Editor's note:Intertape Polymer Group has extended its asset-based loan facility under favorable terms. The Bradenton Herald erroneously reported Friday that Intertape had restructured its debt to avoid having assets seized. Following is a corrected version of the article:
BRADENTON – Intertape Polymer Group Inc. has extended its asset-based loan facility of $200 million from its original maturity date of March 2013 to February 2017 under favorable conditions, the company announced this week.
The asset-based loan is with a syndicated lending group led by Bank of America, Merrill Lynch, Pierce, Fenner & Smith Inc., and Wells Fargo. Increased cash flows from operations during the third quarter of 2011 allowed the company to reduce its total debt by $18.1 million.
For the third quarter ending Sept. 30, revenues at Intertape were up 7.6 percent from the previous year. Investors have recognized the solid progress made by Intertape, with share prices increasing 180 percent in 2011. Year-to-date share prices increased 16.3 percent, according to the company.
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Intertape develops and manufactures specialized polyolefin plastic and paper-based packaging products and complementary packaging systems for industrial and retail use. Headquartered in Montreal, Quebec and Bradenton, the company employs about 2,000 workers with operations in 16 locations, including 11 manufacturing facilities in North America and one in Europe.