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BRIEF-Pro-Pac Packaging announces $177.5 million merger with IPG

Published 11/09/2017, 01:46 pm
Updated 11/09/2017, 01:50 pm
BRIEF-Pro-Pac Packaging announces $177.5 million merger with IPG
PPGDA
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Sept 11 (Reuters) - Pro-pac Packaging Ltd PPG.AX :

* Merger with IPG and underwritten equity raising

* Pro-Pac has entered into a share sale agreement to merge with Integrated Packaging Group for $177.5 million

* Rupert Harrington to be appointed to Pro-Pac board as a non-executive director from completion of merger

* Pro-Pac has executed a term sheet with ANZ Bank regarding provision of debt financing for transaction

* Merger will be funded through $60.0 million Pro-Pac shares, $54.8 million fully underwritten equity raising and $70 million from a new debt facility

* Merger expected to be 18% EPS accretive on a pro-forma FY18 basis

* Announces fully underwritten equity raising of $54.8 million via a 2 for 3 non- renounceable rights issue at price of $0.34 per new share

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