By Reshmi Basu
New York, April 20 - Hungarian Telephone and Cable Corp. (HTCC) sold a €200 million offering of six-year floating-rate notes at par to yield three-month Euribor plus 300 basis points, according to a stabilization note filed by one of the issuer's bookrunners.
The issue priced in line with revised guidance, which was lowered from initial talk of 325 bps.
Merrill Lynch & Co., BNP Paribas and Calyon Securities were joint bookrunners for the Rule 144A transaction.
The notes, which come with 16 months of call protection, were sold via the company's wholly owned subsidiary, HTCC Holdco II BV.
Proceeds will be used to partially fund the comapny'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 and Cable, 62% owned by Danish telecom TDC, with remaining shares traded on Nasdaq, has headquarters in Budapest and Seattle.
| Issuer: | HTCC Holdo II BV
|
| Amount: | €200 million
|
| Issue: | Floating-rate notes
|
| Maturity: | Feb. 1, 2013
|
| Coupon: | Three-month Euribor plus 300 bps
|
| Issue price: | Par
|
| Yield: | Three-month Euribor plus 300 bps
|
| Joint bookrunners: | Merrill Lynch & Co., BNP Paribas,Calyon Securities
|
| Pricing date: | April 20
|
| Distribution: | Rule 144A for life
|
| Revised guidance: | Euribor plus 300 bps
|
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