NEW YORK — Wellman Inc. scored both fourth-quarter profits and new financing on Thursday.
The Shrewsbury, N.J.-based polyester fiber and packaging resin maker said that, in a move to reduce debt, it entered into an agreement to sell up to $125.4 million of perpetual convertible preferred stock to private equity firm Warburg Pincus. As such, Warburg is investing $20 million in Wellman in the form of a convertible subordinated note that will be converted into preferred stock upon shareholder approval and warrants to purchase 1.25 million shares of Wellman common stock at an exercise price of $11.25 a share.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)