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Matel gets consent to amend Magyar issue, plans to call notes via sale
By Susanna Moon
Chicago, Feb. 2 – Matel Holdings Ltd. secured the needed approval for its planned asset sale from holders of senior secured notes due 2018 issued by Magyar Telecom BV.
After the sale closes, Matel BV will redeem the notes using proceeds of the deal, distribute the net transaction proceeds to shareholders and wind itself up, according to a notice by the companies.
Unitholders approved the proposed sale, with almost 82% of eligible votes in favor.
Matel received more than 117 million, or just less than 84%, of the eligible votes. Of those cast, 114 million were in favor and less than 3 million were against.
As announced Jan. 13, Magyar was asking for holders to approve plans to sell the company and planned to redeem the notes using proceeds from the transaction.
The deadline for submitting electronic instructions was 12 p.m. ET on Jan. 31, extended from 12 p.m. ET on Jan. 26.
No consent fee is being offered.
The company previously said it expects to pay €123.7 per 100 units, made up of €107.2 of principal plus capitalized PIK interest, €1.7 of accrued interest and €14.8 of limited equity consideration from Matel Holdings Ltd.
The notes are part of the 150,051,000 of outstanding units made up of shares issued by Matel Holdings and senior secured notes due 2018 issued by Magyar Telecom.
The tabulation agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or invitel@lucid-is.com).
Based in Budapest, Hungary, Magyar Telecom offers telecommunications services to residential and business customers.
Matel, through its 49% holdings in Magyar Telecom, invests in telecommunication-related activities in Hungary. The company is based in London.
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