Hungary's Magyar Telecom begins offer to buy back 9½% senior notes

By Marisa Wong

Madison, Wis., Oct. 8 - Invitel Holdings A/S announced that its subsidiary Magyar Telecom BV has started an asset sale offer to repurchase for cash up to €75 million of its outstanding €345 million 9.5% senior secured notes due 2016.

The offer will expire at 12 p.m. ET on Nov. 5.

Magyar will purchase the tendered notes at par plus accrued interest up to but excluding the payment date.

Magyar is repurchasing the notes using a portion of the proceeds from the sale by Invitel of its international wholesale business to Turk Telekomunikasyon AS.

Invitel is a Budapest, Hungary-based telecommunications services provider.

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