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Hungary's Invitel subsidiary wraps offer to buy back 9½% senior notes
By Susanna Moon
Chicago, Nov. 8 - Invitel Holdings A/S said its subsidiary Magyar Telecom BV completed the asset sale offer to repurchase for cash up to €75 million of its outstanding €345 million of 9½% senior secured notes due 2016 as of noon ET on Friday.
Investors tendered €83,436,000 principal amount of the notes, and the company accepted €75,003,000 of the notes on a pro rata basis.
As previously noted, Magyar will pay par plus accrued interest up to but excluding the payment date, which is expected to be Wednesday.
Funding for the offer will come from proceeds from the sale of Invitel's international wholesale business to Turk Telekomunikasyon AS.
Invitel is a Budapest, Hungary-based telecommunications services provider.
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