Polymer Group extends exchange for 10% convertibles

New York, July 2 - Polymer Group Inc. said it has extended its exchange offer for its 10% convertible subordinated notes due 2007 to 5 p.m. ET on July 8 from 10 a.m. ET on July 2.

As of 5 p.m. ET on July 1, holders had tendered $9.642 million principal amount of the convertibles, or 95.2% of the $10.132 million outstanding.

As previously announced, the North Charleston, S.C., engineered materials company is offering one share of 16% series A PIK preferred stock for each $1,000 face amount of the 10% convertibles.

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.

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

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