Polymer Group Inc., Charlotte, NC, plans to sell about 5.5 million shares of its Class A common stock to be listed on the New York Stock Exchange. The company's shares currently trade on the over-the-counter market. Polymer Group plans to list the Class A shares on the NYSE under the symbol "PGO."
The public offering consists of about 3.6 million shares to be sold by the company and 1.8 million shares to be sold by the selling shareholders, primarily MatlinPatterson Global Opportunities Partners LP and its affiliates.
The company expects net proceeds of $92.8 million. Polymer Group plans to use proceeds from its portion of the offering to repay debt under its senior secured credit facility.