Polymer Group plans exchange for 10% convertibles

New York, June 4 - Polymer Group, Inc. said it plans an exchange offer in which it will offer preferred stock for all its 10% convertible notes due 2007.

The North Charleston, N.C. company currently has $9.707 million of the convertibles outstanding.

Polymer Group said in filing with the Securities and Exchange Commission that it is offering 9,707 shares of 16% series A PIK preferred stock due 2012 in exchange for the notes on a $1,000 for $1,000 basis. It will similarly offer preferred stock for accrued interest on the existing convertible notes.

The new preferreds will be convertible into Polymer Group stock at a conversion price of $7.29.

They will have a provisional call at par with a 130% trigger.

Polymer Group said the exchange offer is designed to reduce its overall debt, increase cash flow and facilitate any future financings.

The exchange will expire at 10 a.m. ET on July 2.

Wilmington Trust Co. is the depositary for the exchange (call Alisha Clendaniel at 302 636-6470).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.