TIGO · Millicom International Cellular S.A.

This financing event represents a meaningful expansion of Millicom’s near-to-medium term debt profile, with the $87.5 million upsized reopening of its 7.375% Senior Notes due 2032 reflecting both execution capability in the international private placement market and management’s intent to secure committed capital ahead of anticipated strategic outlays. The increase from the originally priced $75 million indicates either stronger-than-expected demand or a deliberate decision to front-load funding for upcoming capital-intensive initiatives — particularly given the explicit mention of capital expenditures and M&A as permitted uses. Conducting the offering solely under Regulation S confirms Millicom’s continued reliance on non-U.S. investor channels, avoiding SEC registration but also precluding resale into the U.S. market absent exemptions, which may constrain liquidity and pricing flexibility relative to registered offerings. The pursuit of listing on the Luxembourg Stock Exchange’s Official List and Euro MTF adds a layer of regulatory visibility and potentially broadens the investor base among European institutional holders. While no financial covenants or restrictions are disclosed in the filing, the 7.375% coupon reflects current market conditions for emerging-market telecom issuers and carries refinancing risk as the 2032 maturity approaches. For investors, this transaction signals continued operational confidence and balance sheet flexibility, though it incrementally increases leverage without corresponding disclosure of pro forma debt metrics or coverage ratios.