Commentary & Deal Flow

Millicom International Cellular SA (TIGO) exp Ba2/NR/BB+ (s/-/s) US$500m (no grow) 144A/Reg S 10.5nc5.5 sr notes due 4/27/31. JPM/MS (B&D) JGCs/books. BofA/BNP/Santander/Scotia joint books. Optional redemption: Make-whole call prior to Yr5.5, 10% of principal per year prior to Yr5.5 at 103%, Redemption upon changes in withholding taxes, Equity Clawback: up to 40% at par + coupon. Standard call: Yr5.5 at par +50%; Yr6.5 at par +33%, Yr7.5 at par +16%, Yr8.5 at par. Lix Lux/Euro MTF. New York Law. UOP: Redeem the full aggregate principal amount of the Company’s $500m 6.00% Notes due 2025. Marketing: eRed; DealRoadshow: www.dealroadshow.com | Password:Password: MILLICOM. Pricing today. Settle 10/27 (T+6).

• IPTs: low 5% area.
  GUIDANCE: 4.625% area (+/- 12.5).
  LAUNCHED: $500m 10.5nc5.5 at 4.50%.
  

PRICED: $500m 4.50% 4/27/31 100.00 4.50% MWC+50.