The offering was structured as

  • A public offer of SDRs in Sweden, Norway, Denmark and Finland; and
  • An SEC-registered offering of newly issued shares in the United States (collectively, the Offerings).

In connection with the Offerings (i) a prospectus compliant with the Prospectus Regulation was drawn up and approved by the Swedish Financial Supervisory Authority, and (ii) a prospectus supplement was drawn up and filed with the SEC.

The newly issued shares and SDRs were offered for subscription to existing Millicom shareholders and SDR holders, and to the extent not fully subscribed by existing Millicom shareholders, the underwriters agreed to subscribe for any remaining shares or SDRs. Net proceeds from the offering are to be used to repay a bridge loan that financed the acquisition of the remaining 45% equity stake in Millicom’s joint venture business in Guatemala, and any excess proceeds will be used for general corporate purposes.

Our team assisted on all Luxembourg law related matters, including issuance of the new shares, statutory preferential subscription rights, Prospectus Regulation related matters, clearing and settlement and tax aspects thereof.

Millicom is a provider of fixed and mobile telecommunications services dedicated to emerging markets in Latin America operating under the Tigo brand and is based in Luxembourg.