Stockholm-listed telco Millicom has placed SEK2bn (US$301m) worth of five-year bonds in two tranches.
The main SEK1.75bn (US$265m) tranche holds a floating rate coupon of 3.5% over three months STIBOR, and priced at par. The remaining SEK250m (US$38m)…
Stockholm-listed telco Millicom has placed SEK2bn (US$301m) worth of five-year bonds in two tranches.
The main SEK1.75bn (US$265m) tranche holds a floating rate coupon of 3.5% over three months STIBOR, and priced at par. The remaining SEK250m (US$38m) has a fixed coupon of 5.125% and priced at 99.699%.
Millicom listed Nordea as coordinator and joint book runner, SEB as joint bookrunner and DNB as lead manager.
Although listed in Sweden and headquartered in Luxembourg, the company’s revenues come from its operations in emerging markets.
Millicom plans to use around SEK730m (US$111m) of the bond’s proceeds to invest in two of its emerging market units: Latin America’s Rocket Internet and Africa Internet Holdings. It will retain the remaining proceeds on its balance sheet for general corporate purposes.
The group posted an 8.4% increase in revenue to €1.99bn (US$2.6bn) for the three months to 30 September 2012, compared with €1.15bn (US$1.5bn) for the corresponding period the year before. It recorded Q3 2012 EBITDA down 2.8% at €507m (US$661m), compared with €529m (US$689m) for Q3 2011.
