BERTRANGE, Luxembourg, Aug. 15, 2003 (PRIMEZONE) -- Millicom International Cellular S.A. (Nasdaq:MICC) ("Millicom"), the global telecommunications investor, today announces that it has repurchased US$57 million of its 11% Senior Notes due 2006 (the "11% Notes") and will submit these notes to the Trustee for the 11% Notes for cancellation. The notes were offered to and purchased by Millicom in private transactions.
Millicom now plans to request the Trustee to select an additional US$110 million of the 11% Notes for redemption. The Trustee will then notify the holders of the 11% Notes accordingly.
Marc Beuls, President and CEO of Millicom International Cellular S.A. commented: "Millicom completed a Mandatory Exchangeable Bond offering on August 7, 2003 (the "Exchangeable Bond") and today Millicom has used part of the proceeds to retire high yield debt, following the repayment of its debt facility with Toronto Dominion Bank and the prepayment of interest for the Exchangeable Bond. These transactions are part of the ongoing process to reduce the cost of Millicom's debt."
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
This press release may contain certain "forward-looking statements" with respect to our expectations and plans, strategy, management's objectives, future performance, costs, revenues, earnings and other trend information. It is important to note that our actual results in the future could differ materially from those anticipated in forward- looking statements depending on various important factors. Please refer to the documents we have filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including our most recent annual report on Form 20-F, for a discussion of certain of these factors.
All forward-looking statements in this press release are based on information available to us on the date hereof. All written or oral forward-looking statements attributable to Millicom International Cellular S.A., any Millicom International Cellular S.A. members or persons acting on our behalf are expressly qualified in their entirety by the factors referred to above. We do not intend to update these forward-looking statements.
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