By Christine Van Dusen and Paul A. Harris
Atlanta, Dec. 8 - Hungary's Invitel Holding A/S priced €345 million of 9½% senior secured notes (B1/CCC+) due Dec. 15, 2016 at 98.752 to yield 9¾%, according to a market source.
The Rule 144A and Regulation S issue came in line with price talk, set at 9¾% to 10%.
Invitel issued the debt through its wholly owned subsidiary Magyar Telecom BV.
The bookrunner for the notes, which are callable in three years at par plus the full coupon, was Credit Suisse. Calyon Securities and BNP Paribas were joint leads.
Proceeds will be used to repay bank debt and the company's 10¾% senior notes.
Invitel is a Budapest-based telecommunications company.
| Issuer: | Magyar Telecom BV (Invitel Holding A/S)
|
| Amount: | €345 million
|
| Maturity: | Dec. 15, 2016
|
| Description: | Senior secured notes
|
| Bookrunner: | Credit Suisse
|
| Joint leads: | Calyon Securities, BNP Paribas
|
| Coupon: | 9½%
|
| Price: | 98.752
|
| Yield: | 9¾%
|
| Call features: | Callable in three years at par plus the full coupon
|
| Trade date: | Dec. 8
|
| Settlement date: | Dec. 16
|
| Ratings: | Moody's Investors Service: B1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 9¾% to 10%
|
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