The Dublin-headquartered IPL Plastics has arranged a €400m refinancing of its existing banking facilities ahead of a potential initial public offering.
The new five-year facility combines a term loan facility of €110m, with a revolving credit facility of €290m.
The agreement also contains a mechanism allowing IPL to seek increases of the revolving facility commitments by an aggregate maximum amount of €100m.
The specialty rigid plastics manufacturer has also announced its intention to pursue a potential IPO, with a new Canadian company to be established as the holding company of the IPL Group in order to facilitate the potential flotation.
It is currently intended the company will seek a listing on the Toronto Stock Exchange.
The timing of the potential IPO is not yet known, but IPL said it anticipates "promptly moving ahead with the Potential IPO in the event that the Scheme is approved by shareholders".
Under the scheme, shareholders will receive one IPLP Inc. Class B Common Share for every five IPL Shares they hold (reflecting the terms of the share consolidation approved by the Company’s shareholders in December 2017).
The Class B Common Shares will trade through the "grey market" on an equivalent basis to that in which the Company’s shares currently trade and will convert six months after completion of an IPO into IPLP Inc. Common Shares tradable in Canada.
IPL employs around 1,900 people globally, with its headquarters in Dublin.
It is focused primarily on the food and consumer, agricultural, logistic and environmental end-markets operating from multiple production facilities in Ireland, the UK, North America and China.
