Polymer investors convert nearly all PIK preferreds to class A shares, company redeems remainder

By Jennifer Chiou

New York, Sept. 16 - Polymer Group, Inc. announced 62,916 of its 62,921 shares of 16% series A convertible pay-in-kind preferred stock were voluntarily converted into its class A shares.

The preferreds were exchanged at a rate of 37.26397 class A shares per PIK preferred share.

The company redeemed the five remaining shares at a rate of 137.14286 class A shares per 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.

As previously announced, 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.

North Charleston, S.C.-based Polymer, which is an engineered materials company that produces nonwovens, has 18.9 million class A shares outstanding.

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