Millicom (Tigo) announces proposed Offering of Senior Notes due 2032

Millicom (Tigo) announces proposed Offering of Senior Notes due 2032

Luxembourg, March 25, 2024 – Millicom International Cellular S.A. (“Millicom”) today announced that it is commencing a private offering of Senior Notes due 2032 (the “Notes”) that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).

Millicom expects to use a portion of the net proceeds from the issuance of the Notes to repay indebtedness outstanding under the DNB Loans (as defined below), with accrued interest. Millicom expects to use any remaining net proceeds from the issuance of the Notes for the repayment, redemption, retirement or repurchase of existing indebtedness of Millicom and its subsidiaries and for other general corporate purposes.

The DNB Loans consist of (i) a $100 million unsecured credit agreement of Millicom due 2026, with DNB Sweden AB as administrative agent and initial lender, and (ii) a $100 million unsecured credit agreement of Telemóvil El Salvador due 2026, a subsidiary of Millicom, as borrower, and Millicom, as guarantor, with DNB Sweden AB as administrative agent and initial lender.

The Notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act, and outside the United States, only to non-U.S. investors pursuant to Regulation S. The Notes will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

Forward-looking statements

This press release contains forward-looking statements. Actual results may differ materially from those reflected in the forward-looking statements. We undertake no obligation to release publicly the result of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof, including, without limitation, changes in our business or acquisition strategy or planned capital expenditures, or to reflect the occurrence of unanticipated events.

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About Millicom

Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Through our TIGO® and Tigo Business® brands, we provide a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of December 31, 2023, Millicom, including its Honduras Joint Venture, employed approximately 16,500 people and provided mobile and fiber-cable services through its digital highways to more than 45 million customers, with a fiber-cable footprint over 13 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg.