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<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Form 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Current Report </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): September&nbsp;17, 2013 </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Polymer Group, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission
File Number: 001-14330 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>57-1003983</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>9335 Harris Corners Parkway, Suite 300 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Charlotte, North Carolina 28269 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices, including zip code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(704) 697-5100 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or former address, if changed since last report) </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Entry into a Material Definitive Agreement </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Bridge Credit Facility and Guaranty
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><I>Overview </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
connection with the announcement of the proposed acquisition of Fiberweb plc described below under Item&nbsp;8.01, on September&nbsp;17, 2013, Polymer Group, Inc. (the &#147;Company&#148; or the &#147;Borrower&#148;) entered into a Senior Secured
Bridge Credit Agreement among its direct parent, Scorpio Acquisition Corporation (&#147;Holdings&#148;), the lenders from time to time party thereto, Citicorp North America, Inc. as administrative agent, Barclays Bank plc as syndication agent and
Citigroup Global Markets Inc. and Barclays Bank plc as joint lead arrangers and joint bookrunners (the &#147;Bridge Credit Facility&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Bridge Credit Facility provides for a commitment by the lenders party thereto to make secured bridge loans in an aggregate amount not to
exceed $318.0 million (the &#147;Initial Loans&#148;) upon satisfaction of certain conditions. The proceeds of the Initial Loans under the Bridge Credit Facility will be used to pay the cash consideration payable to shareholders of Fiberweb plc
pursuant to the proposed acquisition, the related fees and expenses and for general corporate purposes. Borrowings under the Bridge Credit Facility will be the senior secured obligations of the Company, ranking equally in right of payment with all
of the Company&#146;s existing and future senior obligations, including obligations under the Company&#146;s existing 7.75% Senior Secured Notes due 2019 (the &#147;Existing Secured Notes&#148;). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><I>Interest Rates and Maturity </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Initial Loans initially will bear interest from the date of borrowing at a rate equal to the eurodollar rate plus an applicable margin. The
applicable margin will initially be 6.00%, which shall increase by 0.50% after each three month period following the date of borrowing, up to a specified maximum rate (the &#147;interest rate cap&#148;). The interest rate applicable to the Initial
Loans may also be increased to the interest rate cap prior to the Initial Maturity Date (as defined below) under certain circumstances, as described in the Bridge Credit Facility. Any loan commitments not borrowed by the Company on the initial date
of borrowing will be terminated automatically. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Initial Loans mature one year from the date of borrowing (the &#147;Initial Maturity
Date&#148;). Following the Initial Maturity Date, the Initial Loans will be converted into terms loans (&#147;Term Loans&#148;) maturing on February&nbsp;1, 2019 (the &#147;Final Maturity Date&#148;) and bearing interest at the interest rate cap.
Subject to certain requirements, the lenders may exchange Term Loans for debt securities (&#147;Exchange Notes&#148;) bearing interest at the interest rate cap. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><I>Prepayments </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company
will be required to repay borrowings under the Bridge Credit Facility with the net proceeds of any incurrence of certain specified indebtedness by the Company or its subsidiaries, subject to certain exceptions. The Company may voluntarily prepay
borrowings under the Bridge Credit Facility at a price equal to the principal amount of the loans being prepaid. In certain circumstances, the loans will not be prepayable prior to February&nbsp;15, 2015 except at a &#147;make-whole&#148; premium
based on the treasury rate plus 50 basis points, and thereafter shall be prepayable at a declining premium beginning with one-half of the annual interest rate then applicable to such loans. In addition, until February&nbsp;1, 2014, the Company may
voluntarily prepay with the proceeds of certain equity offerings up to 35% of the principal amount of the loans at a price equal to par plus the annual interest rate then applicable to such loans. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><I>Guarantees and Security </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Borrowings under the Bridge Credit Facility will be unconditionally guaranteed on a senior secured basis by Holdings and each of the
Company&#146;s existing and future wholly-owned material domestic restricted subsidiaries, subject to certain exceptions, pursuant to the Guaranty, dated as of September&nbsp;17, 2013 among Holdings, the subsidiaries of Holdings party thereto and
Citicorp North America Inc., as administrative agent (the &#147;Guaranty&#148;). Obligations under the Bridge Credit Facility will be secured on a pari passu basis by the collateral securing the Existing Secured Notes. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><I>Certain Covenants and Events of Default </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Bridge Credit Facility limits the ability of the Company and its restricted subsidiaries to, among other things: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">incur or guarantee additional debt or issue disqualified stock or preferred stock; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">pay dividends and make other distributions on, or redeem or repurchase, capital stock; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">make certain investments; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top">repurchase stock; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top">incur certain liens; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">enter into transactions with affiliates; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">merge or consolidate; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top">enter into agreements that restrict the ability of subsidiaries to make dividends or other payments to the Company.; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top">designate restricted subsidiaries as unrestricted subsidiaries; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">transfer or sell assets. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Bridge Credit Facility also contains certain customary
representations and warranties, affirmative covenants and events of default. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the Bridge Credit Facility and the Guaranty does not purport to be
complete and is qualified in its entirety by reference to the full text of the Bridge Credit Facility and the Guaranty, which are filed respectively as Exhibit 10.1 and Exhibit 10.2 hereto and are incorporated herein by reference. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;2.03</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information set forth above under Item&nbsp;1.01 of this Current Report on Form 8-K is incorporated herein by reference into this
Item&nbsp;2.03. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Events </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September&nbsp;17, 2013, the Company announced (the
&#147;Announcement&#148;) a firm intention to make an offer to acquire the entire issued and to be issued share capital of Fiberweb plc (&#147;Fiberweb&#148;) at a price of &pound;1.02 per share (the &#147;Acquisition&#148;). It is expected that the
Acquisition will be effected using PGI Acquisition Limited, a newly incorporated wholly owned indirect subsidiary of PGI. It is currently envisaged that the Acquisition will be implemented by way of a court sanctioned scheme of arrangement of
Fiberweb. In addition to the cash consideration, Fiberweb shareholders will also be entitled to receive and retain the 2013 interim dividend of 1.2 pence per share announced on August 2, 2013 and payable on November 1, 2013 to shareholders of
Fiberweb on the register at close of business on September 27, 2013. The Acquisition, together with the interim dividend, values the entire issued and to be issued ordinary share capital of Fiberweb on a fully diluted basis at approximately
&pound;182 million. In addition, to ensure sufficient funds in pounds sterling are available to complete the Acquisition, the Company entered into a currency hedging arrangement with a hedging counterparty for a notional amount of approximately
&pound;185 million. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(d) Exhibits. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">See the Exhibit Index immediately following the signature page hereto, which is incorporated herein by reference. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">Polymer Group, Inc.</TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Dennis E. Norman</P></TD></TR>
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<TD VALIGN="top"><B>Name:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Dennis E. Norman</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Title:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Executive Vice President, Chief Financial Officer and Treasurer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: September&nbsp;17, 2013 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Index to Exhibits </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:28.45pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit<BR>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>10.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Secured Bridge Credit Agreement, dated as of September 17, 2013, among Polymer Group, Inc., Scorpio Acquisition Corporation, the lenders from time to time party thereto, Citicorp North America, Inc. as administrative agent,
Barclays Bank plc as syndication agent and Citigroup Global Markets Inc. and Barclays Bank plc as joint lead arrangers and joint bookrunners.</TD></TR>
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<TD VALIGN="top" NOWRAP>10.2*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Guaranty, dated as of September 17, 2013 among Scorpio Acquisition Corporation, the subsidiaries of Scorpio Acquisition Corporation party thereto and Citicorp North America Inc., as administrative agent.</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Filed herewith </TD></TR></TABLE>
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Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 17, 2013
Polymer Group, Inc.
(Exact name of registrant as specified in its charter)
Commission
File Number: 001-14330
Delaware
57-1003983
(State or other jurisdiction
of incorporation)
(IRS Employer
Identification No.)
9335 Harris Corners Parkway, Suite 300
Charlotte, North Carolina 28269
(Address of principal executive offices, including zip code)
(704) 697-5100
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01
Entry into a Material Definitive Agreement
Bridge Credit Facility and Guaranty
Overview
In
connection with the announcement of the proposed acquisition of Fiberweb plc described below under Item 8.01, on September 17, 2013, Polymer Group, Inc. (the "Company" or the "Borrower") entered into a Senior Secured
Bridge Credit Agreement among its direct parent, Scorpio Acquisition Corporation ("Holdings"), the lenders from time to time party thereto, Citicorp North America, Inc. as administrative agent, Barclays Bank plc as syndication agent and
Citigroup Global Markets Inc. and Barclays Bank plc as joint lead arrangers and joint bookrunners (the "Bridge Credit Facility").
The Bridge Credit Facility provides for a commitment by the lenders party thereto to make secured bridge loans in an aggregate amount not to
exceed $318.0 million (the "Initial Loans") upon satisfaction of certain conditions. The proceeds of the Initial Loans under the Bridge Credit Facility will be used to pay the cash consideration payable to shareholders of Fiberweb plc
pursuant to the proposed acquisition, the related fees and expenses and for general corporate purposes. Borrowings under the Bridge Credit Facility will be the senior secured obligations of the Company, ranking equally in right of payment with all
of the Company's existing and future senior obligations, including obligations under the Company's existing 7.75% Senior Secured Notes due 2019 (the "Existing Secured Notes").
Interest Rates and Maturity
The Initial Loans initially will bear interest from the date of borrowing at a rate equal to the eurodollar rate plus an applicable margin. The
applicable margin will initially be 6.00%, which shall increase by 0.50% after each three month period following the date of borrowing, up to a specified maximum rate (the "interest rate cap"). The interest rate applicable to the Initial
Loans may also be increased to the interest rate cap prior to the Initial Maturity Date (as defined below) under certain circumstances, as described in the Bridge Credit Facility. Any loan commitments not borrowed by the Company on the initial date
of borrowing will be terminated automatically.
The Initial Loans mature one year from the date of borrowing (the "Initial Maturity
Date"). Following the Initial Maturity Date, the Initial Loans will be converted into terms loans ("Term Loans") maturing on February 1, 2019 (the "Final Maturity Date") and bearing interest at the interest rate cap.
Subject to certain requirements, the lenders may exchange Term Loans for debt securities ("Exchange Notes") bearing interest at the interest rate cap.
Prepayments
The Company
will be required to repay borrowings under the Bridge Credit Facility with the net proceeds of any incurrence of certain specified indebtedness by the Company or its subsidiaries, subject to certain exceptions. The Company may voluntarily prepay
borrowings under the Bridge Credit Facility at a price equal to the principal amount of the loans being prepaid. In certain circumstances, the loans will not be prepayable prior to February 15, 2015 except at a "make-whole" premium
based on the treasury rate plus 50 basis points, and thereafter shall be prepayable at a declining premium beginning with one-half of the annual interest rate then applicable to such loans. In addition, until February 1, 2014, the Company may
voluntarily prepay with the proceeds of certain equity offerings up to 35% of the principal amount of the loans at a price equal to par plus the annual interest rate then applicable to such loans.
Guarantees and Security
Borrowings under the Bridge Credit Facility will be unconditionally guaranteed on a senior secured basis by Holdings and each of the
Company's existing and future wholly-owned material domestic restricted subsidiaries, subject to certain exceptions, pursuant to the Guaranty, dated as of September 17, 2013 among Holdings, the subsidiaries of Holdings party thereto and
Citicorp North America Inc., as administrative agent (the "Guaranty"). Obligations under the Bridge Credit Facility will be secured on a pari passu basis by the collateral securing the Existing Secured Notes.
Certain Covenants and Events of Default
The Bridge Credit Facility limits the ability of the Company and its restricted subsidiaries to, among other things:
•
incur or guarantee additional debt or issue disqualified stock or preferred stock;
•
pay dividends and make other distributions on, or redeem or repurchase, capital stock;
•
make certain investments;
•
repurchase stock;
•
incur certain liens;
•
enter into transactions with affiliates;
•
merge or consolidate;
•
enter into agreements that restrict the ability of subsidiaries to make dividends or other payments to the Company.;
•
designate restricted subsidiaries as unrestricted subsidiaries; and
•
transfer or sell assets.
The Bridge Credit Facility also contains certain customary
representations and warranties, affirmative covenants and events of default.
The foregoing description of the Bridge Credit Facility and the Guaranty does not purport to be
complete and is qualified in its entirety by reference to the full text of the Bridge Credit Facility and the Guaranty, which are filed respectively as Exhibit 10.1 and Exhibit 10.2 hereto and are incorporated herein by reference.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information set forth above under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference into this
Item 2.03.
Item 8.01
Other Events
On September 17, 2013, the Company announced (the
"Announcement") a firm intention to make an offer to acquire the entire issued and to be issued share capital of Fiberweb plc ("Fiberweb") at a price of £1.02 per share (the "Acquisition"). It is expected that the
Acquisition will be effected using PGI Acquisition Limited, a newly incorporated wholly owned indirect subsidiary of PGI. It is currently envisaged that the Acquisition will be implemented by way of a court sanctioned scheme of arrangement of
Fiberweb. In addition to the cash consideration, Fiberweb shareholders will also be entitled to receive and retain the 2013 interim dividend of 1.2 pence per share announced on August 2, 2013 and payable on November 1, 2013 to shareholders of
Fiberweb on the register at close of business on September 27, 2013. The Acquisition, together with the interim dividend, values the entire issued and to be issued ordinary share capital of Fiberweb on a fully diluted basis at approximately
£182 million. In addition, to ensure sufficient funds in pounds sterling are available to complete the Acquisition, the Company entered into a currency hedging arrangement with a hedging counterparty for a notional amount of approximately
£185 million.
Item 9.01
Financial Statements and Exhibits
(d) Exhibits.
See the Exhibit Index immediately following the signature page hereto, which is incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereto duly authorized.
Polymer Group, Inc.
By:
/s/ Dennis E. Norman
Name:
Dennis E. Norman
Title:
Executive Vice President, Chief Financial Officer and Treasurer
Date: September 17, 2013
Index to Exhibits
Exhibit
Number
Description
10.1*
Senior Secured Bridge Credit Agreement, dated as of September 17, 2013, among Polymer Group, Inc., Scorpio Acquisition Corporation, the lenders from time to time party thereto, Citicorp North America, Inc. as administrative agent,
Barclays Bank plc as syndication agent and Citigroup Global Markets Inc. and Barclays Bank plc as joint lead arrangers and joint bookrunners.
10.2*
Guaranty, dated as of September 17, 2013 among Scorpio Acquisition Corporation, the subsidiaries of Scorpio Acquisition Corporation party thereto and Citicorp North America Inc., as administrative agent.
*
Filed herewith