Goodbody said IPL completed an innovative IPO on the Canadian stock exchange with the support of its existing equity investors, including many Irish retail and co-operative investors. Goodbody advised on a structure which helped achieve support for the IPO from Irish investors while also helping profile the company through equity research for a period ahead of the IPO timetable. The IPO broadened the shareholder base for IPL and secured additional funding to help it further its growth strategy in the industrial plastics market on both sides of the Atlantic.
The requirement to replace the company’s two previously ‘ring-fenced’ Irish and Canadian Bank facilities and bring them together into a consolidated financing structure comprising a €110 million Term Loan and a €290 million Revolving Credit Facility was a unique aspect of the IPL transaction. In addition, the lenders provided the company with additional flexibility which enabled it to position itself for future growth opportunities and a potential IPO in the near future.
A key consideration was the Group’s intention to launch an IPO during the first half of 2018 and its desire to commence an investor roadshow with committed debt funding secured. The appointment of Bank of Ireland as a Joint Co-ordinator with NBC facilitated pro-active engagement across the company’s two ‘ring-fenced’ European and North America facilities – resulting in delivery of a consolidated financing structure well ahead of the company’s IPO in June 2018. “Strong pro-active engagement between the Co-ordinators and IPL ensured that any obstacles were dealt with in a professional manner thereby facilitating future international growth,” said Gareth Magee, Director, Corporate Banking, Bank of Ireland.
IPL requested that Bank of Ireland Corporate Banking co-ordinate and lead the syndicate given its long standing relationship with the company and industry knowledge.
BOI acted as Agent, Joint Bookrunner and Syndication Agent in IPL’s €400 million Global Refinance, appointed in April 2018. The new facilities incorporate an option to increase the RCF by €100 million in order to provide flexibility and to position the company for future growth opportunities. Bank of Ireland co-ordinated and led this transaction for IPL, a key player within the specialty rigid plastic market. The subsequent benefits are a testament to the continued strength of the underlying business and the inventiveness and capacity of management and their syndicate banking partners.
AIB Corporate Banking has demonstrated continued support to IPL Plastics as it continues to grow and ensures the Bank remains a key partner for the Group.
“Our participation in the refinancing allowed AIB Corporate Banking to demonstrate our continued support to IPL Plastics as it continues to grow internationally and ensures AIB remains a key financing partner for the Group,” said Aaron Hegarty, Relationship Manager, AIB Corporate Banking.