Intertape Polymer Group Announces Redemption of its Remaining $18.7 Million Senior Subordinated Notes
22 Julho 2013 - 9:00AM
Marketwired
Intertape Polymer Group Inc. (TSX:ITP) ("Intertape" or the
"Company") today announced that Intertape Polymer US Inc., its
wholly-owned subsidiary, has issued a notice of redemption for the
remaining $18.7 million aggregate principal amount of its
outstanding 8 1/2% Senior Subordinated Notes due August 2014 (the
"Notes"). The Company will redeem the Notes on August 30, 2013. All
dollar amounts stated herein are denominated in US dollars unless
otherwise indicated.
"We are pleased to be completing the redemption of our remaining
Notes in advance of their due date as we previously discussed. This
final redemption will have a positive impact on our average cost of
borrowing. Cash flows from operations combined with the funds
available under our other debt facilities provide sufficient
liquidity to redeem the Notes and to finance the capital
expenditure projects we have previously discussed as well as other
corporate requirements," commented Bernard J. Pitz, Intertape's
Chief Financial Officer.
A charge of $0.1 million will be recorded in the third quarter
of 2013 due to the write-off of the remaining unamortized debt
issue costs related to the redemption of the Notes.
A notice of redemption (the "Redemption Notice") pursuant to the
terms of the Indenture governing the Notes was delivered today to
the registered holders of the Notes. The redemption date is August
30, 2013 (the "Redemption Date"), and the redemption price is 100%
of the par value of the Notes redeemed, plus accrued and unpaid
interest up to, but excluding, the Redemption Date (the "Redemption
Price"). Questions regarding the redemption should be directed to
Wilmington Trust Company, by telephone at (203) 453-4130 or by
facsimile at (203) 453-1183.
On and after the Redemption Date, the Notes will no longer be
deemed outstanding, interest will cease to accrue and all rights of
the holders of the Notes will cease to exist, except for the right
to receive the Redemption Price, without interest thereon.
This announcement does not constitute a Notice of Redemption or
an offer to buy or sell or the solicitation of an offer to sell or
buy any securities in any jurisdiction. The securities mentioned
herein have not been and will not be qualified for sale to the
public under applicable Canadian or United States securities laws
and, accordingly, any offer and sale of the securities in Canada or
the United States will be made on a basis which is exempt from the
prospectus requirements of such securities laws.
About Intertape Polymer Group Inc.
Intertape Polymer Group Inc. is a recognized leader in the
development, manufacture and sales of a variety of paper and film
based pressure sensitive and water activated tapes, specialized
polyolefin films, woven fabrics and complementary packaging systems
for industrial and retail use. Headquartered in Montreal, Quebec,
and Bradenton, Florida, the Company employs approximately 1,800
employees with operations in 16 locations, including 10
manufacturing facilities in North America and one in Europe.
Safe Harbor Statement
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation and
"forward-looking statements" within the meaning of United States
federal securities legislation (collectively, "forward-looking
statements"). All statements other than statements of historical
facts included in this press release, including statements
regarding the Company's industry and the Company's prospects,
plans, financial position and business strategy may constitute
forward-looking statements. These forward-looking statements are
based on current expectations, estimates, forecasts and projections
about the industries in which the Company operates as well as
beliefs and assumptions made by the Company's management. Such
statements include, in particular, statements about the Company's
plans, prospects, financial position and business strategies. Words
such as "may," "will," "expect," "continue," "intend," "estimate,"
"anticipate," "plan," "foresee," "believe" or "seek" or the
negatives of these terms or variations of them or similar
terminology are intended to identify such forward-looking
statements. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, these
statements, by their nature, involve risks and uncertainties and
are not guarantees of future performance. Such statements are also
subject to assumptions concerning, among other things: the
Company's anticipated business strategies; anticipated trends in
the Company's business; anticipated cash flows from our operations;
availability of funds under our Asset-Based Loan facility; and the
Company's ability to control costs. We can give no assurance that
these estimates and expectations will prove to have been correct.
Actual outcomes and results may, and often do, differ from what is
expressed, implied or projected in such forward-looking statements,
and such differences may be material. For additional information
regarding some important factors that could cause actual results to
differ materially from those expressed in these forward-looking
statements and other risks and uncertainties, and the assumptions
underlying the forward-looking statements, you are encouraged to
read "item 3. Key Information- Risk Factors" as well as statements
located elsewhere in the Company's annual report on Form 20-F for
the year ended December 31, 2012 and the other factors contained in
the Company's filings with the Canadian securities regulators and
the US Securities and Exchange Commission. Each of these
forward-looking statements speaks only as of the date of this press
release. The Company will not update these statements unless
applicable securities laws require it to do so.
Contacts: MaisonBrison Communications Rick Leckner/Pierre
Boucher 514-731-0000
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