Business
Millicom (TIGO)’s rights offering fully subscribed
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO AUSTRALIA, CANADA, HONG KONG OR SINGAPORE OR ANY OTHER
About this update from Millicom International Cellular S.a.
[{"type":"text","content":"NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO AUSTRALIA, CANADA, HONG KONG OR SINGAPORE OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE ADDITIONAL DOCUMENTS TO BE PREPARED OR REGISTERED OR REQUIRE ANY OTHER ACTIONS TO BE TAKEN, IN ADDITION TO THE REQUIREMENTS UNDER SWEDISH LAW. PLEASE REFER TO “IMPORTANT INFORMATION” AT THE END OF THIS PRESS RELEASE. Millicom (TIGO)’s rights offering fully subscribed Luxembourg, June 17, 2022 – On May 18, 2022, Millicom International Cellular S.A. (“Millicom” or the “Company”) announced that its Board of Directors resolved on a rights offering (the “Rights Offering”), in accordance with the authorization provided for in the Company’s articles of association. The result of the Rights Offering shows that 68,822,675 shares, including those represented by Swedish Depositary Receipts (“SDRs”), have been subscribed for by the exercise of basic subscription rights. The remaining 1,534,413 shares, including those represented by SDRs, have been allotted to those investors who have subscribed for them pursuant to oversubscription privileges. The Rights Offering was thus fully subscribed, and Millicom will receive proceeds amounting to approximately $7461 million before deducting underwriting commissions and other offering expenses. Summary of the outcome of the Rights Offering:The shares were offered in the Rights Offering at a subscription price of $10.61 for shares and SEK 106 for SDRs. 68,822,675 shares/SDRs (corresponding to 97.8 percent of the Rights Offering) were subscribed for by exercise of basic subscription rights. In addition, application for subscription of 54,505,285 shares/SDRs (corresponding to 77.5 percent of the Rights Offering) without exercise of subscription rights (including pursuant to oversubscription privileges) were submitted during the subscription period. The Rights Offering was thus oversubscribed by 75.3 percent. Millicom intends to use the net proceeds to repay the $350 million outstanding principal amount of the bridge loan that financed the acquisition of the remaining 45% equity stake in the Company’s joint venture business in Guatemala (“Tigo Guatemala”), and the excess proceeds will be used for general corporate purposes, which may include the repayment of...