Polymer Group plans public offering

Nov. 7, 2007 at 1:50 PM

CHARLOTTE, N.C., Nov. 7 (UPI) -- Polymer Group Inc. and a group of shareholders plan to sell about 5.4 million shares of stock, the U.S. maker of engineered materials said.

Polymer's 3.6 million shares of Class A common stock will combine with 1.8 million shares to be sold by shareholders MatlinPatterson Global Opportunities Partners LP and its affiliates, Polymer said.

The company expects the offering to price between $26 and $29 a share and to net $92.8 million, a U.S. Securities and Exchange Commission filing said.

The company told United Press International the offering would be tendered "in the coming weeks."

Polymer said it planned to use the proceeds from its portion of the offering to repay debt under its senior secured credit facility.

It said it planned to list the shares on the New York Stock Exchange under the symbol "PGO." The company's shares currently trade on the over-the-counter market.

Polymer, with headquarters in Charlotte, N.C., makes non-woven materials used for diapers, wipes, surgical gowns, linens, filters and other products.

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