NEW YORK, LONDON and BERTRANGE, Luxembourg, Nov. 7, 2003 (PRIMEZONE) -- Millicom International Cellular S.A. ("Millicom") (Nasdaq:MICC) announces its intention to offer $550 million of New Senior Notes to refinance its outstanding $395 million 11% Senior Notes due 2006 and its outstanding $137 million 13.5% Senior Subordinated Notes due 2006. Millicom intends to make an offer to purchase for cash (the "Tender Offer") up to all of its outstanding 11% Senior Notes and to seek the consent of a majority of the holders of its 11% Senior Notes to amend certain provisions of the indenture. The Tender Offer will commence in the near future and more details will be forthcoming. The Tender Offer will be subject to consummation of the New Senior Notes offering. If less than all of the outstanding 11% Senior Notes are purchased in the Tender Offer in connection with the offering of the New Senior Notes, Millicom intends to redeem the remaining 11% Senior Notes in accordance with their terms. Millicom also intends to seek the consent of a majority of the holders of its 2% Senior Convertible Payable-in-Kind Notes (the "2% Senior Convertible PIK Notes") to waive certain covenants. If such consents are not obtained in connection with the offering of the New Senior Notes, Millicom intends to redeem the 2% Senior Convertible PIK Notes in accordance with their terms. Effectively, these waivers or redemptions would enable Millicom to redeem its 13.5% Senior Subordinated Notes, following the consummation of the offering of the New Senior Notes.
Stabilisation: FSA/IPMA
The New Senior Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"). The New Senior Notes may not be offered or sold in the United States or to, or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the Securities Act) except pursuant to a registration statement under, or an applicable exemption from the registration requirements of, the Securities Act.
In the United Kingdom, this announcement is directed exclusively at persons who fall within article 19 or article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001.
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. Additionally, this press release shall not constitute a solicitation of consents or proxies in any jurisdiction in which it is unlawful to make such solicitation or grant such consents or proxies.
This press release may contain certain "forward-looking statements" with respect to Millicom's expectations and plans, strategy, management's objectives, future performance, costs, revenues, earnings and other trend information. It is important to note that Millicom's 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 that Millicom has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Millicom's 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 Millicom 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 Millicom's behalf are expressly qualified in their entirety by the factors referred to above. Millicom does not intend to update these forward-looking statements.
Millicom International Cellular S.A. is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has a total of 16 cellular operations and licenses in 15 countries. The Group's cellular operations have a combined population under license of approximately 382 million people. In addition, MIC provides high-speed wireless data services in five countries.
CONTACTS:
Marc Beuls Telephone: +352 27 759 101 President and Chief Executive Officer Millicom International Cellular S.A., Luxembourg Andrew Best Telephone: +44 20 7321 5022 Investor Relations Shared Value Ltd, London
Visit our web site at: www.millicom.com
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