Invitel Holdings, the ultimate parent company of Hungarian alternative telco Invitel, today announced it is offering floating rate senior PIK notes, worth an estimated EUR118 million, the proceeds of which will be used to repurchase Invitel Holdings’ shares from its two major shareholders, EEIF and GMT. According to a company statement, key management will not participate in the share buyback. Following the completion of the offering, each of EEIF, GMT and Invitel’s senior management is expected to own 33.3% of Invitel’s parent company. The offering is expected to be completed shortly.
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