Polymer Group fixes redemption date for PIK preferreds at Sept. 15

By Kimberly N. Alleyne

Stroudsburg, Pa., Aug. 22 - Polymer Group, Inc. announced it has set the redemption date of its 16% series A convertible PIK preferred stock for Sept. 15. It previously said it would redeem the securities by Sept. 30.

Formal redemption notices will be sent to holders of the PIK Preferred Stock this week.

Holders can convert the pay-in-kind shares into class A common stock at the rate of 137.14286 common shares per pay-in-kind share, equivalent to a conversion price of $7.29 per share.

The company also announced Monday that it will not be looking to sell itself although it is still considering other alternatives under its previously announced review. The company announced May 3 it would begin reviewing strategic alternatives to maximize shareholder value that could include, among other things, the sale or recapitalization of the company.

North Charleston, S.C.-based Polymer Group is a producer of nonwovens. The company operates 21 manufacturing facilities in 10 countries throughout the world.

© 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.