Emerging markets operator Millicom International Cellular has raised US$500m through selling dollar-denominated notes.
The seven-year offering, to be listed in Luxembourg, priced at 99.266 and carries a fixed coupon of 4.75%.
In a statement Millicom…
Emerging markets operator Millicom International Cellular has raised US$500m through selling dollar-denominated notes.
The seven-year offering, to be listed in Luxembourg, priced at 99.266 and carries a fixed coupon of 4.75%.
In a statement Millicom said that demand from European and US investors reached US$3.9bn – close to eight times oversubscribed.
The proceeds will be used to refinance debt across the Stockholm-listed telco’s African subsidiaries in Chad, DRC, Ghana, Senegal and Tanzania.
Standard Bank and JP Morgan acted as joint global coordinators and joint bookrunners for the transaction while BNP Paribas also acted as joint bookrunner.
Millicom had tried to execute the refinancing earlier this year but put an offering to one side to focus on merger negotiations involving its Colombian unit and UNE EPM.
Moody’s rated the notes Ba2 and Fitch assigned BB+. The issuance will rank pari passu with Millicom’s other senior and unsecured debt.
