Intertape buyout financing to include $400 million unsecured notes

By Paul A. Harris

Portland, Ore., June 1 – Debt financing for the buyout of Intertape Polymer Group Inc. by Clearlake Capital Group LP will include proceeds from the sale of $400 million unsecured notes, according to a market source.

The financing also includes a $1.5 billion term loan (expected ratings B2/B) via arrangers Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Jefferies LLC and BMO Capital Markets. The loan was scheduled to launch on a Wednesday lender call, with commitments due on June 14.

Proceeds will be used to help fund the buyout of the company by Clearlake Capital for C$40.50 per share in an all-cash transaction valued at about US$2.6 billion, including net debt. The transaction is expected to close in the third quarter of 2022.

Intertape Polymer, based in Montreal and Sarasota, Fla., is a provider of packaging and protective solutions.

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