Stream Global solicits consents to amend 11¼% senior secured notes

By Marisa Wong

Madison, Wis., Dec. 7 - Stream Global Services, Inc. has begun soliciting consents from holders of its $200 million of outstanding 11¼% senior secured notes due 2014 for proposed amendments to the indenture governing the notes, according to a news release.

Holders of record as of 5 p.m. ET on Dec. 6 are eligible to deliver their consents.

The proposed amendments would ensure that a previously announced merger involving Stream's parent company would be permitted under Stream's indenture. Specifically, the release said that the amendments would count direct or indirect repurchases made by Stream of its capital stock of up to $25 million as permitted restricted payments.

The solicitation will expire at 5 p.m. ET on Dec. 16.

Holders who deliver consents before the expiration time will receive a consent payment of $7.50 per $1,000 principal amount of notes.

Consents may be revoked at any time prior to the date that the proposed amendments become effective.

Stream's obligation to make the consent payment is contingent upon receipt of consents from holders of a majority in principal amount of the notes, execution of a supplemental indenture and certain other conditions.

Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) and Wells Fargo Securities, LLC (866 309-6316 or 704 715-8341) are the solicitation agents.

D.F. King & Co., Inc. (800 758-5880 or 212 269-5550 for banks and brokers) is the information agent.

Stream is a Boston-based business process outsource service provider specializing in sales, customer care and technical support for Fortune 1000 companies.

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