Intertape to partially repay credit facility via $250 million notes

By Wendy Van Sickle

Columbus, Ohio, Sept. 28 – Intertape Polymer Group Inc. plans to repay a portion of the borrowings outstanding under its $600 million credit facility with proceeds of a $250 million offering of eight-year senior notes, according to a press release.

As reported in July, the company planned to draw down on the credit facility, which matures in 2023, to fund its acquisition of Polyair Inter Pack Inc. for a total cash consideration of about $146 million. The acquisition closed on Aug. 3.

Intertape Polymer is a developer and manufacturer of specialized polyolefin plastic and paper-based packaging products and complementary packaging systems for industrial and retail use. The company has headquarters in Montreal and Sarasota, Fla.

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