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Polymer Group completes amend & extend transaction
24
Sep '09
Polymer Group, Inc.(PGI) announced that it has completed its previously announced amendment and extension transaction and has repaid $24.0 million of net outstanding borrowings under the term loan of it senior secured credit facility.

The new, extended term loan will mature in November 2014 and bears an interest rate of LIBOR plus 4.5%. The new, extended revolving credit facility will mature in November 2013 and bears an interest rate of LIBOR plus 4.5%. If outstanding borrowings under the original term loan tranche that matures November 2012 exceed $10.0 million in August 2012, the new revolving credit facility tranche will mature in August 2012.

Other terms of the amendment include the elimination of future step-downs or step-ups in the company's financial covenants; the establishment of a LIBOR floor of 2.5% for the new term loan and revolving credit facility tranches; price protection for the new term loan tranche requiring a matching yield if any future term loan tranches are established at yields at least 25 basis points above the new term loan tranche; and changes to certain definitions and baskets related to permitted investments, acquisitions and assets sales.

Polymer Group, Inc., one of the world's leading producers of nonwovens, is a global, technology-driven developer, producer and marketer of engineered materials. 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 14 manufacturing and converting facilities in 8 countries throughout the world.

Polymer Group Inc

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