Telefónica Celular del Paraguay’s $250 Million Notes Offering

Estudio Jurídico Gross Brown, Jones Day, Ferrere and Davis Polk & Wardwell advised on the transaction

Millicom’s wholly-owned subsidiary Telefónica Celular del Paraguay S.A.E, executed the pricing of a $250 million re-tap to its senior unsecured notes due 2027, representing an additional issuance of the Company’s outstanding US$300 million 5.875% Senior Notes due 2027 issued on April 5, 2019.

BBVA Securities, Inc., BNP Paribas Securities Corp., Citigroup Global Markets, Inc. and Itau BBA USA Securities, Inc. acted as initial purchasers on the offering.

The New Notes  will be treated as a single class with the Initial Notes, and they were priced at 106.375 for an implied yield to maturity of 4.817%.  The offering is expected to close on January 28, 2020.

The Company intends to use the net proceeds from the offering to repay certain local borrowings, and for general corporate purposes, which could include, in addition to funding operations, distributions to shareholders.

Estudio Jurídico Gross Brown advised Telefónica Celular del Paraguay (Tigo) S.A.E. with Jorge Ignacio Gross Brown,  Fabrizio Franco and Mauricio Salgueiro.

In US, Jones Day advised Telefónica Celular del Paraguay (Tigo) S.A.E. with Fradyn Suárez, Marie Elena Angulo, Gabriel de Corral, Elizabeth Lin Mead and María Paula Abadía.

In Paraguay, Ferrere advised BBVA Securities, Inc., BNP Paribas Securities Corp., Citigroup Global Markets, Inc. and Itau BBA USA Securities, Inc. with Verónica Franco, Claudia Arietti, Valentina Conti and Fernanda Benítez.

Davis Polk & Wardwell advised the initial purchasers with Maurice Blanco, William A. Curran, Katia Brener, Adam R. Brownstone and Elliot M. de Carvalho.

Involved fees earner: Maurice Blanco – Davis Polk & Wardwell; Katia Brener – Davis Polk & Wardwell; Adam Brownstone – Davis Polk & Wardwell; William Curran – Davis Polk & Wardwell; Elliot de Carvalho – Davis Polk & Wardwell; Fabrizio Franco – Estudio Gross Brown; Jorge Ignacio Gross Brown – Estudio Gross Brown; Mauricio Salgueiro – Estudio Gross Brown; Claudia Arietti – Ferrere Attorneys; Verónica Franco – Ferrere Attorneys; María Paula Abadía – Jones Day; Marie Elena Angulo – Jones Day; Gabriel de Corral – Jones Day; Elizabeth Lin Mead – Jones Day; Fradyn Suárez – Jones Day;

Law Firms: Davis Polk & Wardwell; Estudio Gross Brown; Ferrere Attorneys; Jones Day;

Clients: BBVA Securities Inc.; BNP Paribas Securities; Citigroup Global Markets Ltd; Itaú BBA USA Securities; Telefónica Celular del Paraguay S.A.;

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Author: Ambrogio Visconti.