Davis Polk advised the initial purchasers in connection with the offering by Telefónica Celular del Paraguay S.A. of $250 million aggregate principal amount of its 5.875% notes due 2027. The notes are a reopening of bonds issued on April 5, 2019. The notes were sold in an offering exempt from registration pursuant to Rule 144A and Regulation S.

TELECEL, a wholly owned subsidiary of Millicom International Cellular S.A. under the brand Tigo, is the leading provider of communications, information, entertainment and solutions services in Paraguay through the provision of mobile telephony, cable and broadband internet.

The Davis Polk corporate team included partner Maurice Blanco, counsel Katia Brener and associate Elliot M. de Carvalho. The tax team included partner William A. Curran and associate Adam R. Brownstone. Members of the Davis Polk team are based in the New York, São Paulo and Northern California offices.

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