Telefónica Celular del Paraguay S.A.’s $300 Million Notes Offering


Davis Polk advised the initial purchasers in connection with the offering by Telefónica Celular del Paraguay S.A. of $300 million aggregate principal amount of its 5.875% notes due 2027.

The notes were sold in an offering exempt from registration pursuant to Rule 144A and Regulation S.

TELECEL is a wholly owned subsidiary of Millicom International Cellular S.A. under the brand Tigo, which is the leading provider of communications, information, entertainment and solutions services in Paraguay through the provision of mobile telephony, cable and broadband internet.

BBVA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Itaú BBA USA Securities, Inc. acted as underwriters in the deal.

The Davis Polk corporate team included partner Maurice Blanco (Picture) and associates Elliot M. de Carvalho, Lourenco Lopes-Sabino and Francisco J. Cespedosa. The tax team included partner William A. Curran and associate Joseph Jarashow.

Involved fees earner: Joseph Jarashow – Clifford Chance; Maurice Blanco – Davis Polk & Wardwell; Francisco Cespedosa – Davis Polk & Wardwell; William Curran – Davis Polk & Wardwell; Elliot de Carvalho – Davis Polk & Wardwell; Lourenço Lopes-Sabino – Davis Polk & Wardwell;

Law Firms: Clifford Chance; Davis Polk & Wardwell;

Clients: BBVA Securities Inc.; BNP Paribas Securities; Citigroup Global Markets Ltd; Itaú BBA USA Securities;

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Author: Ambrogio Visconti