Polymer Group to redeem pay-in-kind preferred shares

By Kimberly N. Alleyne

Stroudsburg, Pa., Aug. 10 - Polymer Group, Inc.'s said it will redeem all its 16% series A convertible pay-in-kind preferred stock by Sept. 30.

The company said additional information about the redemption will be sent to holders.

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.

Polymer Group currently has 5,540 PIK preferred shares outstanding, convertible into $14.1 million of common stock.

Polymer Group is a producer of nonwovens. The company operates 21 manufacturing facilities in 10 countries and has headquarters in Montreal and Bradenton, Fla.

© 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.