IPL to sell $75 million more Intelligent Packaging 6% notes on Monday

By Paul A. Harris

Portland, Ore., Jan. 25 – IPL Plastics, Inc. plans to price a $75 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 (existing ratings B3/B-) in a Monday drive-by trailing a late-morning conference call with investors, according to market sources.

BofA Securities, Barclays, BMO, CIBC, Credit Suisse, Deutsche Bank, MUFG, NBC, RBC and TD are the joint bookrunners for the Rule 144A and Regulation S for life deal.

The notes become callable on Sept. 15, 2022 at 103.

The Montreal-based rigid plastics manufacturer plans to use the proceeds plus cash on hand to fund the Leaktite acquisition.

The original $485 million issue priced in August 2020. A previous $100 million add-on priced in October 2020.

The new add-on notes will immediately become fungible with the existing notes.

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