By Paul A. Harris
St. Louis, Sept. 29 - Stream Global Services, Inc. priced a $200 million issue of 11¼% five-year senior secured notes (B1/B+/) at 95.454 to yield 12½% on Tuesday, according to market sources.
The yield printed on top of the revised 12½% area price talk, which was increased from 11% to 11¼%.
Goldman Sachs & Co. is the left lead bookrunner for the Rule 144A and Regulation S with registration rights offering. Wells Fargo Securities, RBC Capital Markets Corp. and Morgan Stanley & Co. Inc. are joint bookrunners.
The deal is contingent upon the closing of Stream's combination with eTelecare Global Solutions, Inc. and Stream's new asset-based revolving credit facility.
Proceeds will be used to refinance debt of Stream and eTelecare and for general corporate purposes.
Stream is a Boston-based business-to-business software services provider.
| Issuer: | Stream Global Services, Inc.
|
| Face amount: | $200 million
|
| Proceeds: | $190,908,000
|
| Maturity: | Oct. 1, 2014
|
| Security description: | Senior secured notes
|
| Left bookrunner: | Goldman Sachs & Co.
|
| Joint bookrunners: | Wells Fargo Securities, RBC Capital Markets Corp., Morgan Stanley & Co. Inc.
|
| Coupon: | 11¼%
|
| Price: | 95.454
|
| Yield: | 12½%
|
| Spread: | 1,015 bps
|
| Call protection: | Three years
|
| Trade date: | Sept. 29
|
| Settlement date: | Oct. 1
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A/Regulation S with registration rights
|
| Price talk: | 12½% area, increased from 11% to 11¼%
|
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