Millicom International Cellular S.A. priced a $75 million reopening of its 7.375 % senior notes due 2032 at 100.985 % of par, with the transaction expected to close on April 14, 2026. The reopening increases the company’s outstanding principal from $450 million to $525 million, adding liquidity while keeping leverage within target limits.
The net proceeds will be directed toward general corporate purposes, including capital expenditures and potential mergers and acquisitions. By raising additional debt, Millicom is positioning itself to fund ongoing expansion initiatives and maintain flexibility for opportunistic deals.
Millicom’s recent Q4 2025 earnings highlighted record equity free cash flow and robust revenue growth, underscoring the company’s ability to generate cash and support further debt issuance. The firm has maintained a manageable leverage profile, targeting a year‑end leverage ratio of roughly 2.5×, which the new notes help preserve.
The reopening was conducted as a Regulation S private placement, offering the notes to investors outside the United States. The 7.375 % coupon remains attractive in the current low‑interest environment, and the pricing above par reflects strong investor demand.
With the additional capital, Millicom will be better positioned to pursue acquisitions in Latin America and to support its shift toward higher‑margin post‑paid services, reinforcing its competitive position in the region.
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