By Paul A. Harris
Portland, Ore., Oct. 4 – Intertape Polymer Group Inc. priced a $250 million issue of eight-year senior notes (B2/B+) at par to yield 7% on Thursday, according to market sources.
The yield printed at the wide end of the 6¾% to 7% yield talk, as well as initial price talk which was in the high 6% area to 7%.
BofA Merrill Lynch was the left bookrunner. BMO Securities, J.P. Morgan Securities LLC, NBC Securities and RBC Capital Markets LLC were the joint bookrunners.
Proceeds will be used to pay down the plastic and paper packaging company’s $600 million credit facility due June 2023 and for general corporate purposes.
The issuer maintains corporate offices in Montreal and Sarasota, Fla.
| Issuer: | Intertape Polymer Group Inc.
|
| Amount: | $250 million
|
| Maturity: | Oct. 15, 2026
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunners: | BMO Securities, J.P. Morgan Securities LLC, NBC Securities, RBC Capital Markets LLC
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Spread: | 384 bps
|
| Call protection: | Make-whole call at Treasuries plus 50 bps until Oct. 15, 2021, then callable at a premium
|
| Trade date: | Oct. 4
|
| Settlement date: | Oct. 15
|
| Ratings: | Moody's: B2
|
| S&P: B+
|
| Distribution: | Rule 144A for life
|
| Price talk: | 6¾% to 7% yield talk; revised from initial talk in high 6% area to 7%
|
| Marketing: | Roadshow
|
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