SARASOTA — Intertape Polymer Group, a packaging firm with dual headquarters in Montreal and Sarasota, secured a new five-year, $300 million loan from a lending group led by Wells Fargo and Bank of America.
The loan, a revolving credit facility, replaces the firm's existing $200 million asset-based loan that matures in February 2017, according to a release. The company plans to use the funds for a number of purposes, including refinancing a majority of its existing debt, capital expenditures, dividends, share repurchases, acquisitions and working capital, the release states.
“We have made significant financial and operational progress since the extension of our (asset-based loan) in 2012,” Intertape Polymer President and CEO Greg Yull says in the statement. “The new credit facility will provide us with increased capacity, better terms and more flexibility to execute the next phase of our business plan.”
Intertape Polymer manufactures and sells a variety of paper and film based, pressure sensitive and water activated tapes, polyethylene and specialized polyolefin films for industrial and retail use. The company has about 1,850 employees spread through 16 locations, including 10 manufacturing facilities in North America and one in Europe.