Millicom International Cellular S.A.: Redemption of High Yield Bond

NEW YORK and STOCKHOLM, Sweden, Sept. 9, 2010 (GLOBE NEWSWIRE) -- Millicom
International Cellular S.A. ("Millicom") (Nasdaq:MICC) and (Stockholm:MIC)
today announces its intention to redeem in full the 2013 10% bond in December
2010. The plan is conditional on raising new financing within our operations of
up to $400 million, which we expect to be completed in the next few weeks. 

The par value of the bonds is approximately $455 million, and early redemption
will incur a penalty of 1.65%, all of which will be paid out of cash balances
within the Group. The redemption itself is expected to lead to earnings per
share accretion of more than 5% in 2011. 

Francois-Xavier Roger, CFO of Millicom, said:

"The redemption of the high yield bond is an important step forward in our
financing strategy. This proposal, combined with other financing recently put
in place, will reduce our effective cost of financing, extend our average
maturity to more than three and a half years, strengthen our risk management
and improve our tax efficiency. 

"At the same time, we are maintaining a good level of liquidity to provide us
with flexibility for any growth opportunities that arise, while creating
significant value for shareholders by reducing the cost of that liquidity." 

Millicom International Cellular S.A. is a global telecommunications group with
mobile telephony operations in 14 countries in Asia, Latin America and Africa.
It also operates cable and broadband businesses in five countries in Central
America. The Group's mobile operations have a combined population under license
of approximately 266 million people. 

This press release may contain certain "forward-looking statements" with
respect to Millicom's expectations and plans, strategy, management's
objectives, future performance, costs, revenues, earnings and other trend
information. It is important to note that Millicom's 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 that Millicom has filed with the U.S. Securities and Exchange
Commission under the U.S. Securities Exchange Act of 1934, as amended,
including Millicom's 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 Millicom on the date hereof. All written or oral forward-looking
statements attributable to Millicom International Cellular S.A., any Millicom
International Cellular S.A. employees or representatives acting on Millicom's
behalf are expressly qualified in their entirety by the factors referred to
above. Millicom does not intend to update these forward-looking statements. 

The Millicom International Cellular S.A. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7950 

http://media.globenewswire.com/cache/13184/file/8759.pdf

CONTACT:  Millicom International Cellular S.A., Luxembourg
          Francois-Xavier Roger, Chief Financial Officer
            +352 27 759 327
          Peregrine Riviere, Head of External Communications
            +352 691 750 098
          Emily Hunt, Investor Relations
            +44 7779 018 539
          http://www.millicom.com