BOSTON, MA. - November 13, 2009 - Stream Global Services, Inc.
(NYSE AMEX: SGS), a premium business process outsource (BPO)
service provider specializing in customer relationship management
services for Fortune 1000 companies ("Stream"), announced today its
intent to commence a tender offer to purchase up to 17,500,000 of
its publicly held warrants (NYSE AMEX:SGS.WS) , that are
exercisable to purchase one share of its common stock for $6.00 in
cash, at a purchase price of $.50 per warrant. The publicly issued
warrants expire on October 17, 2011.
The tender offer will commence today and will expire, unless
extended, at 5:00 p.m., New York City time, on December 14, 2009.
Tenders of warrants must be made on or prior to the expiration of
the tender offer and may be withdrawn at any time on or prior to
the expiration of the tender offer.
Stream will purchase all warrants properly tendered and not
properly withdrawn in the tender offer. However, if more than
17,500,000 warrants are properly tendered, Stream may purchase such
additional warrants on a pro rata basis, as specified in the Offer
to Purchase relating to the tender offer that will be filed with
the Securities and Exchange Commission (the "SEC") and distributed
to warrant holders. Stream anticipates that the purchase will be
financed from its available cash reserves and/or available
borrowings under its asset-based revolving credit facility.
As of November 11, 2009, there are 19,982,394 warrants
outstanding. The tender offer is not subject to a minimum number of
warrants being tendered. However, Stream's obligation to complete
the tender offer is subject to certain limited conditions, as
described in the Offer to Purchase. Stream currently intends that
this will be its only tender offer to purchase its public warrants
prior to their expiration on October 17, 2011.
R. Scott Murray, Stream's Chairman and Chief Executive Officer
said, "We believe that this is an opportunity to simplify our
capital structure. The public warrants are a residual element from
our Initial Public Offering in October 2007 when we were a Special
Purpose Acquisition Corporation and before our purchase of Stream
Holdings Corporation in July 2008. The price being offered by
Stream of $.50 per public warrant represents approximately a 60%
premium over the closing price of $.31 per warrant as quoted on
NYSE Amex as of the close of trading on November 12, 2009."
Stream's officers and directors will not tender any warrants
pursuant to the tender offer. None of Stream, its board of
directors, the depositary or the information agent makes any
recommendations to warrant holders as to whether to tender or
refrain from tendering their warrants pursuant to the Offer to
Purchase. Warrant holders must decide how many warrants they will
tender, if any.
The information agent for the tender offer is Innisfree M&A
Incorporated. The depositary for the tender offer is Continental
Stock Transfer & Trust Company. The Offer to Purchase, Letter
of Transmittal and related documents are being mailed to warrant
holders of record and will be made available for distribution to
beneficial owners of Stream's warrants.
Additional Information. This press release is neither an offer
to purchase nor a solicitation of an offer to sell securities.
The tender offer described above has not yet commenced and will
be made only pursuant to a tender offer statement on Schedule TO
and related exhibits, including the Offer to Purchase, Letter of
Transmittal and other related documents, filed with the SEC.
Warrant holders should read the tender offer statement on Schedule
TO, Offer to Purchase, Letter of Transmittal and related exhibits
when such documents are filed and become available, as they will
contain important information about the tender offer. Warrant
holders can obtain these documents when they are filed and become
available free of charge from the SEC's website at www.sec.gov, or
by directing a request to the information agent for the offer,
Innisfree M&A Incorporated, toll-free (888) 750-5834 (banks and
brokers may call collect at (212) 750-5833).
Contact Information:
Nancy Finn
Global Marketing Communications
nancy.finn@stream.com
781-304-1846 About Stream Global Services
Stream Global Services is a premium business process outsource (BPO) service provider specializing
in customer relationship management including sales, customer care and technical support for Fortune
1000 companies. Stream is a trusted partner to some of the world's leading technology, computing,
telecommunications, retail, entertainment/media, and financial services companies. Our service programs
are delivered through a set of standardized best practices and sophisticated technologies by a highly
skilled workforce of approximately 30,000 employees based out of 50 solution centers in 22 countries
supporting more than 35 languages. Stream continues to expand its global presence and service offerings
to increase revenue, improve operational efficiencies and drive brand loyalty for its clients. To learn
more about the company and its complete service offering, please visit www.stream.com.
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