Polymer Group Inc announced that the company, and selling stockholders consisting primarily MatlinPatterson Global Opportunities Partners, L.P. and certain of its affiliates, propose to sell 5,455,000 shares of the Company's Class A Common Stock, consisting of 3,636,000 shares proposed to be sold by the company and 1,819,000 shares to be sold by the selling shareholders.
Polymer Group will not receive any proceeds from the sale of the shares by the selling stockholders. The company intends to use the proceeds of the shares sold by the company to repay debt under its existing senior secured credit facility.
Additionally, the company announced that upon the pricing of the offering, it expects that its Class A Common Stock will be listed on the New York Stock Exchange and will trade under the ticker symbol "PGO."
The offering is being made through an underwriting syndicate led by J.P. Morgan Securities Inc. and Citigroup Global Markets, Inc. The other co- managing underwriters are Deutsche Bank Securities Inc, Robert W. Baird & Co. Incorporated and KeyBanc Capital Markets Inc.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
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