8 March 2005 – LAWFUEL – The Law News Network – Allen & Overy advised Calyon (Paris) and Calyon Bank Hungary Rt. (Budapest) (the arrangers) on the refinancing of Hungarotel Rt. on 21 February 2005 and of PanTel on 28 February 2005.
Hungarotel Rt. a subsidiary of Hungarian Telephone and Cable Corp (HTCC), is a provider of telephone, ISDN, Internet and other telecommunications services in five defined regions of the Republic of Hungary.
Allen & Overy LLP Budapest (Marcell Nemeth, Csaba Polgar, Virag Magyar, Gabor Borbely) advised Calyon with the assistance of several of Allen & Overy’s offices: Paris (Rod Cork, Clare Calver, Harriet Finn), New York (Thomas Abbondante), London (Jack Welch) and Bratislava (Igor Palka, Renatus Kollar).
With gross revenues of around $110 million, PanTel is Hungary’s leading alternative communications provider with a fiber optical backbone network covering all of Hungary.
PanTel was acquired by HTCC from Royal KPN NV on 28 February 2005 for €17 million, also using debt provided by Calyon. A separate team at Allen & Overy LLP Budapest (Tamas Riesz, Agnes Bejo) and the Amsterdam office (Sietze Hepkema) advised KPN.
HTCC were advised by Clifford Chance LLP.