Blackstone's PGI Specialty Materials Files For IPO

PGI Specialty Materials Inc. has filed for an initial public offering, as the maker of nonwoven specialty materials, which is owned by Blackstone Group , looks to raise $100 million. PGI plans to use a portion of the proceeds to pay down debt and to pay a one-term fee to end an advisory agreement with Blackstone Management Partners. PGI's materials are used in personal care, infection prevention and high-performance applications, such as disposable diapers, fabric softening dryer sheets, feminine hygiene products, disinfectant wipes, protective house and industrial cable wrap and water, and water, air and blood filters. The underwriters, led by Citigroup and BofA Merrill Lynch , also include Goldmans Sachs , Jefferies and RBC Capital Markets .