CDPQ backed IPL Plastics prices $178.2M IPO at $13.50 per share

IPL Plastics Inc. (TSX: IPLP), a portfolio company of Caisse de dépôt et placement du Québec (CDPQ) and Fonds de solidarité FTQ, has priced its proposed initial public offering of its common shares. The company will sell 13,200,000 common shares at a price of $13.50 per common share. the low end of proposed $13.5-16 per share, for gross proceeds of $178,200,000, of which approximately $28,156,653 will be used to redeem class B common shares pursuant to the buy-back option.

The closing of the offering is expected to occur on June 28, 2018 at which time the common shares will commence trading on the Toronto Stock Exchange (TSX) under the symbol “IPLP”.

Immediately after the closing of the offering, IPL Plastics will have 13,200,000 common shares (or 15,180,000 common shares if the over-allotment option granted is exercised in full) and 39,314,394 Class B Common Shares issued and outstanding. The Class B common shares will be automatically converted into common shares, on a one-for-one basis, on the expiry of the six-month period following the closing date and will be listed for trading upon conversion.

CDPQ will own 14,683,023 Class B Common Shares while Fonds de solidarité will own 3,149,216 Class B Common Shares.

photo credit: IPL Plastics

News Release

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION, NOTABLY IN THE UNITED STATES

IPL PLASTICS INC. FILES FINAL PROSPECTUS AND ANNOUNCES PRICING FOR INITIAL PUBLIC OFFERING OF COMMON SHARES

Montreal, Québec, June 21, 2018 — IPL Plastics Inc. (“IPLP” or the “Company”) today announced that is has obtained a receipt for its final prospectus filed with the securities regulatory authorities in each of the provinces and territories of Canada and has entered into an underwriting agreement (the “Underwriting Agreement”) in connection with its proposed initial public offering of its common shares (the “Offering”). Pursuant to the Underwriting Agreement, the Company has agreed to issue and sell 13,200,000 common shares at a price of $13.50 per common share, for total gross proceeds of $178,200,000, of which approximately $28,156,653 will be used to redeem class B common shares pursuant to the buy-back option.

The Offering is being made through a syndicate of underwriters led by BMO Capital Markets, CIBC Capital Markets and RBC Capital Markets, acting as joint bookrunners, and including National Bank Financial Inc., J&E Davy, Goodbody Stockbrokers UC, Desjardins Securities Inc., GMP Securities L.P., HSBC Securities (Canada) Inc., and Laurentian Bank Securities Inc.

The underwriters have also been granted an over-allotment option (the “Over-Allotment Option”) to purchase up to an additional 1,980,000 common shares from the Company at a price of $13.50 per common share for additional gross proceeds of approximately $26,730,000 if the Over-Allotment Option is exercised in full. The Over-Allotment Option can be exercised for a period of 30 days from the closing date.

The closing of the Offering is expected to occur on June 28, 2018, subject to customary closing conditions, at which time the common shares will commence trading on the Toronto Stock Exchange (the “TSX”) under the symbol “IPLP”. The TSX has conditionally approved the listing of the common shares, subject to fulfilling customary TSX requirements. A copy of the final prospectus is available on SEDAR at www.sedar.com.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The common shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws. Accordingly, the common shares may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of IPLP in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About IPLP
IPLP is a leading sustainable packaging solutions provider primarily in the food, consumer, agricultural, logistic and environmental end-markets operating in Canada, the U.S, the U.K., Ireland, China and Mexico. IPLP employs 2,400 people and has corporate offices in Montreal and Dublin..

For further information:
www.iplplasticsinc.com
Investor Enquiries
Alan Walsh, Chief Executive Officer +1 438 320 6188
Pat Dalton, Chief Financial Officer +1 438 320 6188

Media Enquiries
Phil Koven, Bay Street Communications +1 647 496 7858
Tom McEnaney, McEnaney Media +353 87 2222 666