Polypore says no 8¾% notes will be accepted in tender

New York, Sept. 30 - Polypore Inc. said its tender offer for up to $65 million principal amount of its 8¾% senior subordinated dollar notes due 2012 and up to €44 million principal amount of its 8¾% senior subordinated euro notes due 2012 will end with no notes being bought.

The Charlotte, N.C., manufacturer of polymer-based membranes said it will not buy any of the securities because some of the conditions to the tender offer will not be satisfied by the expiry date, which is 5 p.m. ET on Sept. 30.

Polypore also said it will not extend the tender.

On Aug. 17 the company extended the tender for 30 days from Aug. 31.

The tender was subject to various conditions including completion of the planned initial public offering of common stock by Polypore's parent, Polypore International Inc.

Polypore International has postponed its initial public offering due to adverse market conditions, the company noted at that August announcement.

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