Hungarian Telephone to start roadshow Tuesday for €200 million floaters

By Paul A. Harris

St. Louis, April 16 - Hungarian Telephone and Cable Corp. will present its €200 million offering of floating-rate notes on Tuesday in London and on Wednesday in Paris and Frankfurt, according to a market source.

Merrill Lynch & Co., BNP Paribas and Calyon Securities are joint bookrunners.

The notes will be issued via the company's wholly owned subsidiary, HTCC Holdco II BV.

Proceeds will be used to partially fund HTTC's acquisition of Invitel Zrt. and to refinance debt of Hungarotel Zrt. and PanTel Zrt.

Upon consummation of the acquisition, the current parent company of Invitel will assume the obligations under the notes and also will become the parent company of Hungarotel, PanTel ZRt. and PanTel Technocom Kft.

HTTC, 62% owned by Danish Telecom, TDC, with remaining shares traded on Nasdaq, has headquarters in Budapest and Seattle.

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