Invitel completes refinancing

Invitel Holdings, the successor to Hungarian Telephone and Cable Corp (HTCC), has announced the completion of the refinancing of its EUR145 million (USD181.7 million) amended bank credit facilities and its EUR100 million bridging loan, the last named of which was used to finance its acquisition of Memorex in March 2008. It is understood Invitel Holdings also amended its existing bank credit facilities to provide for EUR165 million in credit facilities (Senior Facilities) which was coordinated by BNP Paribas and Calyon and arranged by BNP Paribas, Calyon and Nordea Bank Danmark. Invitel Holdings is the leading alternative operator and the second largest fixed line voice and broadband internet access provider in Hungary with more than a million customers.