Telecel Aiming under 7%

Telefonica Celular del Paraguay (Telecel) is out with low 7%-area initial price thoughts for a debut $300m 2022 bond, investors say. The BB rated telecom was scheduled to finish a three-continent roadshow Wednesday, with pricing to follow. Proceeds will be used to repay a $150m bridge loan raised for its recent acquisition of Cablevision, with the balance to finance capex and potential spectrum license costs. Citi and Morgan Stanley are managing. Telecel operates the Tigo brand and is a subsidiary of Millicom International Cellular.