Stream Global Services amends and restates revolver

By Sara Rosenberg

New York, Jan. 12 - Stream Global Services Inc. amended and restated its revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Under the amendment and restatement, the revolver was reduced to about $77 million from $100 million as $25 million was borrowed under a term loan B ($2 million of which went to repay loans to foreign borrowers).

The revolver, due July 30, 2011, is initially priced at Libor plus 350 bps. Pricing can range from Libor plus 300 bps to 350 bps based on the company's fixed-charge coverage ratio.

Pricing on the term loan B is Libor plus 950 bps with a 4% Libor floor.

The company also has a term loan A that is currently priced at Libor plus 400 bps. Pricing can range from Libor plus 350 bps to 400 bps based on the fixed-charge coverage ratio.

PNC Bank is the agent on the revolver that was amended and restated on Jan. 8. Steel City Capital Funding is the agent on the term loan B.

Stream is a Richardson, Texas-based provider of integrated business process outsourcing services.

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