Millicom Announces Expiration of Successful Exchange Offer and Consent Solicitation for 13-1/2% Senior Subordinated Notes Due 2006


NEW YORK, LONDON & LUXEMBOURG, May 5, 2003 (PRIMEZONE) -- Millicom International Cellular S.A. ("Millicom") (Nasdaq:MICC), the global telecommunications investor, today announces that as of 5 p.m. EST time on May 2, 2003, approximately $781 million or 85% of the outstanding amount of Millicom's 13-1/2% Senior Subordinated Discount Notes due 2006, or the "Old Notes", had been tendered in Millicom's private exchange offer and are thereby deemed to have consented to certain amendments to the existing indenture covering the Old Notes. The private exchange offer and consent solicitation has now expired and is expected to close on May 7, 2003.

Upon closing of the exchange offer, Millicom will issue approximately $562 million of Millicom's 11% Senior Notes due 2006 and approximately $64 million of Millicom's 2% Senior Convertible PIK (payment in kind) Notes due 2006 in exchange for the $781 million of Old Notes tendered, whereupon the Old Notes shall be cancelled. In addition, Millicom will also pay to holders of Old Notes who consented to the amendments of the Old Note indenture $50 per $1,000 of Old Notes so consenting (excluding affiliates of Millicom), or approximately $38 million in the aggregate. Millicom's 2% Senior Convertible PIK Notes due 2006 are convertible into Millicom common stock at a conversion price of $10.75 per share. If the original principal amount of approximately $64 million of the new 2% Senior Convertible Notes were converted into Millicom's common stock, the 2% Notes would convert into approximately 5.93 million shares of Millicom's common stock (which, when issued, would constitute approximately 26.7% of the then issued and outstanding common stock).

This press release is neither an offer to purchase nor a solicitation of an offer to sell Millicom's securities and is not being made to, nor will tenders be accepted from, or on behalf of, holders of Old Notes in any jurisdiction in which the making of the exchange offers and consent solicitations or the acceptance thereof would not be in compliance with the laws of such jurisdiction.

Millicom's securities referred to herein have not been registered under the Securities Act of 1933, as amended, and such securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.


 Marc Beuls                           Telephone: +352 27 759 101
 President and Chief Executive Officer
 Millicom International Cellular S.A., Luxembourg

 Andrew Best                          Telephone: +44 20 7321 5022
 Shared Value Ltd, London

 Jim Millstein                        Telephone: +1 212 632 6000
 Lazard, New York

 Peter Warner                         Telephone: +44 20 7187 2000
 Daniel Bordessa
 Cyrus Kapadia
 Lazard, London

Visit Millicom's homepage at http://www.millicom.com

Millicom International Cellular S.A. is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has a total of 16 cellular operations and licenses in 15 countries. The Group's cellular operations have a combined population under license (excluding Tele2) of approximately 382 million people. In addition, MIC provides high-speed wireless data services in six countries. MIC also has a 6.4% interest in Tele2 AB, the leading alternative pan-European telecommunications company offering fixed and mobile telephony, data network and Internet services to 16.8 million customers in 22 countries. The Company's shares are traded on the Luxembourg Bourse and the Nasdaq Stock Market under the symbol MICC.

This press release may contain certain "forward-looking statements" with respect to our expectations and plans, strategy, management's objectives, future performance, costs, revenues, earnings and other trend information. It is important to note that our actual results in the future could differ materially from those anticipated in forward- looking statements depending on various important factors. Please refer to the documents we have filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including our most recent annual report on Form 20-F, for a discussion of certain of these factors.

All forward-looking statements in this press release are based on information available to us on the date hereof. All written or oral forward-looking statements attributable to Millicom International Cellular S.A, any Millicom International Cellular S.A members or persons acting on our behalf are expressly qualified in their entirety by the factors referred to above. We do not intend to update these forward- looking statements.

Lazard is acting for Millicom International Cellular S.A. in connection with the exchange offer and consent solicitation and no-one else and will not be responsible to anyone other than Millicom International Cellular S.A. for providing the protections offered to clients of Lazard nor for providing advice in relation to the exchange offer or consent solicitation.

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