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.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"