Wellman amends loan, allowing for mandatory convertible debt

By Sara Rosenberg

New York, Oct. 26 - Wellman Inc. amended its credit facility, facilitating the raising of mandatory convertible debt, according to an 8-K filed with the Securities and Exchange Commission Thursday.

In addition, the amendment provides more flexible terms relating to foreign subsidiaries, and requires repatriation of cash above a minimum threshold on the sale of foreign subsidiaries.

The amendment was completed on Oct. 20.

Deutsche Bank is the administrative agent on the deal.

Wellman is a Fort Mill, S.C.-based manufacturer and marketer of polyethylene terephthalate packaging resins and polyester staple fibers.

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