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2016-04-12

Millicom International Cellular: Millicom announces debt refinancing

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED
STATES OR TO ANY PERSON LOCATED OR RESIDENT IN ANY OTHER JURISDICTION
WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

Luxembourg, 12 April 2016 - Millicom International Cellular SA
("Millicom") today announces that it will offer to purchase any and
all of its SEK 250,000,000 5.125% Senior Unsecured Fixed Rate Notes
due 2017 (ISIN SE0004809655) (the "Fixed Rate Notes") and its SEK
1,750,000,000 STIBOR +3.500% Senior Unsecured Floating Rate Notes due
2017 (ISIN SE0004809663) (the "Floating Rate Notes", and together
with the Fixed Rate Notes, the "Notes").

Millicom invites all holders of the Notes to tender their Notes for
purchase by Millicom for cash (such invitation, the "Offers"). The
Offers are made on the terms and subject to the conditions set out in
the Tender Offer Memorandum dated 12 April 2016 and are subject to
certain offer restrictions set out in the Tender Offer Memorandum.

In the first offer (the "Early Tender Offer"), Millicom will pay a
cash purchase price for each SEK 1,000,000 nominal amount of Notes
validly tendered on or before 10:30 a.m. CET on 15 April 2016 (the
"Early Tender Deadline") equal to one of the following amounts:

· for the Fixed Rate Notes, (i) 105.8% of the nominal principal
amount of each Fixed Rate Note (i.e., SEK 1,058,000 per each Fixed
Rate Note), plus (ii) interest accrued and unpaid on the Notes from
(but excluding) the immediately preceding interest payment date for
the Notes to (and including) the settlement date; or

· for the Floating Rate Notes, (i) 102.8% of the nominal principal
amount of each Floating Rate Note (i.e., SEK 1,028,000 per each
Floating Rate Note), plus (ii) interest accrued and unpaid on the
Notes from (but excluding) the immediately preceding interest payment
date for the Notes to (and including) the settlement date.

In the second offer (the "Regular Tender Offer"), Millicom will pay a
cash purchase price for each SEK 1,000,000 nominal amount of Notes
validly tendered after the Early Tender Deadline but on or before
4:00 p.m. CET on 27 April 2016 (the "Regular Tender Deadline") equal
to one of the following amounts:

· for the Fixed Rate Notes, (i) 105.2% of the nominal principal
amount of each Fixed Rate Note (i.e., SEK 1,052,000 per each Fixed
Rate Note), plus (ii) interest accrued and unpaid on the Notes from
(but excluding) the immediately preceding interest payment date for
the Notes to (and including) the settlement date; or

· for the Floating Rate Notes, (i) 102.2% of the nominal principal
amount of each Floating Rate Note (i.e., SEK 1,022,000 per each
Floating Rate Note), plus (ii) interest accrued and unpaid on the
Notes from (but excluding) 29 April 2016 (which is the immediately
preceding interest payment date for the Notes) to (and including) the
settlement date.

The Early Tender Offer will remain open until 10:30 a.m. CET on 15
April 2016, and the anticipated settlement date for the repurchase of
validly tendered Notes in the Early Tender Offer is 21 April 2016.
Millicom intends to announce its decision of whether to accept valid
tenders of Notes pursuant to the Early Tender Offer on or before 19
April 2016.

The Regular Tender Offer will remain open until 4:00 p.m. CET on 27
April 2016, and the anticipated settlement date for the repurchase of
validly tendered Notes in the Regular Tender Offer is 2 May 2016.
Millicom intends to announce its decision of whether to accept valid
tenders of Notes pursuant to the Regular Tender Offer on or before 29
April 2016.

To participate in the Offers and be eligible to receive the applicable
purchase price, holders must validly tender their Notes by
delivering, or by arranging to have delivered on their behalf, a
valid tender instruction that is received by the Tender Agent by the
Early Tender Deadline or the Regular Tender Deadline, as applicable,
which is more fully described in the Tender Offer Memorandum. The
deadlines set by any nominee or other intermediary for the submission
of such tender instructions will be earlier than the deadlines
specified above and holders are advised to check with their nominee
or other intermediary for its applicable deadlines in order to ensure
that any tender instructions are timely received by the Tender Agent.

Tender instructions must be submitted in respect of a minimum
principal amount of Notes of no less than SEK 1,000,000, and may be
submitted in integral multiples of SEK 1,000,000 thereafter. Tender
Instructions which relate to a principal amount of Notes of less than
SEK 1,000,000 will be rejected.

If Millicom decides to accept any valid tenders of any Notes pursuant
to either or both Offers, it will accept for purchase all Notes that
are validly tendered by the Early Tender Deadline or the Regular
Tender Deadline, as applicable.

Holders are advised to read carefully the Tender Offer Memorandum for
full details of and information on the procedures for participating
in the Offers.

Millicom reserves the right to modify, extend or terminate the terms
of either or both of these Offers at any time.

The Tender Agent for these Offers is Nordea Bank AB (publ). Any
questions or requests for assistance or copies of the Tender Offer
Memorandum may be directed to Nordea Bank AB (publ) by e-mail to
IssuerSeCustodian@nordea.com.

Millicom has retained DNB Bank ASA, Sweden Branch and Nordea Bank
Danmark A/S to act as Dealer Managers in connection with the Offers.
Any questions or requests for copies of the Tender Offer Memorandum
may be directed to DNB Bank ASA, Sweden Branch at +46 (0)8 473 48 67,
or by email to kristofer.pousette@dnb.se and
karljohan.kulling@dnb.se, or to Nordea Bank Danmark A/S, at +45 3333
1675 or by email to bibi.larsen@nordea.com and
nordealiabilitymanagement@nordea.com.

This press release is for information purposes only and is not an
offer to sell or a solicitation of an offer to buy any security, nor
is it a tender offer with respect to any Notes. These Offers are
being made solely by the Tender Offer Memorandum. This press release
and the Tender Offer Memorandum contain important information which
should be read carefully before any decision is made with respect to
the Offers. The Tender Offer Memorandum should be consulted for
additional information regarding the tender procedures and the terms
and conditions of the Offers. To receive copies of the Tender Offer
Memorandum or for questions relating to the Offers, please contact
the Tender Agent or the Dealer Managers using the contact information
given above. Any individual or company whose Notes are held by a
broker, dealer, bank, custodian, trust company or other nominee must
contact such entity to tender Notes in the Offers. If any holder is
in any doubt as to the action it should take, it is recommended for
such holder to seek its own financial and legal advice, including as
to any tax consequences, immediately from its stockbroker, bank,
manager, solicitor, accountant or other independent financial or
legal adviser. None of Millicom, the Tender Agent, the trustee, the
Dealer Managers or any person who controls, or is a director,
officer, employee, agent of any such person, or any affiliate of any
such person makes any recommendation whether holders of the Notes
should tender their Notes in the Offers. Millicom is not making the
Offers to, nor will Millicom accept deliveries of any consent from,
holders in any jurisdiction in which the solicitation of consents or
the acceptance thereof would not be in compliance with the laws of
such jurisdiction.

For more information please contact:

Press Enquiries

Tabitha Aldrich-Smith, Interim Communications Director

Tel: +352 277 59084 (Luxembourg) / +44 7971 919 610 /
press@millicom.com

Investor Relations

Nicolas Didio, Director, Head of Investor Relations

Tel: +352 277 59125 (Luxembourg) / +44 203 249 2220 /
investors@millicom.com

About Millicom

Millicom is a leading telecom and media company dedicated to emerging
markets in Latin America and Africa. Millicom sets the pace when it
comes to providing innovative and customer-centric digital lifestyle
services to the world's emerging markets. The Millicom Group employs
more than 16,000 people and provides mobile services to over 62
million customers. Founded in 1990, Millicom International Cellular
SA is headquartered in Luxembourg and listed on NASDAQ OMX Stockholm
under the symbol MIC. In 2015, Millicom generated revenue of USD 6.73
billion and Adjusted EBITDA of USD 2.27 billion.

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http://news.cision.com/millicom-international-cellular/r/millicom-announ...
http://mb.cision.com/Main/950/9953605/499616.pdf

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