Stream Communications plans 14 million Polish zloty issue of bonds

By Angela McDaniels

Seattle, Oct. 3 - Stream Communications Network & Media Inc. plans to issue 14 million Polish zloty of five-year bonds with a coupon of Wibor plus 230 basis points, according to a company news release.

The company said it signed a term sheet with an unnamed Polish commercial bank that will underwrite the entire bond issue.

The transaction is expected to close in mid-November and is subject to final due diligence of Stream Communication's networks and final approval by the lending bank's credit committee.

Proceeds will be used to complete the upgrade and modernization of the company's network in Poland. The company said this modernization will allow it to continue offering new services under its triple-play strategy.

Stream president and chief executive officer Jan Rynkiewicz further predicted that the upgrade will result in increased average revenue per user, profitability and a stronger market position.

Funds will also be used to develop the company's Wi-Max project and to acquire and implement a new customer relationship management billing platform.

Stream is a broadband cable company based in Vancouver, B.C., that offers cable TV, high-speed internet and voice-over-internet protocol services.

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