Polymer Group sets PIK preferred stock redemption rate

By Jennifer Chiou

New York, Sept. 14 - Polymer Group, Inc. announced it will redeem its remaining 16% series A convertible pay-in-kind preferred stock at a rate of 37.26397 class A shares per PIK preferred share.

The company announced on Aug. 10 it would redeem all outstanding preferreds and on Aug. 22 set the Sept. 15 redemption date.

The company added it will issue whole shares of its class A stock to those entitled to fractional shares.

The company determined the redemption rate by dividing the redemption price of $1,033.33 per share of PIK preferred stock - $1,000 stated value plus accrued dividends - by the average closing sale price of the class A stock for the five trading days from Sept. 6 to Sept. 12 of $27.73.

The North Charleston, S.C., company is an engineered materials company that produces nonwovens.

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