New Issue: IPL Plastics sells upsized $100 million tap of 6% notes due 2028 at 101 to yield 5.838%

By Paul A. Harris

Portland, Ore., Oct. 26 – IPL Plastics Inc. priced an upsized $100 million add-on to the Intelligent Packaging Ltd. Finco Inc. and Intelligent Packaging Ltd. Co-Issuer, LLC 6% senior secured notes due Sept. 15, 2028 (B3/B) at 101 to yield 5.838% in a Monday drive-by, according to market sources.

The issue size increased from $75 million.

The issue price came rich to early guidance of 100.5 to 101.

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

The Montreal-based rigid plastics manufacturer plans to use the proceeds for general corporate purposes, including one or more acquisition opportunities in the near to medium term.

Issuers:	Intelligent Packaging Ltd. Finco Inc. and Intelligent Packaging Ltd. Co-Issuer, LLC
Amount:	$100 million, increased from $75 million
Maturity:	Sept. 1, 2028
Security description:	Add-on to 6% senior secured notes due Sept. 15, 2028
Bookrunners:	BofA Securities, Barclays, Deutsche Bank, BMO, NBC, CIBC, Credit Suisse, MUFG, RBC and TD
Coupon:	6%
Price:	101
Yield:	5.838%
Spread:	526 bps
First call date:	Sept. 1, 2022
Trade date:	Oct. 26
Settlement date:	Nov. 3
Ratings:	Moody's: B3
	S&P: B
Distribution:	Rule 144A and Regulation S for life
Marketing:	Drive-by
Original issue:	$485 million priced in August 2020
Fungibility:	Add-on notes to become immediately fungible with original notes
Total issue size:	$585 million

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