New Issue: IPL prices upsized $100 million tap of 6% notes due 2028 at 102.5 to yield 5.592%

By Paul A. Harris

Portland, Ore., Jan. 25 – 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 102.5 to yield 5.592% in a Monday drive-by, according to a syndicate source.

The issue size increased from $75 million.

The price came at the rich end of the 102 to 102.5 price talk.

BofA was at the left of a syndicate of bookrunners that also included Barclays, BMO, CIBC, Credit Suisse, Deutsche Bank, MUFG, NBC, RBC and TD.

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

Issuers:	Intelligent Packaging Ltd. Finco Inc. and Intelligent Packaging Ltd. Co-Issuer, LLC
Amount:	$100 million, increased from $75 million
Maturity:	Sept. 15, 2028
Security description:	Add-on to 6% senior secured notes due Sept. 15, 2028
Bookrunners:	BofA, Barclays, BMO, CIBC, Credit Suisse, Deutsche Bank, MUFG, NBC, RBC and TD
Coupon:	6%
Price:	102.5
Yield:	5.592%
Spread:	481 bps
First call:	Sept. 15, 2022 at 103
Trade date:	Jan. 25
Settlement date:	Jan. 29 with accrued interest
Ratings:	Moody's: B3
	S&P: B-
Distribution:	Rule 144A and Regulation S for life
Price talk:	102 to 102.5
Marketing:	Drive-by
Original issue:	$485 million priced in August 2020
Previous add-on:	$100 million priced in October 2020
Fungibility:	Add-on notes will immediately become fungible with the existing notes

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