Intertape Polymer talks $1.5 billion term loan at SOFR plus 475 bps

By Sara Rosenberg

New York, June 1 – Intertape Polymer Group Inc. (Iris Holdings Inc.) was scheduled to hold a lender call at 3:30 p.m. ET on Wednesday to launch a $1.5 billion six-year first-lien term loan that is talked at SOFR+10 basis points CSA plus 475 bps with a 0.5% floor and an original issue discount of 93 to 94, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Expected term loan ratings are B2/B.

The company’s $1.75 billion of credit facilities also include a $250 million ABL revolver.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Jefferies LLC and BMO Capital Markets are the arrangers on the deal.

Commitments are due at 5 p.m. ET on June 14, the source added.

Proceeds will be used with $400 million of unsecured notes to help fund the buyout of the company by Clearlake Capital Group LP for C$40.50 per share in an all-cash transaction valued at about US$2.6 billion, including net debt.

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 provider of packaging and protective solutions.

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