Millicom Completes Swedish Bond Refinancing


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.