Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wordpress-seo domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /var/www/html/wp-includes/functions.php on line 6260 PGI To Purchase $70 Million In Debt - Nonwovens Industry

What are you searching for?

Sign in
Nonwovens News

PGI To Purchase $70 Million In Debt

Deal to be complete within next two years.

Author Image

By: Karen McIntyre

Editor, Nonwovens Industry

Polymer Group, Inc.’s board of directors has authorized the company, through its subsidiaries, to purchase up to $70 million of its outstanding senior secured credit facility as allowed under the provisions of its credit agreement.

PGI’s senior secured credit facility consists of a $45 mllion revolving credit facility and a first lien term loan with an outstanding balance of $367.2 million as of September 27, 2008. The company, through its subsidiaries, intends to make market purchases of up to $70 million of its first lien term loan over the next two years. Purchased term loans will be held by one or more of the company’s subsidiaries and will not be retired. The successful repurchase of the debt will result in an effective reduction of consolidated indebtedness as measured and defined in the company’s credit agreement.

Add us as a preferred source on Google

Get the latest Nonwovens Industry news, insights and analysis in your Google Search and AI experiences.

Add Nonwovens Industry as a preferred source on Google (opens in a new tab)

Keep Up With Our Content. Subscribe To Nonwovens Industry Newsletters