Cable Onda’s $600 Million Senior Notes Offering

Shearman & Sterling advised Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Morgan Stanley & Co. LLC and Scotia Capital (USA) Inc., as initial purchasers, in connection with a Rule 144A/Reg S offering of $600 million of 4.500 percent senior notes due 2030 by Cable Onda, S.A., an indirect, majority-owned subsidiary of Millicom International Cellular S.A.

Founded in 1990, Cable Onda, S.A. is a leading provider of residential Pay-TV, fixed broadband internet and fixed telephony in Panama. Cable Onda, S.A. will use the net proceeds of the offering to repay the outstanding amount under an intercompany bridge loan facility with Millicom used to finance the purchase of Telefónica Móviles Panamá, S.A., as well as to re-pay certain of its and Telefónica Móviles Panamá, S.A.’s debt.

Shearman & Sterling’s team included partner Manuel Orillac (New York-Capital Markets) and associates Maria Marulanda Larsen, Brian Bishop and Michael Perez (all New York-Capital Markets). Other key members of the team included partner Laurence Crouch (Menlo Park-Tax), associates Eric Grosshandler and Daniel Kachmar (both New York-Tax) and visiting attorney Miguel Torres Caro (New York-Capital Markets).

Involved fees earner: Brian Bishop – Shearman & Sterling; Laurence Crouch – Shearman & Sterling; Eric Grosshandler – Shearman & Sterling; Daniel Kachmar – Shearman & Sterling; Maria Marulanda Larsen – Shearman & Sterling; Manuel Orillac – Shearman & Sterling; Michael Perez – Shearman & Sterling;

Law Firms: Shearman & Sterling;

Clients: BNP Paribas Securities; Goldman Sachs & Co.; JP Morgan Securities; Morgan Stanley; Scotia Capital Inc.;

Author: Ambrogio Visconti