Iris Holdings’ $400 million notes backing Intertape Polymer buyout expected in June 6 week

By Paul A. Harris

Portland, Ore., June 3 – Iris Holdings Inc. is expected to bring a $400 million offering of senior notes (Caa2/CCC+) backing the buyout of Intertape Polymer Group Inc. by Clearlake Capital Group LP during the week ahead, according to market sources.

Deutsche Bank Securities Inc. is expected to lead the deal.

The debt financing for the LBO also includes a $1.5 billion term loan (B2/B) via arrangers Credit Suisse Securities (USA) LLC, Deutsche Bank, Goldman Sachs Bank USA, Jefferies LLC and BMO Capital Markets. The loan launched during the past week. Commitments are 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.