Millicom prices reopening of $75 million of 7.375% Senior Notes Due 2032
Rhea-AI Summary
Millicom (NASDAQ: TIGO) priced a reopening of $75 million aggregate principal of its 7.375% Senior Notes due 2032 in a Regulation S private placement at a price of 100.985%. The Additional Notes will close on April 14, 2026, initially carry a temporary ISIN/CUSIP during a 40-day distribution compliance period, and will join the existing series (currently $450 million outstanding) after that period. Net proceeds are planned for general corporate purposes, including possible capex and M&A. Listing on the Luxembourg Stock Exchange and Euro MTF admission is planned.
Positive
- Incremental financing of $75 million raised
- Issued at a premium price of 100.985%
- Adds to existing series to increase tradable supply post-40 days
- Plans for listing on Luxembourg Stock Exchange and Euro MTF
Negative
- Fixed interest burden of 7.375% until maturity in 2032
- Temporary non-fungibility (40-day ISIN/CUSIP split) may limit early liquidity
- Increases total Notes outstanding from $450 million to $525 million
News Market Reaction – TIGO
In the Apr 2 session, TIGO gained 3.58%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 25 | AGM, dividend, buyback | Positive | -4.7% | AGM call to approve 2025 accounts, dividend and share repurchase plan. |
| Mar 24 | Annual report results | Positive | +2.5% | Record 2025 financial results and expanded Latin American footprint. |
| Feb 26 | Q4 2025 earnings | Positive | +6.0% | Strong Q4 and FY 2025 revenue, EBITDA and cash flow ahead of targets. |
| Feb 13 | Earnings call notice | Neutral | -0.0% | Notification of upcoming Q4 2025 results release and investor webcast. |
| Feb 10 | Chile acquisition deal | Positive | -3.8% | Acquisition of Telefónica Chile via joint vehicle structured to limit recourse. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Positive fundamental updates often saw supportive price moves, while shareholder or M&A actions occasionally met with short-term selling.
Over recent months, Millicom reported record FY 2025 results with $5.8–5.82 billion revenue, strong operating profit and $916 million equity free cash flow, alongside infrastructure sales and acquisitions in Chile, Colombia and other markets. Earnings releases on Feb 26, 2026 and the annual report on Mar 24, 2026 were followed by positive price reactions, while the Chile acquisition and the May 20, 2026 AGM notice with dividend and buyback coincided with declines, indicating mixed reactions to capital allocation and strategic moves.
Key Terms
senior notes financial
regulation s regulatory
isin technical
cusip technical
mifid ii regulatory
prospectus regulation regulatory
priips regulation regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Millicom prices reopening of
Luxembourg, April 2, 2026 – Millicom International Cellular S.A. (“Millicom”) (NASDAQ US, TIGO) announces today the successful pricing of
Application will be made for the Additional Notes to be admitted to listing and trading on Official List of the Luxembourg Stock Exchange and admitted to trading on the Euro MTF market thereof.
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.
Important Information
This press release may constitute a public disclosure of inside information by Millicom under Regulation (EU) 596/2014, as subsequently amended, and any relevant implementing rules and regulations.
United States
The Additional Notes have not been and will not be registered under the Securities Act. The Additional Notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. There will be no public offer of the Additional Notes in the United States (for these purposes, “United States” means the United States of America, its territories and possessions, any State of the United States, and the District of Columbia).
Prohibition of Sales to EEA Retail Investors
The Additional Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended “MiFID II”); (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Article 2(e) of Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”). Consequently, no key information document required by Regulation (EU) No 1286/2014 (the “PRIIPs Regulation”) for offering or selling the Additional Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Additional Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
In member states of the EEA, this press release is for distribution only to and directed only at persons who are “qualified investors” within the meaning of Article 2(e) of the Prospectus Regulation (the “Qualified Investors”). In relation to each member state of the EEA that has implemented the Prospectus Regulation (each, a “Relevant Member State”), the investment contemplated by this press release is not being made, and will not be made, to the public in that Relevant Member State, other than to any legal entity that is a Qualified Investor. Each potential investor located within a Relevant Member State will be deemed to have represented, acknowledged and agreed that it is a Qualified Investor.
The Additional Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom (“UK”). For these purposes, a retail investor means a person who is not: (i) a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”); nor (ii) a qualified investor as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024 (“POATR”). Consequently, no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or selling the Additional Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Additional Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.
Within the UK, this press release is for distribution only to and directed only at persons who are “qualified investors” as defined in paragraph 15 of Schedule 1 of the POATR who are also persons (a) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Financial Promotion Order”), (b) falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations, etc.”) of the Financial Promotion Order, (c) outside the UK, or (d) to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000) in connection with the investment may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “Relevant Persons”). The Additional Notes are not being offered to the public in the UK. This press release is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. The investment or investment activity to which this press release relates is only available to, and will only be engaged in with, Relevant Persons and any person who receives this press release who is not a Relevant Person should not rely or act upon it.
MiFID II Product Governance / EEA and UK PRIIPs
MiFID II professionals/ECPs-only / No EEA PRIIPs KID — Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as the Additional Notes are not available to retail investors in the EEA.
UK MiFIR professionals/ECPs-only / No UK PRIIPs KID — UK manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No UK PRIIPs KID has been prepared as the Additional Notes are not available to retail investors in the UK.
Certain statements included within this press release are “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Millicom’s intentions, beliefs or current expectations and include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding Millicom’s strategy, plans, objectives, goals and targets, including those related to the completion of this institutional private placement and the use of proceeds therefrom. Millicom’s ability to achieve its projected results is dependent on many factors which are outside management’s control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions. Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. All forward-looking statements included herein are based on information available to Millicom as of the date hereof and the delivery of this document does not imply that the information contained herein is correct as at any time subsequent to the date hereof. Millicom undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All subsequent written and oral forward-looking statements attributable to Millicom or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.
For further information, please contact:
| Press: Sofía Corral, Director Corporate Communications press@millicom.com | Investors: Luca Pfeifer, VP for Investor Relations investors@millicom.com |
About Millicom
Millicom (NASDAQ: TIGO) is a leading provider of fixed and mobile telecommunications services in Latin America. Through its TIGO® and Tigo Business® brands, the company provides 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, highspeed data, voice, and business-to-business solutions such as cloud and security. As of December 31, 2025, Millicom, including its Honduras Joint Venture, employed approximately 15,000 people and provided mobile and fiber-cable services through its digital highways to approximately 52 million customers, with a fiber-cable footprint over 14 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg with principal executive offices in Doral, Florida.
