>>
Home / Knowledge / News / Textiles / PGI obtains consents to amend its senior secured credit facility

PGI obtains consents to amend its senior secured credit facility

28
Jul '09
Polymer Group Inc (PGI) announced that lenders holding approximately $303.0 million of its approximately $350.0 million term loan and $30.0 million of its $45.0 million committed revolving credit facility elected to extend the maturity dates of their commitments via an amendment and extension transaction.

The extended term loan will mature in November 2014 and bears an interest rate of LIBOR plus 4.5%. The 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 on August 2012, the new revolving credit facility tranche will mature August 2012.

The amendment will, among other things:
• Allow for additional term loan tranches that extend the maturity date of other term loan tranches under the credit agreement;
• Allow for additional revolving credit facility tranches that extend the maturity date of other revolving credit facility tranches under the credit agreement;
• Permit the incurrence of additional first lien debt in order to refinance term loan tranches under the credit agreement;
• Remove the future step-downs or step-ups in the company's financial covenants; and
• Result in a repayment of $24.0 million of outstanding borrowings under the term loan .

Other terms of the amendment include 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.

PGI's chief executive officer, Veronica "Ronee" Hagen, stated, "We view our successful completion of this transaction as a reflection of PGI's strong position in our markets and improved financial position. The company will be better positioned and equipped to execute on its long-term strategic plan as a result."

Robert J. Kocourek, chief financial officer, added, "Prudent balance sheet management is a core focus for PGI. The changes in our capital structure have resulted in an improved financial profile and lessen any medium term financing requirements."

Citi acted as sole lead arranger in connection with the amendment and extension. The company also engaged North Sea Partners as financial advisors on the transaction.

The closing of the amendment is subject to typical closing conditions and is expected to occur by the end of this month.

Polymer Group Inc


Must ReadView All

Pic: Shutterstock

Textiles | On 25th Jan 2022

New US legislation to fix import loophole, boost oversight unveiled

Earl Blumenauer, chairman of the US House of Representatives ways and ...

Pic: Shutterstock

Apparel/Garments | On 25th Jan 2022

China’s garment industry earned $209 bn in revenue in Jan-Nov 2021

About 12,659 garment companies of China earned a combined operating...

Pic: Shutterstock.com

Textiles | On 24th Jan 2022

World economy to lose $12.5 trn in output by 2024 due to COVID: IMF

The world economy will lose $12.5 trillion in output by 2024 due to...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Great step towards realising end goal of 'AtmaNirbhar Bharat'

Textile Industry, Head honchos

Textile Industry
Head honchos

Always best to produce under own supervision

Textile Industry, Head honchos

Textile Industry
Head honchos

Marry with brand ethos

Erwin Devloo,

Erwin Devloo

The Picanol Group is a diversified industrial group active worldwide in...

K Madhavan,

K Madhavan

Established in 2005 by P Manjunath, Peps is India's largest inner spring...

Aashumi Mahajan,

Aashumi Mahajan

The Luxe Maison is a premiere haute couture e-boutique established after...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Sameer Sonkusale & Rachel Owyeung, Tufts University

Sameer Sonkusale & Rachel Owyeung
Tufts University

A team at the Tufts University in Massachusetts was recently in news for...

Seth Casden, Hologenix

Seth Casden
Hologenix

Hologenix is a material sciences company dedicated to developing products...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

<b>Ruma Devi i</b>s a jet-setting promoter of artisans who has empowered...

Sandeep Gonsalves & Sarah Gonsalves, Sarah & Sandeep

Sandeep Gonsalves & Sarah Gonsalves
Sarah & Sandeep

Established in 2012, Sarah &amp; Sandeep is a luxury menswear label...

Seema Gujral, Label Seema Gujral

Seema Gujral
Label Seema Gujral

<b>Seema Gujral</b>'s designs for her eponymous label revolve around...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments

ESTEEMED CLIENTS

Lisa S.P.A.
BIMBA ;& LOLA SL
Tommy Hilfiger
Gatsby Africa
The LYCRA Company Singapore  Pte. Ltd
OVS Hong Kong Sourcing Ltd.
SHAHI Exports Pvt Ltd
Target Corporation (MN)
T.T. Limited
THE BOMBAY DYEING ;& MFG.CO. LTD
Amazon China
HYOSUNG CORPORATION INDIA PRIVATE LIMITED
Esprit Europe Services GmbH
Permoda(Koaj/Armi/Pronto/Bkul)
Boardriders Asia Sourcing Limited
Chori Company Limited
Tory Burch Hong Kong Ltd
Phong Phu international JSC (PPJ)
Guess Europe Sagl,
Sainsbury's Argos Asia Limited
Helly Hansen Far East Ltd
Hela Clothing Pvt Ltd
TESCO INTERNATIONAL SOURCING LIMITED
Decathlon
SYNERGIES HONG KONG LIMITED
Midas Clothing Limited
Sateri (Jiujiang) Fiber Co.,Ltd
Abit
C;&A Sourcing International Ltd
Aramark Uniform ;& Career Apparel, LLC
KIABI
Varner AS Retail
Eastman Chemical Company
H;&M Hennes ;& Mauritz (Far East) Ltd
The Top Form Brassiere Manufacturing Company Limited
IKEA of Sweden AB
Calvin Klein
Babyshop
Chico’ FAS
Vianney Textil Hogar S.A. De C.V.
BIANCA
Asos
LC Waikiki
Recron Polyester from Reliance Industries Limited
Lifestyle
Lenzing Aktiengesellschaft
Etam Group Strategy Hong Kong Limited
BIRLA CENTURY A DIVISION OF CENTURY TEXTILES AND INDUSTRIES
Huntsman (Singapore) Pte Ltd
Landmark Group
Desigual - ABASIC, S.A.
IDH – The Sustainable Trade Initiative
Vardhman Textile Ltd
International Textile Manufacturers Federation
Under Armour Global Sourcing Ltd
Aquarelle Clothing Limited
John Varvatos
Green Fibre
Groz-Beckert East Asia LLP
Splash
Walmart
Bluestem Global Sourcing Limited
Page Industries Limited (Bangalore)
Rosset ;& Cia Limited
Deckers Outdoor (Guangzhou) Consultant Co., LTD.
Benetton Group
Sportswear Company Spa
Alison Hayes Romania
Sportmaster Ltd.
Reiter India Private Limited
J ;& P Coats
Puma
Brandix Lanka Limited
MAS Active / MAS Kreeda / MAS Bodyline
NITI Aayog
Lululemon Athletica Inc
Rayonese Textile Inc., Division de Culp Inc.
Gloria Jeans
Maceton Limited
Grasim Industries Limited
Lacoste (Wanchai)
Restoque S.A.
G-Star Raw C.V.
Arvind Limited
Gap International Sourcing Limited
Alix Partners
KAS Direct Sourcing
Tchibo GmbH
Hirdaramani International Export Private Limited
Seasalt Limited

January 2022

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search