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Millicom seeks to amend leverage covenant in 4¾% notes, 6 5/8% notes
New York, July 21 – Millicom International Cellular SA began a consent solicitation with the aim of amending the net leverage ratio in the debt incurrence covenant for its $500 million of 4¾% senior notes due 2020 and $800 million of 6 5/8% senior notes due 2021.
The company wants to align the covenant with its other bond and debt facilities, including its $500 million of 6% senior notes due 2025.
Under the proposed change, the maximum net leverage ratio threshold will be increased to 3:1 from the current level of 2.5:1, according to a news release.
Holders who consent will receive a fee of $5.00 per $1,000 principal amount.
Millicom needs consents from holders of a majority of the notes in order to modify the indentures.
The solicitation ends on July 30.
Citigroup Global Markets Ltd. (+44 20 7986 8969, 800 558-3745, 212 723-6106 or liabilitymanagement.europe@citi.com) and Goldman Sachs International (+44 20 7774 9862, 800 828-3182, 212 902-6941 or liabilitymanagement.eu@gs.com) are solicitation agents. Citibank NA, London Branch is information and tabulation agent (+44 20 7508 3867 or exchange.gats@citi.com).
Millicom is a Luxembourg-based telecommunications and media company focused on Latin America and Africa.
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