New Issue: Stream Global prices $30 million tap of 11¼% notes at 102 to yield 7.454%

By Paul A. Harris

Portland, Ore., March 8 - Stream Global Services, Inc. priced a $30 million add-on to its 11¼% senior secured notes due Oct. 1, 2014 at 102 on Friday, according to syndicate source.

The reoffer price rendered a 7.454% yield to worst.

Morgan Stanley & Co., Wells Fargo Securities LLC, BofA Merrill Lynch and RBC Capital Markets were the joint bookrunners.

The Boston-based business-to-business software services company plans to use the proceeds to pay down its ABL facility.

Issuer:	Stream Global Services, Inc.
Amount:	$30 million
Proceeds:	$30.6 million
Maturity:	Oct. 1, 2014
Security description:	Add-on to 11¼% senior secured notes due Oct. 1, 2014
Bookrunners:	Morgan Stanley & Co., Wells Fargo Securities LLC, BofA Merrill Lynch, RBC Capital Markets
Coupon:	11¼%
Price:	102
Yield:	7.454%
Spread:	733 bps
Call:	From Oct. 1, 2012 at 105.625%
Trade date:	March 8
Settlement date:	March 13 with accrued interest
Distribution:	Rule 144A and Regulation S with registration rights
Marketing:	Quick to market
Original issue:	$200 million priced at 95.454 to yield 12½% in November 2009
Fungibility:	Upon registration the add-on notes will be fungible with the existing notes
Total issue size:	$230 million

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