NEW YORK and STOCKHOLM, Sweden, Sept. 9, 2010 (GLOBE NEWSWIRE) --
Millicom International Cellular S.A. ("Millicom") (Nasdaq:MICC) and
(Stockholm:MIC) today announces its intention to redeem in full the
2013 10% bond in December 2010. The plan is conditional on raising new
financing within our operations of up to $400 million, which we expect
to be completed in the next few weeks.

The par value of the bonds is approximately $455 million, and early
redemption will incur a penalty of 1.65%, all of which will be paid out
of cash balances within the Group. The redemption itself is expected to
lead to earnings per share accretion of more than 5% in 2011.

Francois-Xavier Roger, CFO of Millicom, said:

"The redemption of the high yield bond is an important step forward in
our financing strategy. This proposal, combined with other financing
recently put in place, will reduce our effective cost of financing,
extend our average maturity to more than three and a half years,
strengthen our risk management and improve our tax efficiency.

"At the same time, we are maintaining a good level of liquidity to
provide us with flexibility for any growth opportunities that arise,
while creating significant value for shareholders by reducing the cost
of that liquidity."

Millicom International Cellular S.A. is a global telecommunications
group with mobile telephony operations in 14 countries in Asia, Latin
America and Africa. It also operates cable and broadband businesses in
five countries in Central America. The Group's mobile operations have a
combined population under license of approximately 266 million people.

This press release may contain certain "forward-looking statements"
with respect to Millicom's expectations and plans, strategy,
management's objectives, future performance, costs, revenues, earnings
and other trend information. It is important to note that Millicom's
actual results in the future could differ materially from those
anticipated in forward-looking statements depending on various
important factors. Please refer to the documents that Millicom has
filed with the U.S. Securities and Exchange Commission under the U.S.
Securities Exchange Act of 1934, as amended, including Millicom's most
recent annual report on Form 20-F, for a discussion of certain of these
factors.

All forward-looking statements in this press release are based on
information available to Millicom on the date hereof. All written or
oral forward-looking statements attributable to Millicom International
Cellular S.A., any Millicom International Cellular S.A. employees or
representatives acting on Millicom's behalf are expressly qualified in
their entirety by the factors referred to above. Millicom does not
intend to update these forward-looking statements.

The Millicom International Cellular S.A. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7950

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CONTACT:  Millicom International Cellular S.A., Luxembourg
          Francois-Xavier Roger, Chief Financial Officer
            +352 27 759 327
          Peregrine Riviere, Head of External Communications
            +352 691 750 098
          Emily Hunt, Investor Relations
            +44 7779 018 539
          http://www.millicom.com