Stream Communications Network & Media Inc. (OTC Bulletin Board: SCNWF & FSE: TPJ), the broadband cable company offering Cable TV, high-speed Internet and VoIP services in Poland, today announced that PKO BP S.A., the Polish commercial bank, has issued the first tranche of bond funds to the Company, totaling PLN 9.0 million (approximately US $3.6 million). The total issue will be PLN 14.0 million (approximately US $5.6 million).
Mr. Jan Rynkiewicz, Stream's President and CEO, commented: "As we have stated previously, the majority of the proceeds from the issuance will be utilized to pay for current and future upgrades to Stream's existing networks to permit triple play delivery, introduction of new technologies such as VoIP, and reduction of headends. The remainder will be used for the repayment of debt and leasing commitments."
The terms of the bonds, previously announced in the Stream news release of February 2, 2007 remain the same.
The Company expects to use the second tranche for system upgrades, and expects to receive the funds following the disbursement of the first tranche funds.
About Stream Communications
Stream is a broadband cable company and offers cable TV, high-speed Internet and VoIP services in Poland. Stream is the 7th largest cable TV operator in Poland, focusing on the densely populated markets of Southern Poland.
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