Eduardo Nieto's questions to Millicom International Cellular SA (TIGO) leadership • Q1 2025
Question
Eduardo Nieto from JPMorgan Chase & Co. asked about the company's debt maturity profile, plans for refinancing with local currency debt, and the potential for new U.S. dollar bond issues. He also inquired about the long-term comfort level with the 2.5x leverage target.
Answer
CFO Bart Vanhaeren stated that while the goal is to increase the average debt maturity to over five years and prioritize local currency debt, major refinancing decisions are paused pending the timing of M&A cash flows. Regarding leverage, he noted that the current 2.47x is at the higher end of their 2.0x-2.5x target range but expressed comfort with cash flow generation, which he expects to improve throughout the year.