TIGO · Millicom International Cellular S.A.

This full redemption of Telecel Paraguay’s 5.875% Senior Unsecured Notes due 2027 reflects a strategic debt management decision by Millicom to simplify its capital structure and reduce near-term maturity exposure. The $139.7 million obligation — representing the entire outstanding balance — will be settled on April 29, 2026, at par plus accrued interest, indicating no premium or penalty beyond contractual obligations. As a wholly-owned subsidiary operating under the Tigo brand in Paraguay, Telecel Paraguay’s financial obligations are consolidated into Millicom’s group-level reporting; this redemption eliminates a material portion of its subsidiary-level debt and removes associated covenant constraints and interest expense going forward. While the filing does not disclose the source of funds, the timing — less than two weeks after announcement — suggests liquidity is readily available, consistent with Millicom’s reported fiber-cable footprint and ~52 million customer base as of December 31, 2025. No refinancing or replacement financing is disclosed, implying this may be funded from cash on hand or internal cash flow. For investors, this event signals balance sheet discipline and reduced refinancing risk for the Paraguayan operation, though it also removes a fixed-rate liability that could have provided hedge-like stability in a rising rate environment.