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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950103-03-001553.txt : 20030723
<SEC-HEADER>0000950103-03-001553.hdr.sgml : 20030723
<ACCEPTANCE-DATETIME>20030723080741
ACCESSION NUMBER:		0000950103-03-001553
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030723
FILED AS OF DATE:		20030723

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MILLICOM INTERNATIONAL CELLULAR SA
		CENTRAL INDEX KEY:			0000912958
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO TELEPHONE COMMUNICATIONS [4812]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22828
		FILM NUMBER:		03797365

	BUSINESS ADDRESS:	
		STREET 1:		75 ROUTE DE LONGWY
		STREET 2:		BOX 23 BERTRANGE
		CITY:			GRAND DUCHY OF LUXEN
		STATE:			N4
		ZIP:			L8080
		BUSINESS PHONE:		3524571451
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>jul2203_mic6k.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>Millea Holdings 6-K</TITLE>
</HEAD>
<BODY>
<BR><BR>
<HR size="4" noshade color="#000000" style="margin-top: -2px">
<HR size="1" noshade color="#000000" style="margin-top: -10px"><br>
<div align="center">
</div>
<p align="center"><b><font size="4">FORM 6-K</font></b></p>


<div align="center"><b><font size="3">
  SECURITIES AND EXCHANGE COMMISSION<br>
  Washington, D.C. 20549<BR>
<BR>

                                    Report of Foreign Issuer</font></b>

</div>

<p align="center"><b><font size="3">
Pursuant to Rule 13a-16 or 15d-16 of<br>
the Securities Exchange Act of 1934
</font></b></p>

<br>
<p align="center">For July 23, 2003<br>
  <br>
  Commission File Number: 000-22828<br>
  <br>
  MILLICOM INTERNATIONAL CELLULAR S.A.<br>
  75 Route de Longwy<br>
  Box 23, L-8080 Bertrange<br>
  Grand-Duchy of Luxembourg <br>
 _____________________________________<BR>
  <font size="1">(Address of principal executive offices)</font><br>
 </p>


<p align="left"><font size="2" face="Times New Roman, Times, serif">Indicate by
check mark whether the Registrant files or will
  file
  annual reports under cover Form 20-F or Form 40-F:</font></p>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="45%">
       <div align="right">FORM 20-F [X</div>
    </td>
    <td width="9%">]</td>
    <td width="46%">FORM 40-F &nbsp;[&nbsp;&nbsp;]</td>
  </tr>
</table><br>
<p align="left"><font size="2" face="Times New Roman, Times, serif">Indicate by
check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ___</font></p>

<p align="left"><font size="2" face="Times New Roman, Times, serif">Indicate by
 check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ___</font></p>



<p align="left">Indicate by check mark whether the registrant
  by furnishing the information contained in this Form
  is also thereby furnishing <br>
  the information to the Commission pursuant to Rule
  12g3-2(b) under the Securities Exchange Act of 1934.</p>

  <table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="45%">
      <div align="right">YES &nbsp;[&nbsp;&nbsp;]</div>
    </td>
    <td width="9%">&nbsp;</td>
    <td width="46%">NO [X]</td>
  </tr>
</table>



<P ALIGN="left">If &#147;Yes&#148; is marked, indicate
  below the file number assigned to the registrant in
  connection with Rule 12g3-2(b): 82- ____________</p>
<BR>

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<br>
<table width="90%" border="0" cellspacing="0" cellpadding="10" align="center">
  <tr align="center" valign="top">
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">MILLICOM
      INTERNATIONAL CELLULAR S.A. </font><font face="Times New Roman, Times, serif"><BR>
     <font size="2">INDEX TO EXHIBITS</font>
      </font></td>
  </tr>
  <tr>
    <td width="7%" align="center"><font size="2" face="Times New Roman, Times, serif"><u>Item</u>
      </font></td>
    <td width="93%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td align="center"><font size="2" face="Times New Roman, Times, serif">1.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">
      Press release dated July 18, 2003</font></td>
  </tr>
</table>
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<div align="right"><b>Item 1</b></div><BR><BR>
<P align="center"> <IMG src="pressx1x1.jpg" border=0>
</P>
<DIV ALIGN=CENTER> <B><FONT face="serif">MILLICOM INTERNATIONAL CELLULAR
  S.A.</FONT></B><FONT face="serif"> </FONT> </DIV>
<P align="right"> <B><FONT size=2 face="serif">FOR IMMEDIATE
  RELEASE</FONT></B> </P>
<P align="right"> <FONT size=2 face="serif">July 18,
  2003</FONT> </P>
<P align="center"> <B><FONT size=2 face="serif">MIC
  ANNOUNCES TERMS OF MANDATORY EXCHANGEABLE BOND </FONT></B>
  <BR>
  <B><FONT size=2 face="serif">OFFERING </FONT></B><B><FONT size=2 face="serif">
  </FONT></B> </P>
<P> <FONT size=2 face="Times New Roman, Times, serif">New
  York, London and Luxembourg &#150; July 18, 2003 &#150;
  Millicom International Cellular S.A. (&#147;Millicom&#148; or
  &#147;MIC&#148;) (Nasdaq: MICC), the global telecommunications
  investor, today announces that it has made an offering
  of approximately SEK 2,556 million (US$310 million)
  of secured notes mandatorily exchangeable into Series
  B shares of Tele2 AB. The Notes will be issued by
  MIC&#146;s subsidiary, Millicom Telecommunications
  S.A. and guaranteed by MIC. </FONT> </P>
<P> <FONT size=2 face="Times New Roman, Times, serif">The
  Notes, which will mature in August 2006, carry a coupon
  of 5% and the exchange premium has been set at 30%
  with a reference price of SEK 285.</FONT> </P>
<P> <FONT size=2 face="Times New Roman, Times, serif">Marc
  Beuls, President and CEO of Millicom International
  Cellular S.A. commented: &#147;Today&#146;s offering
  of this mandatory exchangeable bond monetizes MIC&#146;s
  entire holding in Tele2 but provides a 30% potential
  upside. The proceeds will be used to retire high cost
  debt, thereby reducing MIC&#146;s funding cost and
  increasing its free cash flow going forward.&#148;</FONT>
</P>
<P> <I> <FONT size=1 face="Times New Roman, Times, serif">Millicom International
  Cellular S.A. is a global telecommunications investor
  with cellular operations in Asia, Latin America and
  Africa. It currently has a total of 16 cellular operations
  and licenses in 15 countries. The Group&#146;s cellular
  operations have a combined population under license
  (excluding Tele2) of approximately 382 million people.
  In addition, MIC provides high-speed wireless data
  services in five countries. MIC also has a 6.0% int
  erest in Tele2 AB, the leading alternative pan-European
  telecommunications company offering fixed and mobile
  telephony, data network and Internet services to 17.7
  million customers in 22 countries. The Company&#146;s
  shares are traded on the Luxembourg Bourse and the
  Nasdaq Stock Market under the symbol MICC. </FONT></I>
</P>
<P> <I> <FONT size=1 face="Times New Roman, Times, serif">This press release
  may contain certain &#147;forward-looking statements&#148;
  with respect to our expectations and plans, strategy,
  management&#146;s objectives, future performance,
  costs, revenues, earnings and other trend information.
  It is important to note that our 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 we
  have filed with the U.S. Securities and Exchange Commission
  under the U.S. Securities Exchange Act of 1934, as
  amended, including our most recent annual report on
  Form 20-F, for a discussion of certain of these factors.
  </FONT></I> </P>
<P> <I> <FONT size=1 face="Times New Roman, Times, serif">All forward-looking
  statements in this press release are based on information
  available to us on the date hereof. All written or
  oral forward-looking statements attributable to Millicom
  International Cellular S.A., any Millicom International
  Cellular S.A. members or persons acting on our behalf
  are expressly qualified in their entirety by the factors
  referred to above. We do not intend to update these
  forward-looking statements. </FONT></I> </P>
<P> <B><FONT size=2 face="Times New Roman, Times, serif">This document is not
  an offer of securities for sale into the United States.
  The Notes and the Tele2 Shares to be delivered upon
  exchange of the Notes may not be offered or sold in
  the United States or to, or for the account or benefit
  of, U.S. persons (as such term is </FONT></B> </P>

<br>
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          <hr size=3 color=GRAY noshade><br>

<P> <B><FONT size=2 face="Times New Roman, Times, serif">defined
  in Regulation S under the Securities Act ) unless
  they are registered or exempt from registration. There
  will be no public offer of securities in the United
  States. </FONT></B> </P>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=2>In
  the United Kingdom, this announcement is directed
  exclusively at persons who fall within article 19(5)
  or 49(2) of the Financial Services and Markets Act
  2000 (Financial Promotion) Order 2001( all such persons
  together being referred to as &#147;relevant persons&#148;).
  The Notes referred to in this announcement shall be
  issued only to such relevant persons. Any person who
  is not a relevant person should not act or rely on
  this document or any of its contents . </FONT></B>
  </font></P>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=2>Stabilisation/FSA.</FONT></B></font><I><FONT size=1 face="serif">
  </FONT></I> </P>
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<br>
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<br>


  <br><br>
<br>
<br>
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<HR SIZE=5 COLOR=GRAY NOSHADE>

  <br>
<br>
  <br>
<table width="90%" border="0" cellspacing="0" cellpadding="10" align="center">
  <tr>
    <td><p align=center><FONT SIZE="4"><B><font size="2" face="Times New Roman, Times, serif">SIGNATURES</font></B></FONT></p>
      <p align="left"><font size="2" face="Times New Roman, Times, serif">Pursuant to the
        requirements of the Securities Exchange Act
        of 1934, the Registrant has duly caused this
        report to be signed on its behalf by the undersigned,
        thereunto duly authorized.</font></p>

</td>
  </tr>
</table>
<br>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%" align="center">
  <TR ALIGN="left">
    <TD width="50%" VALIGN="MIDDLE"><font size="2" face="Times New Roman, Times, serif"><br>
      </font></TD>
    <TD colspan="2" valign="top"><font size="2" face="Times New Roman, Times, serif">MILLICOM
      INTERNATIONAL CELLULAR S.A.<br>
      (Registrant)<br>
      <BR>
      <U>&nbsp;</U></font></TD>
  </tr>
  <TR ALIGN="left">
    <TD VALIGN="MIDDLE"><font size="2" face="Times New Roman, Times, serif">Dated:
      July 23, 2003</font></TD>
    <TD width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">By:</font></TD>
    <TD width="45%" valign="top"><font size="2" face="Times New Roman, Times, serif"><u>/s/
      John Ratcliffe&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></TD>
  </tr>
  <TR ALIGN="left">
    <TD VALIGN="MIDDLE"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD valign="top"><font size="2" face="Times New Roman, Times, serif">Name:
      John Ratcliffe<br>
      Title: &nbsp;&nbsp;Chief Financial Controller
      </font></TD>
  </tr>
</TABLE>


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