Millicom Completes Swedish Bond Refinancing

May.10.2016

An Orrick team in London advised Millicom International Cellular, S.A., a leading emerging markets telecom and digital media company, on the refinancing of its Swedish-listed bonds. The multi-stage transaction involved two tender offers for Millicom's existing SEK-denominated bonds and a simultaneous issue of new SEK-denominated bonds, the terms of which more closely align with the company's other debt facilities.

Millicom's bond repurchases totalled SEK 1,684 million, representing an 84% take up by bondholders, and were financed through the issuance of SEK 2 billion in new bonds that will be listed on Nasdaq Stockholm.

Millicom provides a wide range of telecommunications services and related products, including mobile financial services, digital media and e-commerce, to residential, business and wholesale customers in 13 countries in Latin America and Africa. This transaction is the latest in a series of successful financings for Millicom on which our London team has advised – including a series of cross-border bond offerings that raised $1.8 billion between 2013 and 2015 – and reflects the integral role Orrick continues to play in helping Millicom execute its financing strategy.

The Orrick team was led by Nell Scott and included Sushila Nayak, Alexandra Cambouris and David Griffiths.

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Sushila Nayak Partner, Structured Finance, Asset‐Backed Securities

London; New York

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D:+44 20 7862 4616
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Practice:

Finance Sector
Structured Finance
Asset‐Backed Securities
Banking & Finance
Derivatives

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Sushila Nayak Partner

London; New York

She has a broad range of experience in debt financing transactions, including structured credit and corporate finance. She represents issuers, arrangers and collateral managers in connection with the issuance and restructuring of various structured finance products, derivatives transactions and debt issuances in Europe and the United States.

Sushila also provides counsel to technology and other companies on trade finance matters, including receivables financing arrangements, vendor financing, and supply chain financing.

Active in pro bono work, she leads the London office’s pro bono efforts.

Engagements:

Sushila's experience includes advising:

Arrangers on European CLOs
Issuers, arrangers and investors in connection with the warehousing and securitisation of various assets, including receivables, tax credits and loans
Issuers, arrangers and investors on compliance with European risk retention requirements
Borrowers and lenders on corporate bonds and private debt and bank lending transactions
Corporates and lenders on supply chain, customer finance and receivables financing arrangements

Sushila's recent engagements include:

Representing Morgan Stanley as arranger of the North Westerly V European CLO transaction
Representing Enel Finance International N.V. and Enel S.p.A. in connection with the issuance of a $4 billion U.S. dollar sustainability linked bond
Representing the purchaser in a cross-border private securitisation of diamond receivables
Representing Millicom International Cellular S.A. on a $1.65 billion bridge loan
Representing Millicom International Cellular S.A. in connection with its issuance of a $500 million bond issued under Rule 144A/Regulation S, and its $600 million tender and redemption of existing bonds

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