IPL Plastics sets roadshow for $450 million eight-year secured notes

By Paul A. Harris

Portland, Ore., Aug. 21 – IPL Plastics Inc. plans to market $450 million of eight-year senior secured notes on a roadshow through Tuesday, according to a syndicate source.

The deal, set to be shopped on an investor call scheduled to start at noon ET on Monday, backs the acquisition of the Montreal-based rigid plastic packaging manufacturer by Madison Dearborn Partners, LLC.

BofA, Barclays, Deutsche Bank, BMO, CIBC, Credit Suisse, MUFG, RBC and TD are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with three years of call protection and feature a three-year 40% equity clawback and a 101% poison put.

The co-issuers are Intelligent Packaging Ltd. Finco Inc. and Intelligent Packaging Ltd. Co-Issuer, LLC.

Proceeds, together with cash on hand, equity contributions from funds affiliated with Madison Dearborn and the reinvestment of certain proceeds by Caisse de depot et placement du Quebec, are intended to be used to consummate the proposed acquisition of IPL Plastics.

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