MONTREAL-Telesystem International Wireless Inc.’s indirect subsidiary MobiFon Holdings B.V., which holds TIW’s 57.1-percent equity interest in Romanian GSM service provider MobiFon S.A., has begun the private offering of $230 million of senior notes due 2009.
MobiFon Holdings will use the proceeds to repay intercompany loans from ClearWave N.V., MobiFon Holding’s parent company and majority-owned subsidiary of TIW. ClearWave will use the funds it receives from MobiFon Holdings to repay a loan from TIW and to repurchase shares from its shareholders. TIW will use the funds it receives from ClearWave to repay outstanding senior notes.
