Intertape Polymer Group announced a $300 million revolver pursuant to a credit agreement with a syndicated lending group led by Wells Fargo Bank as administrative agent, and Bank of America as syndication agent, replacing the company’s existing $200 million ABL due to mature in February 2017.

Proceeds will be used to refinance a majority portion of its existing debt and to finance its capital expenditures, dividends, share repurchases, acquisitions, working capital and for other general corporate purposes.

The new credit agreement also includes an incremental accordion feature of $150 million, which will enable the company to increase the limit of this facility (subject to the credit agreement’s terms) if needed. The new facility matures on November 18, 2019 and bears an interest rate based primarily on the LIBOR rate plus a spread, which is less than the existing ABL and mortgage debt.

“We have made significant financial and operational progress since the extension of our ABL in 2012. The new credit facility will provide us with increased capacity, better terms and more flexibility to execute the next phase of our business plan,” said Greg Yull, president and CEO.

Intertape Polymer Group develops, manufactures and sells a variety of paper- and film-based pressure-sensitive and water-activated tapes, polyethylene and specialized polyolefin films, woven coated fabrics and complementary packaging systems for industrial and retail use.