Penta Investment Subsidiary Loans Stream Communications Funds to Repay Bank Loan
Thursday December 27, 9:53 am ET
WARSAW, Poland, Dec. 27 /PRNewswire-FirstCall/ — Stream Communications Network & Media Inc. ("Stream") (OTC Pink Sheets: SCNWF & FSE: TPJ), the broadband cable company offering cable TV, high-speed Internet and VoIP services in Poland, today announced that Penta Investments subsidiary (Cyfoca Holdings) has lent Stream Communications Sp z o.o. ("Stream Poland") PLN 6,500,000 to be applied to the repayment Stream Poland’s PKO bonds, as detailed in news releases dated February 2, 2007 and November 26, 2007. The Cyfoca loan bears interest at 10% per annum and is secured by a guarantee of Stream supported by a pledge of 4,700 shares of Stream Poland held by Stream. The loan enables Stream Poland to meet the PKO deadline for early repayment of bonds by December 31, 2007 that was triggered when Stream entered into the preliminary agreement with Penta Investment (the "Penta Agreement") as disclosed in the news release dated December 18, 2007. It is expected that the Cyfoca loan and accrued interest will be applied to the purchase of the shares of Stream Poland pursuant to the Penta Agreement, which is scheduled to close in January 2008.
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