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CHARLOTTE, N.C. (AP) -- Polymer Group Inc., which makes engineered materials, said Monday that the company and a group of stockholders plan to sell about 5.5 million shares of its Class A common stock to be listed on the New York Stock Exchange. Polymer Group primarily makes nonwoven materials used for diapers, surgical gowns, bedding and other products. The company's shares currently trade on the over-the-counter market. 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. According to a Securities and Exchange Commission filing, the company expects the offering to price between $26 and $29 per share. 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. JP Morgan Securities and Citigroup Global Markets are serving as the lead underwriters for the offering. Deutsche Bank Securities, Robert W. Baird & Co. and KeyBanc Capital Markets are also serving as underwriters. The underwriters have an option to buy up to about 800,000 shares of Class A stock to cover any overallotments. Polymer Group plans to list the Class A shares on the NYSE under the symbol "PGO."
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