PGI Secures Refinancing
Polymer Group, Inc. has successfully closed and received proceeds from its new $455 million syndicated credit facility arranged by Citigroup Global Markets, Inc. The refinancing will positively impact the company’s cash flow due to its significantly lower interest rate. Additionally, the company views this as an affirmation from financial markets of the improvements made to its business, said CEO James Schaeffer. The new senior bank facility consists of a $45 million revolving credit facility maturing in 2010 and a $410 million senior secured term loan that matures in 2012. The proceeds were used to fully repay indebtedness outstanding under the company's previous senior credit facility.