Eduardo Nieto Leal's questions to Millicom International Cellular SA (TIGO) leadership • Q2 2025
Question
Eduardo Nieto Leal sought confirmation that the sub-2.5x leverage target includes recent M&A and dividends, asked about the medium-term comfort with this level, and inquired about refinancing plans for the 2027 bond maturity.
Answer
CFO Bart Vanhaeren confirmed the sub-2.5x leverage target includes all dividends and, depending on closing times, the M&A transactions. He stated that 2.0x-2.5x remains the desired medium-term range. Regarding refinancing, Vanhaeren reiterated the strategy of prioritizing local currency debt to repay USD debt and noted that while the 2027 maturity is on the radar, there were no specific announcements at this time.