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Polymer Group solicits consents to amend 7¾% senior secured notes
By Marisa Wong
Madison, Wis., Oct. 15 - Polymer Group, Inc. said it began on Tuesday a consent solicitation to amend the indenture governing its $560 million outstanding 7¾% senior secured notes due 2019.
Specifically, the company wants to amend the definition of EBITDA and the debt covenant in order to gain additional capacity to incur and secure indebtedness under the indenture, according to a press release.
The proposed amendments require the consent of holders of a majority in principal amount of the outstanding notes.
The company is soliciting consents from holders of record as of 5 p.m. ET on Oct. 14.
In consideration for consents to the amendments, the company will pay a consent fee of $2.50 for each $1,000 principal amount of notes. The consent payment will be made no later than the third business day following the expiration of the solicitation.
The solicitation will expire at 5 p.m. ET on Oct. 21.
Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the lead solicitation agent, Barclays is the co-solicitation agent, and Global Bondholder Services Corp. (866 470-4500 or 212 430-3774) is the information and tabulation agent.
The developer, producer and marketer of engineered materials is based in Charlotte, N.C.
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