Stockholm-listed telco Millicom’s Africa division is considering issuing US$510m senior notes, depending on investor appetite.
A spokesperson from Millicom told TelecomFinance today that the telco had begun a debt roadshow that might lead to a bond…
Stockholm-listed telco Millicom’s Africa division is considering issuing US$510m senior notes, depending on investor appetite.
A spokesperson from Millicom told TelecomFinance today that the telco had begun a debt roadshow that might lead to a bond issuance, depending on market conditions.
Ratings agency Fitch gave the notes, which would mature in 2020, an expected rating of BB+.
“Proceeds from the notes will be used to refinance existing debt and capital expenditures at the African subsidiaries,” said the ratings agency.
As TelecomFinance reported back in October, the Swedish telco had placed SEK2bn (US$301m) worth of bonds in two tranches, part of which was used to invest in two of its emerging market units: Latin America’s Rocket Internet and Africa Internet Holdings.
Millicom’s African unit, MIC Africa, recorded total consolidated cash of US$970m as of 30 September 2012, according to Fitch.
Millicom’s operations in Africa comprise Chad, the Democratic Republic of Congo, Ghana, Mauritius, Rwanda, Senegal, and Tanzania.
