Polypore to Refinance Debt with New $365 Million Offer
The Associated Press reports that filtration company Polypore International Inc., recently announced plans to refinance debt with a new bond issue, leading analysts to boost its credit outlook. The company said that it will offer $365 million of senior unsecured notes due in 2017. Polypore will use the proceeds to buy back dollar- and euro-based senior subordinated notes due in 2012. The eligible 2012 notes carry a coupon of 8.75 percent. Their combined outstanding principal is equal to about $355.9 million. Polypore makes microporous membranes used in lithium batteries, electronics and medical devices. It broke ground in September on a new factory designed to serve the growing market for electric car batteries.