Iris Escrow Issuer $400 million senior notes offering
The high-yield notes are part of the financing for Clearlake Capital’s acquisition of Intertape Polymer Group
Davis Polk advised the initial purchasers in connection with a Rule 144A / Regulation S offering by Iris Escrow Issuer Corporation of $400 million aggregate principal amount of its 10.000% senior notes due 2028. Upon satisfaction of certain escrow conditions, the proceeds of the notes will constitute a portion of the debt financing provided to investor Clearlake Capital Group, L.P. (Clearlake) in connection with the acquisition of Intertape Polymer Group, Inc.
Founded in 2006, Clearlake is a leading investment firm operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with experienced management teams by providing patient, long-term capital to dynamic businesses that can benefit from its operational improvement approach, O.P.S. Clearlake currently has over $72 billion in assets under management, and its senior investment team has completed more than 400 investments across sectors including industrials, technology and consumer. The firm is headquartered in Santa Monica, California, with affiliates in Dallas, London and Dublin.
Intertape Polymer Group is a leader in the development, manufacture and sale of a variety of paper and film based pressure-sensitive and water-activated tapes, polyethylene and specialized polyolefin films, protective packaging, engineered coated products and packaging machinery for industrial and retail use. Headquartered in Montreal, Québec, and Sarasota, Florida, IPG employs approximately 4,200 employees with operations in 34 locations, including 22 manufacturing facilities in North America, five in Asia and two in Europe.
The Davis Polk corporate team included partner Shane Tintle and associate Michael Stromquist. Partner Po Sit and associate Dov Sussman provided tax advice. The intellectual property and technology transactions team included partner Frank J. Azzopardi and associate Graham Duff. All members of the Davis Polk team are based in the New York office.