer, employee, agent of any such person, or any affiliate of
any such person makes any recommendation whether holders of the
Notes should tender their Notes in the Regular Tender Offer.
Millicom has not and is not making the Regular Tender Offer to, nor
will Millicom accept deliveries of any consent from, holders in any
jurisdiction in which the solicitation of consents or the
acceptance thereof would not be in compliance with the laws of such
jurisdiction.
About Millicom
Millicom is a leading telecom and media company dedicated to
emerging markets in Latin America and Africa. Millicom sets the
pace when it comes to providing innovative and customer-centric
digital lifestyle services to the world’s emerging markets. The
Millicom Group employs more than 16,000 people and provides mobile
services to over 62 million customers. Founded in 1990, Millicom
International Cellular S.A. is headquartered in Luxembourg and
listed on NASDAQ OMX Stockholm under the symbol MIC. In 2015,
Millicom generated revenue of USD 6.73 billion and Adjusted EBITDA
of USD 2.27 billion.
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version on businesswire.com: http://www.businesswire.com/news/home/20160418005587/en/
For more information please contact:Press EnquiriesTabitha
Aldrich-Smith, Interim Communications DirectorTel: +352 277 59084
(Luxembourg)+44 7971 919 610press@millicom.comorInvestor
RelationsNicolas Didio, Director, Head of Investor RelationsTel:
+352 277 59125 (Luxembourg)+44 203 249
2220investors@millicom.com
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