Hungary's Invitel talks €340 million seven-year notes at 9¾% to 10% with 1-2 points OID

By Paul A. Harris

St. Louis, Dec. 7 - Hungary's Invitel set price talk for its €340 million offering of seven-year senior secured notes at 9¾% to 10%, with 1 to 2 points of original issue discount, a market source told Prospect News, on Monday.

The deal is expected to price on Tuesday.

Credit Suisse is the bookrunner for the Rule 144A/Regulation S offering. Calyon Securities and BNP Paribas are joint bookrunners. The notes will be issued via Magyar Telecom BV.

The notes become callable in three years at par plus the full coupon.

Proceeds will be used to repay bank debt and the company's 10 ¾% senior notes.

The prospective issuer is a Budapest, Hungary-based telecom.

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