We advised Tigo Guatemala on its high-yield debt offering

Davis Polk advised Comunicaciones Celulares, S.A. (“Tigo Guatemala”) in connection with a Rule 144A / Regulation S offering by CT Trust of $900 million aggregate principal amount of its 5.125% senior notes due 2032. The notes are guaranteed by Tigo Guatemala and Comunicaciones Corporativas, S.A., Distribuidora Central de Comunicaciones, S.A., Distribuidora de Comunicaciones de Occidente, S.A., Distribuidora de Comunicaciones de Oriente, S.A., Distribuidora Internacional de Comunicaciones, S.A., Navega.com, S.A., Servicios Especializados en Telecomunicaciones, S.A., Servicios Innovadores de Comunicación y Entretenimiento, S.A. and Cloud2Nube, S.A. Davis Polk also advised Tigo Guatemala as the borrower under a credit and guaranty agreement among Tigo Guatemala, the lender and the guarantors thereto, under which the lender made a loan to Tigo Guatemala in the aggregate principal amount of $900 million. CT Trust used the proceeds from the offering of the notes to purchase from the lender a 100% participation interest in the loan.

Tigo Guatemala is the leading provider of mobile communications services in Guatemala, with the most extensive 2G, 3G and LTE networks in the country. With 11.6 million subscribers, its estimated market share of mobile users in Guatemala is approximately 63.8%.

The Davis Polk capital markets team included partners Maurice Blanco and John B. Meade and associate Ernesto Talamás Velázquez. The finance team included James Vickers and associate Luis Felipe Sousa. The tax team included partner Mario J. Verdolini and associate Kendra Simpson. Partner Jai R. Massari provided regulatory advice. Associate Leon E. Salkin provided Investment Company Act advice. Members of the Davis Polk team are based in the New York, São Paulo and Washington DC offices.