Intertape Polymer to redeem $25 million 8½% notes due 2014 on Aug. 1

By Toni Weeks

San Diego, June 19 - Intertape Polymer Group Inc. announced that its wholly owned subsidiary, Intertape Polymer US Inc., plans to redeem $25 million of its 8½% senior subordinated notes due August 2014.

According to a press release, the notes will be redeemed Aug. 1 at par plus accrued interest to the redemption date.

Following the redemption, $93.7 million principal amount of the notes will remain outstanding.

"Our increased cash flows from operations over the last year have provided the means to redeem a portion of our notes ahead of their maturity date and thereby lower our average cost of debt while maintaining adequate levels of liquidity," chief financial officer Bernard J. Pitz said in the release. "In future periods, we will consider additional early redemptions of the remaining notes outstanding."

Wilmington Trust Co. (203 453-4130) is the trustee.

Intertape develops, manufactures and sells paper- and film-based pressure-sensitive and water-activated tapes, specialized polyolefin films, woven fabrics and complementary packaging systems for industrial and retail use. The company's dual headquarters are located in Montreal and Bradenton, Fla.

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