Millicom (Tigo) Announces Expected Record Date for Rights Offering and Related Termination of Conversion Between Common Stock and SDRs

Luxembourg, April 28, 2022 – In connection with the previously announced rights offering, Millicom International Cellular SA (“Millicom”) hereby announces that the record date is expected to be May 12, 2022 at 5:00 p.m., New York time, for holders of ordinary shares of the Company and on the same date (end of day, Swedish time) for holders of our shares held in the form of Swedish Depositary Receipts (“SDRs”).

As announced on November 12, 2021, Millicom intends to raise approximately $750 million through a rights offering where its existing shareholders, including SDR holders, are granted preferential subscription rights to subscribe ordinary shares of the Company, including ordinary shares represented by SDRs. .

On November 12, 2021, Millicom acquired the remaining 45% stake it did not already hold in its Guatemala business for $2.2 billion in cash, which it financed with a bridge loan in the amount of initial principal of $2.15 billion. Millicom intends to use the net proceeds from the rights offering to repay the approximately $350 million that remains outstanding under the bridge loan, and any balance for general corporate purposes, including repayment of debt, liabilities or other obligations.

Further details of the terms of the rights offering and the procedures by which eligible holders may exercise their rights, including any changes to the dates included in this press release, will be announced prior to the commencement of the rights offering. rights.

As part of the anticipated rights offering, the conversion of SDRs into ordinary shares, and vice versa, will not be authorized for a period which is expected to begin on May 9, 2022 inclusive and last until June 1, 2022 inclusive. Holders of Millicom SDRs who seek to convert their SDRs into common stock, or vice versa (which may be done in accordance with the procedures outlined on Millicom’s website), should consider the dates listed above.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. The advance rights offering will be made only to persons and in jurisdictions permitted by applicable law.

For more information, please contact

About Millicom

Millicom (NASDAQ US: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Through our TIGO® and Tigo Business® brands, we offer 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, broadband data , voice and business. -to enterprise solutions such as cloud and security. As of March 31, 2022, Millicom employed approximately 20,000 people and provided fiber cable and mobile services through its digital highways to approximately 50 million customers, with a fiber cable footprint of nearly 13 million homes. Founded in 1990, Millicom International Cellular SA is headquartered in Luxembourg.

Forward-looking statements

Statements included herein that are not historical facts, including, without limitation, statements regarding future strategy, plans, objectives, expectations and intentions, projected financial results, liquidity , growth and outlook, are forward-looking statements. These forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. If such risks or uncertainties materialize, Millicom’s results could be materially affected. In particular, there is uncertainty about the spread of the COVID-19 virus and the impact it could have on Millicom’s operations, demand for Millicom’s products and services, global supply chains and the economic activity in general. The risks and uncertainties include, but are not limited to, the following:

  • global economic conditions and exchange rate fluctuations as well as local economic conditions in the markets we serve, which may be affected by geopolitical developments outside of our primary geographic markets, such as the armed conflict between Russia and the Ukraine and Related Sanctions;
  • potential disruptions due to disease, pandemics, political events, piracy or acts of terrorism, including the impact of the recent outbreak of the COVID-19 virus and ongoing efforts around the world to contain it;
  • telecommunications usage levels, including traffic, customer growth and the accelerated transition from traditional to digital services due to the COVID-19 pandemic;
  • competitive forces, including pricing pressures, the ability to connect to other carriers’ networks, and our ability to maintain market share in the face of competition from existing and new market entrants as well as consolidation of the sector;
  • the achievement of our operational objectives, financial objectives and strategic plans, including accelerating cash flow growth, reducing net debt, expanding our fixed broadband network and implementation of a share buyback program and environmental, social and governance standards;
  • legal or regulatory developments and changes, or changes in government policy, including with respect to the availability of spectrum and licenses, the level of tariffs, laws and regulations that require the provision of services to customers without charge or the possibility disconnecting these services during the COVID-19 pandemic, tax issues, interconnection terms, customer access and international settlement terms;
  • our ability to grow our mobile financial services business in our Latin American markets;
  • adverse legal or regulatory litigation or proceedings;
  • the success of our business, operating and financing initiatives and strategies, including partnerships and capital expenditure plans;
  • our expectations regarding growth in fixed broadband penetration rates and the return on investment from our investments in broadband networks;
  • the level and timing of growth and profitability of new initiatives, start-up costs associated with entering new markets, successful deployment of new systems and applications to support new initiatives;
  • our ability to create new organizational structures for the Tigo Money and Towers businesses and manage them independently to enhance their value;
  • major vendor relationships and costs of handsets and other equipment;
  • our ability to successfully pursue acquisitions, investments or merger opportunities, to integrate all acquired businesses in a timely and profitable manner and to obtain the expected benefits of such transactions;
  • the availability, terms and use of capital, the impact of regulatory and competitive developments on capital expenditures, the ability to realize cost savings and achieve productivity improvements;
  • technological development and changing industry standards, including difficulties in meeting customer demand for new technologies and the cost of upgrading existing infrastructure;
  • the upstream capacity of cash generated by operations via dividends, royalties, management fees and the repayment of shareholder loans; and
  • other factors or trends affecting our financial condition or results of operations.

A more detailed list and description of risks, uncertainties and other matters can be found in Millicom’s Annual Report on Form 20-F/A, including the risks described in “Item 3. Key Information—D. Risk Factors, and in Millicom’s subsequent filings with the United States Securities and Exchange Commission, all available at www.sec.gov. To the extent that COVID-19 adversely affects Millicom’s business and financial results, it may also have the effect of increasing many of the risks described in its filings.

All forward-looking statements attributable to us or anyone acting on our behalf are expressly qualified in their entirety by this cautionary statement. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except to the extent required by applicable law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

  • Press Release _ Millicom (Tigo) Announces Expected Record Date for Rights Offering and Related Termination of Conversion Between Common Stock and SDRs