Hungarian Telephone lowers talk on €200 million six-year notes to Euribor plus 300 bps

By Paul A. Harris

St. Louis, April 19 - Hungarian Telephone and Cable Corp. (HTCC) lowered price talk on its €200 million offering of six-year floating-rate notes to three-month Euribor plus 300 basis points on Thursday afternoon, according to an informed source.

Earlier Thursday the notes had been talked at Euribor plus 325 bps, the source added.

Merrill Lynch & Co., BNP Paribas and Calyon Securities are joint bookrunners for the notes, which are being marketed via Rule 144A for life.

The notes, which come with 16 months of call protection, will be issued via the company's wholly owned subsidiary, HTCC Holdco II BV.

Proceeds will be used to partially fund the company's acquisition of Invitel Zrt. and refinance debt of Hungarotel Zrt. and PanTel Zrt.

Upon consummation of the acquisition, the current parent company of Invitel will assume the obligations under the notes and also become the parent company of Hungarotel, PanTel Zrt. and PanTel Technocom Kft.

Hungarian Telephone, 62% owned by Danish telecom TDC with remaining shares traded on Nasdaq, has headquarters in Budapest and Seattle.

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