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POLYMER GROUP INC FILES (8-K) Disclosing Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

July 24, 2014



Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

Off-Balance Sheet Arrangement of a Registrant.



On July 23, 2014, Polymer Group, Inc. (the "Company") borrowed $68.0 million of delayed draw term loans (the "Delayed Draw Term Loans") pursuant to its senior secured credit agreement, dated as of December 19, 2013, among the Company, its direct parent, Scorpio Acquisition Corporation, the lenders from time to time party thereto, and Citicorp North America, Inc. as administrative agent (as amended from time to time, the "Term Loan Facility"). The proceeds of the Delayed Draw Term Loans were used to repay existing indebtedness. The description of the terms of the Delayed Draw Term Loans and the Term Loan Facility are incorporated by reference to Item 2.03 of the Company's Current Report on Form 8-K filed on June 11, 2014. Item 8.01 Other Events.

On July 21, 2014, the Company repaid $9.1 million aggregate principal amount of indebtedness of Providencia USA, Inc., a wholly owned subsidiary of Companhia ProvidÊncia IndÚstria e ComÉrcio, a Brazilian corporation (sociedade anÔnima), related to a like amount of recovery zone facility bonds issued by the Iredell County Industrial Facilities and Pollution Control Financing Authority.

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Source: Edgar Glimpses


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