Hungary's Invitel unit gets consents for floaters to refinance debt

By Susanna Moon

Chicago, Dec. 14 - Invitel Holdings A/S said subsidiary Magyar Telecom BV received consents from holders of a majority of its outstanding €125,675,000 floating-rate senior notes due 2013.

The company solicited consents and waivers from holders of its floaters to amend the notes to allow Invitel and its subsidiaries to refinance some debt.

The consent solicitation was part of a series of transactions that included a €345 million issue of senior secured notes, the proceeds of which will be used to repay debt.

Magyar Telecom previously said it had entered into a lock-up agreement with holders of more than 50% of the outstanding notes.

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

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