February 12, 2003
Wellman, Inc., the manufacturer of polyester fibers and plastic resins, agrees to sell up to $125.4 million of {perpetual} convertible preferred stock to Warburg, which is also investing $20 million in the form of a convertible subordinated note that will be converted into preferred stock upon shareholder approval.
The firm represented Warburg Pincus in its February 12 $125.4 million private equity investment in Wellman, Inc. The manufacturer of polyester fibers and plastic resins agreed to sell up to $125.4 million of {perpetual} convertible preferred stock to Warburg, which is also investing $20 million in the form of a convertible subordinated note that will be converted into preferred stock upon shareholder approval. Additionally, Warburg received warrants to purchase 1.25 million shares of Wellman stock at an exercise price of $11.25 per share. The February 14th issue of The Daily Deal lists partners Steven Gartner and David Boston and associate Kristina Beckmann as counsel to Warburg.
