Polymer Group declares preferred stock redemption rate
15 Sep '05
2 min read
Engineered nonwoven fabrics provider Polymer Group Inc announced the redemption rate that will apply to holders of the company's 16% Series A Convertible Pay-in- Kind Preferred Stock (the "PIK Preferred Stock") who have not converted their PIK Preferred Stock into Class A Common Stock.
The company previously announced that it will redeem all outstanding shares of the PIK Preferred Stock on September 15, 2005, payable in shares of Class A Common Stock. Holders of PIK Preferred Stock will receive 37.26397 shares of the company's Class A Common Stock for each share of the PIK Preferred Stock redeemed by the company.
Any holder entitled to receive a fractional share of Class A Common Stock will receive a whole share of Class A Common Stock in lieu thereof.
The Redemption Rate was determined by dividing the redemption price of $1,033.33 per share of PIK Preferred Stock ($1,000 stated value plus accrued and unpaid dividends) by the average closing sale price of the Class A Common Stock for the five trading days from September 6, 2005 through September 12, 2005 of $27.73.
US leading multinational chemical company Polymer Group Inc is producing of nonwovens, is a global, technology-driven developer, producer and marketer of engineered materials. The world's leading consumer and industrial product manufacturers choose PGI to develop innovative, high-quality engineered materials for medical, hygiene, wiping, industrial and specialty uses.
PGI employs more than 3,200 individuals, all working to realize the company's vision to become the industry leader by providing customers the best value proposition through quality production and innovation.
marketing@alchempro.com
