Preferred stock redemption results by nonwovens producer PGI
17 Sep '05
2 min read
US leading multi-national corporation Polymer Group Inc (PGI) announced the results of the company's offer to redeem all outstanding shares of its 16% Series A Convertible Pay-in-Kind Preferred Stock (the "PIK Preferred Stock").
On August 22, 2005, Polymer Group (PGI) notified holders of PIK Preferred Stock that the company would redeem all outstanding shares of PIK Preferred Stock on September 15, 2005. At the time of the notification, there were 62,921 shares of PIK Preferred Stock outstanding.
From the time of the notification through September 14, 2005, 62,916 shares of PIK Preferred Stock were voluntarily converted into Class A Common Stock by holders of the shares at the stated voluntary conversion rate of 137.14286 shares of Class A Common Stock per one share of PIK Preferred Stock.
On September 15, 2005, the company redeemed the remaining 5 shares of PIK Preferred Stock at the previously announced redemption rate of 37.26397 shares of Class A Common Stock for each share of the PIK Preferred Stock.
As a result of the voluntary conversions and the optional redemptions by PGI, the company currently has no shares of PIK Preferred Stock outstanding and has issued approximately 8.6 million shares of additional Class A Common Stock. After the issuance of the additional Class A Common Stock, the company has approximately 18.9 million shares of Class A Common Stock outstanding.
Engineered materials marketer Nonwovens producer Polymer Group Inc is a global, technology-driven developer with the broadest range of process technologies in the nonwovens industry, PGI is a global supplier to leading consumer and industrial product manufacturers. The company operates 21 manufacturing facilities in 10 countries throughout the world.
marketing@alchempro.com
