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Polymer Group Inc. Sep 09
Standard & Poors, September 2009
Good positions in niche markets; Geographic diversity; and The likelihood that the company will realize benefits from recent capacity expansions. Highly leveraged; Significant exposure to volatile polypropylene costs; and Significant customer concentration. The ratings on Charlotte, N.C.-based Polymer Group Inc. reflect a weak business risk profile, highly leveraged financial profile, and financial covenant relief from its recently completed amendment. In addition to extending maturities, the amendment provided for the removal of future tightening in the financial covenants, freezing the leverage covenant at 3.5x and interest coverage at 3x. With annual revenues of about $1 billion and $458 million of total adjusted debt, Polymer Group manufactures nonwoven products used in disposable consumer applications including baby diapers, feminine hygiene products, and household...
Companies mentioned in this report are: Polymer Group Inc.
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Research Type: Full Analysis
Polymer Group Inc.