Polypore to redeem $365 million 7½% notes via credit facility proceeds

By Toni Weeks

San Luis Obispo, Calif., April 8 - Polypore International, Inc. plans to redeem its $365 million principal amount of outstanding 7½% callable senior notes due 2017, according to an 8-K filing with the Securities and Exchange Commission.

The company said it will use proceeds of a new $650 million senior secured credit facility and cash on hand to redeem the notes. Polypore negotiated the credit facility, consisting of a $150 million revolving credit facility and a $500 million term loan, on Tuesday with administrative agent Bank of America, NA.

Proceeds of the facility will also be used to repay and terminate the company's previous credit agreement.

Polypore is a Charlotte, N.C.-based high-technology filtration company specializing in microporous membranes.

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