March 4, 2009 (FinancialWire) -- Polymer Group, Inc.'s (OTCBB: POLGA) board has authorized the company, through its subsidiaries, to purchase up to $70 million of its outstanding senior secured credit facility as allowed under the provisions of its credit agreement.

PGI's senior secured credit facility consists of a $45 million revolving credit facility and a first lien term loan with an outstanding balance of $367.2 million as of September 27, 2008.

The company, through its subsidiaries, plans to make market purchases of up to $70 million of its first lien term loan over the next two years. Purchased term loans will be held by one or more of the company's subsidiaries and will not be retired.

Charlotte, North Carolina-based Polymer Group is a producer of nonwovens, which it sells to consumer and industrial product manufacturers. The company operates 17 manufacturing and converting facilities in eight countries throughout the world.

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