Millicom International: Extension Of Exchange Offer And Consent Solicitation And Conditional Commitments To Exchange From Holders Of Senior Subordinated Discount Notes

Bertrange, LUXEMBOURG


NEW YORK, LONDON and BERTRANGE, Luxembourg, March 28, 2003 (PRIMEZONE) -- Millicom International Cellular S.A. ("Millicom") (Nasdaq:MICC), the global telecommunications investor, today announces that it is extending the private exchange offer and consent solicitation to holders of 13-1/2% Senior Subordinated Discount Notes due 2006, or the "Old Notes", who are not U.S. persons, or who are U.S. persons that are either "qualified institutional buyers" or "institutional accredited investors" (as each of those terms are defined under the Securities Act of 1933, as amended) and who can make the representations to exchange, upon the terms and subject to the conditions set forth in the private offering documents, until 5:00 p.m. New York City time on April 11, 2003, unless further extended by Millicom.

The rights of withdrawal for those bondholders who have already tendered their acceptance to the exchange offer and consent solicitation shall continue until the new expiration date in accordance with the terms of the private offering documents.

Millicom also announces that it has received conditional commitments from approximately 50% of the holders of the Old Notes to exchange their Old Notes for new securities in the ongoing private exchange offer under certain revised terms. The commitments by these holders remain subject, among other things, to the satisfactory completion of a due diligence review of Millicom's publicly available information by the legal and financial advisors of such holders, expected to last for no more than two weeks. The commitment by Millicom to amend the terms of the existing private exchange offer and to re-circulate the related private offering documents is subject, among other things, to the completion of the due diligence referred to above and additional holders of Old Notes delivering binding commitments to participate in the exchange offer on such amended terms.

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 offer and consent solicitation or the acceptance thereof would not be in compliance with the laws of such jurisdiction.



        

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