Hungary's Invitel subsidiary begins consent solicitation for floaters

By Devika Patel

Knoxville, Tenn., Dec. 7 - Invitel Holdings A/S said subsidiary Magyar Telecom BV is soliciting consents and waivers from holders of its floating-rate notes due 2013 to amend certain terms of the note indenture to allow Invitel and its subsidiaries to refinance certain debts.

The consent solicitation is being made as part of a series of transactions that include the launch of a €340 million principal amount senior secured note offering, the proceeds of which will be used to repay debt.

Magyar Telecom has entered into a lock-up agreement with holders of over 50% of the outstanding notes.

Invitel is a fixed-line telecommunications and broadband internet services provider based in Budaors, Hungary.

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