Intertape Polymer gets credit facilities, bridge loan commitment

By Sara Rosenberg

New York, April 1 – Intertape Polymer Group Inc. has received a commitment for $1.75 billion of credit facilities and an up to $500 million senior unsecured bridge loan to help fund its acquisition by Clearlake Capital Group LP and refinance existing debt, according to a 6-K filed with the Securities and Exchange Commission on Friday.

The credit facilities consist of a $250 million asset-based revolver and a $1.5 billion senior secured first-lien term loan.

Credit Suisse, Deutsche Bank Securities Inc. and Wells Fargo provided the commitment.

Under the agreement, Intertape Polymer is being bought for C$40.50 per share in an all-cash transaction valued at about US$2.6 billion, including net debt.

The debt being refinanced in connection with the buyout includes a current credit agreement and 4 3/8% senior notes due 2029.

Other funds for the transaction will come from up to $1 billion of equity.

Closing is expected in the third quarter, subject to customary conditions, including receipt of shareholder, regulatory and court approvals.

Intertape Polymer, based in Montreal and Sarasota, Fla., is a manufacturer of paper and film-based pressure-sensitive and water-activated tapes, stretch and shrink films, protective packaging, woven and non-woven products and packaging machinery.

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