Shearman And Sterling

News November 07, 2019

Cable Onda’s $600 Million Senior Notes Offering

Shearman & Sterling advised Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Morgan Stanley & Co. LLC and Scotia Capital (USA) Inc., as initial purchasers, in connection with a Rule 144A/Reg S offering of $600 million of 4.500 percent senior notes due 2030 by Cable Onda, S.A., an indirect, majority-owned subsidiary of Millicom International Cellular S.A.

Founded in 1990, Cable Onda, S.A. is a leading provider of residential Pay-TV, fixed broadband internet and fixed telephony in Panama. Cable Onda, S.A. will use the net proceeds of the offering to repay the outstanding amount under an intercompany bridge loan facility with Millicom used to finance the purchase of Telefónica Móviles Panamá, S.A., as well as to re-pay certain of its and Telefónica Móviles Panamá, S.A.’s debt.

The Shearman & Sterling team below included associate Brian Bishop and visiting attorney Miguel Torres Caro.

The Team