Polymer Holdings LLC, the parent company of Kraton Polymers LLC, announced that it expects to price the initial public offering of 10.29 million shares of common stock to be between $16 and $18 per share.
On or prior to the closing of the offering, Polymer Holdings LLC intends to convert into a Delaware corporation which will be named Kraton Performance Polymers, Inc.
Kraton said it will apply to list its common stock on the New York Stock Exchange under the symbol "KRA". The company said it has granted the underwriters a 30-day option to purchase up to an additional 15% of common stock to cover over-allotments, if any.
The company, which is a global producer of engineered polymers, expects to use the offering net proceeds to repay a portion of its senior secured credit facility and the remaining net proceeds for general corporate purposes, including to fund capital expenditures.
Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Morgan Stanley & Co. Incorporated and Oppenheimer & Co. Inc. will be the bookrunning managers of the offering.
Funds advised by TPG Advisors III, Inc., Funds advised by TPG Advisors IV, Inc., JPMorgan Chase & Co.'s (JPM) wholly-owned subsidiary JPMP Capital Corp. and Related Entities own majority stake in the company, according to a regulatory filing.
For the nine-months ended September 30, 2009, the company posted net income of $1.22 million, down from $35.4 million in the nine-months ended September 30, 2008. Total operating revenues for the first nine-months of 2009 were $717.3 million, versus $994.4 million in the comparable period in 2008.
For the year ended December 31, 2008, the company reported net income of $28.42 million and generated total operating revenues of $1.23 billion, compared to a net loss of $43.75 million and total operating revenues of $1.09 billion for the year-ended December 2007.
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