Manuel Arias

BKM acts on $55m Tigo Paraguay tender offer

BKM Berkemeyer has acted as Paraguayan counsel to Telefónica Celular del Paraguay (Tigo Paraguay), a subsidiary of Grupo Millicom, in the tender offer for up to US $55 million of the total principal amount of its 5.875% coupon bonds due 2027.

The bonds were initially issued by Tigo Paraguay in April 2019 in the international capital markets under Rule 144A and Regulation S of the United States. The final payment was made on 6 December 2022.

Davis Polk & Wardwell acted as international advisor to Tigo Paraguay. Citigroup Global Markets and Scotia Capital (USA) acted as dealer managers.

The advice of both firms involved the review and update of the Offer to Purchase, Dealer Manager Agreement and Press Release, comprehensive tax advice relating to the transaction, and finally the issuance of a legal opinion on the transaction. In addition, BKM advised on the processing of the corresponding corporate authorisations of Tigo Paraguay.

BKM’s team consisted of partner Manuel Arias (pictured), senior associates Mauro Mascareño and Alvaro Rojas, and associates Rodrigo Gómez Sánchez and Gastón Segovia.

L Giselle Estrada