EX-1 3 g81846exv1.txt FIRST AMENDING AGREEMENT TO CREDIT AGREEMENT FIRST AMENDING AGREEMENT to the Credit Agreement dated as of December 20, 2001, entered into in the City of Montreal, Province of Quebec, as of December 20, 2002, AMONG: INTERTAPE POLYMER INC., INTERTAPE POLYMER CORP. and each of the other parties listed in Schedule "K" hereto as joint and several Facility A Borrowers (hereinafter collectively called the "FACILITY A BORROWERS") PARTIES OF THE FIRST PART AND: IPG HOLDINGS LP (hereinafter called the "FACILITY B/C BORROWER") PARTY OF THE SECOND PART AND: INTERTAPE POLYMER GROUP INC., IPG FINANCE LLC and IPG HOLDING COMPANY OF NOVA SCOTIA (as Guarantors) PARTIES OF THE THIRD PART AND: THE LENDERS, AS DEFINED IN THE CREDIT AGREEMENT (the "LENDERS") PARTIES OF THE FOURTH PART AND: THE TORONTO-DOMINION BANK, AS CANADIAN ADMINISTRATION AGENT FOR THE LENDERS PARTY OF THE FIFTH PART AND: TORONTO DOMINION (TEXAS), INC., AS US ADMINISTRATION AGENT FOR THE LENDERS PARTY OF THE SIXTH PART WHEREAS the parties hereto, other than IPG Financial Services Inc., are parties to a Credit Agreement dated as of December 20, 2001 (the "CREDIT AGREEMENT"); WHEREAS Facility B has been repaid in full and cancelled; WHEREAS the Borrowers have requested that IPG Financial Services Inc. be designated a joint and several Facility A Borrower; WHEREAS the Borrowers have requested a deferral of IPG's obligation to provide audits under Section 13.22 of the Credit Agreement; WHEREAS the Borrowers have requested certain changes to the financial covenants set forth in the Credit Agreement; WHEREAS, pursuant to the provisions of Section 13.20 of the Credit Agreement, the designation of IPG Financial Services Inc. as a Facility A Borrower under the Credit Agreement is conditional upon it being designated a "Restricted Subsidiary" under the Note Agreements; WHEREAS, pursuant to the provisions of section 10.5(d) of the Inter-Creditor Agreement, each of the Lenders and each of the holders of Notes shall approve a change to the said financial covenants; and WHEREAS each of the Lenders has agreed with the Borrowers to the amendments contemplated hereby and, as such, has complied with the provisions of the Credit Agreement and the Inter-Creditor Agreement, as evidenced by their signature on this Agreement; NOW THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS: I. INTERPRETATION All of the words and expressions which are capitalized herein shall have the meanings ascribed to them in the Credit Agreement unless otherwise indicated herein. II. AMENDMENTS 1. IPG Financial Services Inc. is hereby designated as a joint and several Facility A Borrower. Schedules "D", "J", "K", "L" and "N" to the Credit Agreement are hereby deleted and respectively replaced by Schedules "D", "J","K", "L" and "N" hereto. 2. Section 13.22 of the Credit Agreement is hereby amended and replaced by the following: "IPG shall provide, at its expense and upon the written request of the Agent, an accounts receivable and inventory audit of its Restricted Subsidiaries and/or an appraisal of the Restricted Subsidiaries' 2 equipment and inventory, such audit and/or appraisal to be performed by an independent third party acceptable to the Lenders.". 3. Section 13.11 of the Credit Agreement is hereby amended and replaced by the following: "IPG shall maintain: 13.11.1 at all times during the Term, a ratio of Total Debt to Consolidated Total Capitalization not exceeding the following: ============================================== ================== Period Ratio ---------------------------------------------- ------------------ On or prior to March 30, 2002: 0.59:1 ---------------------------------------------- ------------------ From March 31, 2002 to June 29, 2002: 0.585:1 ---------------------------------------------- ------------------ From June 30, 2002 to September 29, 2002: 0.58:1 ---------------------------------------------- ------------------ From September 30, 2002 to December 30, 2002: 0.575:1 ---------------------------------------------- ------------------ From December 31, 2002 to June 29, 2003: 0.55:1 ---------------------------------------------- ------------------ From June 30, 2003 to December 30, 2003: 0.525:1 ---------------------------------------------- ------------------ On December 31, 2003 and thereafter during 0.50:1 the Term: ============================================== ================== 13.11.2 at the end of each fiscal quarter of IPG during the Term, a Consolidated ratio of Net Income Available for Fixed Charges to Fixed Charges for the immediately preceding period of four consecutive fiscal quarters including the fiscal quarter ending on the calculation date (taken as a single accounting period) of not less than: 3 ============================================== ================== Period Ratio ---------------------------------------------- ------------------ On or prior to December 31, 2002 1.75:1 ---------------------------------------------- ------------------ On March 31, 2003 and June 30, 2003: 1.85:1 ---------------------------------------------- ------------------ On September 30, 2003 and thereafter: 2.00:1 ============================================== ================== 13.11.3 at all times during the Term, a minimum Consolidated Net Worth equal to the sum total of US $275,000,000 and (i) 50% of positive Consolidated Net Income for the period commencing October 1, 2001 through the end of IPG's most recently ended fiscal quarter (i.e. without any deduction for net losses) plus (ii) an amount equal to the aggregate net proceeds of any issuance of equity Securities during the Term to any Person other than a member of the Restricted Group; 13.11.4 at the end of each fiscal quarter of IPG during the Term, a ratio of Total Debt to EBITDA for the immediately preceding period of four consecutive fiscal quarters including the fiscal quarter ending on the calculation date (taken as a single accounting period) not exceeding the lesser of: 4 (a) ============================================== ================== Period Ratio ---------------------------------------------- ------------------ On December 31, 2001: 6.00:1 ---------------------------------------------- ------------------ On March 31, 2002: 5.75:1 ---------------------------------------------- ------------------ On June 30, 2002: 5.50:1 ---------------------------------------------- ------------------ On September 30, 2002 5.25:1 ---------------------------------------------- ------------------ On December 31, 2002: 5.25:1 ---------------------------------------------- ------------------ On March 31, 2003: 5.25:1 ---------------------------------------------- ------------------ On June 30, 2003: 5.00:1 ---------------------------------------------- ------------------ On September 30, 2003: 4.75:1 ---------------------------------------------- ------------------ On December 31, 2003: 4.50:1 ---------------------------------------------- ------------------ On March 31, 2004 4.25:1 ---------------------------------------------- ------------------ On June 30, 2004: 4.00:1 ---------------------------------------------- ------------------ On September 30, 2004, December 31, 2004, March 31, 2005 and June 30, 2005: 3.50:1 ---------------------------------------------- ------------------ On September 30, 2005 and December 31, 2005 3.25:1 ============================================== ================== or (b) beginning with the March 31, 2002 results (i.e. commencing with the ratio to be applicable in respect of the period ending June 30, 2002), the actual ratio of Total Debt to EBITDA reported to the Agent in respect of the previous fiscal quarter, plus 0.25, with equal step down as per the above grid to apply to the following quarters, provided that such revised ratio shall not be less than 3.25:1. For example, if the applicable ratio in respect of the period ending March 31, 2002 was 4.25:1, the applicable ratio in respect of the period ending June 30, 2002 would be 4.50:1 rather than 5.50:1; and 5 13.11.5 [intentionally omitted]. In calculating EBITDA for the purposes of this Section 13.11 or any other provision of this Agreement, (1) the Consolidated severance expenses and other unusual non-recurring expenses accrued or otherwise incurred by IPG and its Restricted Subsidiaries during the fiscal year 2001 prior to October 1, 2001, and (2) any charge to earnings resulting from the re-pricing of stock options as may be applicable under GAAP, shall all be added to the EBITDA for the relevant period (including on a trailing 4 quarter basis or trailing 2 quarter basis as required). For greater certainty and without limiting any provision of this Agreement, each of the Borrowers, LLC and IPG acknowledge that the failure to respect any of the foregoing financial ratios at any time during the Term constitutes a material breach of this Agreement." 4. Section 14.3 of the Credit Agreement is hereby amended and replaced by the following: "Permit any of the Facility B/C Borrower or any of its Subsidiaries, including Canco and LLC, or IPG Financial Services Inc. to carry on any business, other than (i) taking such steps as may be necessary to maintain its existence or to hold Securities of Restricted Subsidiaries, (ii) provided no Default shall have occurred and be continuing and that no Event of Default shall have occurred which has not been waived, LLC may lend money to IPG (US) Inc., (iii) performing any action required hereunder or in respect hereof or under or in respect of any of the Security Documents, the Note Agreements or the Notes; and (iv) the incurrence of any Indebtedness permitted by subsection 14.2.4, and, with respect to the Facility B/C Borrower and IPG Financial Services Inc., Indebtedness permitted hereunder." III. CONDITIONS, EFFECTIVE DATE AND UNDERTAKINGS Save as set provided below, this First Amending Agreement shall become effective as of December 20, 2002 (the "EFFECTIVE DATE"), provided that each of the following conditions has been satisfied: 1. The Borrowers shall pay all fees and costs, including legal fees associated with this Agreement, incurred by the Agent as contemplated by the provisions of Section 13.15 of the Credit Agreement. The Borrowers shall also pay to each Lender a fee equal to the product of its Commitment multiplied by 10 basis points; 2. The Lenders shall be satisfied that the holders of the Notes have consented hereto and made a similar amendment to the financial covenants set forth in the Note Agreements, the whole in form and in substance satisfactory to the Agent and the Lenders' counsel; and 3. No Default shall have occurred and be continuing and no Event of Default shall have occurred which has not been waived. Without limiting the generality 6 of the foregoing, the Restricted Group shall have delivered to the Agent the post-closing opinions of Morgan Lewis and Virginia counsel to the Restricted Group. Notwithstanding the foregoing, the amendments made pursuant to sections 1 and 4 of article II shall only become effective when the following additional conditions have been met: 1. IPG Financial Services Inc. and its shareholders shall have executed and delivered the Security contemplated by Section 13.13 of the Credit Agreement, including a pledge of the Securities issued by it. The opinion to be delivered in accordance with the undertaking below shall also cover such Security; 2. The Borrowers shall provide the opinion of its counsel, in form and substance acceptable to the Agent and the Lenders' counsel, with respect to the power, capacity, and authority of IPG Financial Services Inc. to enter into this First Amending Agreement and to perform its obligations hereunder, as well as with respect to the enforceability of this First Amending Agreement and the Security granted pursuant to the provisions of the previous paragraph hereof; 3. The Lenders shall be satisfied that IPG Financial Services Inc. has been designated as a "Restricted Subsidiary" under the Note Agreements, the whole in form and in substance satisfactory to the Agent and the Lenders' counsel; and 4. After having given effect to the designation of IPG Financial Services Inc. as a Facility A Borrower, no Default shall have occurred and be continuing and no Event of Default shall have occurred which has not been waived. The Agent shall confirm when the foregoing conditions to the amendments made pursuant to sections 1 and 4 of article II have been met. The Borrowers hereby undertake to do the following by no later than January 31, 2003: 1. To provide the opinion of its counsel, in form and substance acceptable to the Agent and the Lenders' counsel, with respect to the power, capacity, and authority of each member of the Restricted Group to enter into this First Amending Agreement and to perform its obligations hereunder, as well as with respect to the enforceability of this First Amending Agreement and the effect thereof on the enforceability of the Security; 2. To comply with the provisions of the post-closing undertaking described in subsection 11.1.21 of the Credit Agreement; and 3. To fulfill the above conditions with respect to the amendments made in sections 1 and 4 of article II. 7 IV. MISCELLANEOUS 1. All of the provisions of the Credit Agreement which are not amended hereby shall remain in full force and effect. The Borrowers hereby represent and warrant that the organizational chart attached hereto is current and accurate in all respects. 2. This Agreement shall be governed by and construed in accordance with the Laws of the State of New York. 3. Each member of the Restricted Group acknowledges having taken cognizance of the provisions of the foregoing First Amending Agreement and agrees that the Guarantees and Security executed by it (A) remain enforceable against it in accordance with their terms, and (B) continue to guarantee or secure, as applicable, all of the obligations of the Persons specified in such Guarantees and Security Documents in connection with the Credit Agreement, as amended by this First Amending Agreement. 4. The parties acknowledge that they have required that the present agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto be drawn up in English. Les parties reconnaissent avoir exige la redaction en anglais de la presente convention ainsi que de tous documents executes, avis donnes et procedures judiciaires intentees, directement ou indirectement, relativement ou a la suite de la presente convention. IN WITNESS WHEREOF THE PARTIES HERETO HAVE SIGNED THIS AGREEMENT ON THE DATE AND AT THE PLACE FIRST HEREINABOVE MENTIONED. INTERTAPE POLYMER INC. INTERTAPE POLYMER CORP. Per: Per: ------------------------------ ---------------------------- Address: 110E Montee de Liesse Address: 3647 Cortez Road West St. Laurent, Quebec Bradenton, FL 34210 H4T 1N4 Attention: President Attention: Chief Financial Officer Telephone: (941) 727-5788 Telephone: (514) 731-7591 Fax: (941) 727-5293 Fax: (514) 731-5477 8 IPG (US) HOLDINGS INC. IPG (US) INC. Per: Per: --------------------------- --------------------------- Address: 3647 Cortez Road West Address: 3647 Cortez Road West Bradenton, FL 34210 Bradenton, FL 34210 Attention: President Attention: President Telephone: (941) 727-5788 Telephone: (941) 727-5788 Fax: (941) 727-5293 Fax: (941) 727-5293 IPG ADMINISTRATIVE SERVICES INC. CENTRAL PRODUCTS COMPANY Per: Per: --------------------------- --------------------------- Address: 3647 Cortez Road West Address: 3647 Cortez Road West Bradenton, FL 34210 Bradenton, FL 34210 Attention: President Attention: President Telephone: (941) 727-5788 Telephone: (941) 727-5788 Fax: (941) 727-5293 Fax: (941) 727-5293 9 INTERTAPE INC. INTERTAPE POLYMER MANAGEMENT CORP. Per: Per: --------------------------- --------------------------- Address: 3647 Cortez Road West Address: 3647 Cortez Road West Bradenton, FL 34210 Bradenton, FL 34210 Attention: President Attention: President Telephone: (941) 727-5788 Telephone: (941) 727-5788 Fax: (941) 727-5293 Fax: (941) 727-5293 POLYMER INTERNATIONAL CORP. INTERNATIONAL CONTAINER SYSTEMS, INC. Per: Per: --------------------------- --------------------------- Address: 3647 Cortez Road West Address: 3647 Cortez Road West Bradenton, FL 34210 Bradenton, FL 34210 Attention: President Attention: President Telephone: (941) 727-5788 Telephone: (941) 727-5788 Fax: (941) 727-5293 Fax: (941) 727-5293 UTC ACQUISITION CORP. INTERTAPE INTERNATIONAL CORP. Per: Per: --------------------------- --------------------------- Address: 3647 Cortez Road West Address: 3647 Cortez Road West Bradenton, FL 34210 Bradenton, FL 34210 Attention: President Attention: President Telephone: (941) 727-5788 Telephone: (941) 727-5788 Fax: (941) 727-5293 Fax: (941) 727-5293 COIF HOLDING INC. FIBC HOLDING INC. Per: Per: --------------------------- --------------------------- Address: 3647 Cortez Road West Address: 3647 Cortez Road West Bradenton, FL 34210 Bradenton, FL 34210 Attention: President Attention: President Telephone: (941) 727-5788 Telephone: (941) 727-5788 Fax: (941) 727-5293 Fax: (941) 727-5293 10 CAJUN BAG & SUPPLY CORP. INTERPACK MACHINERY INC. Per: Per: --------------------------- --------------------------- Address: 3647 Cortez Road West Address: 110E Montee de Liesse Bradenton, FL 34210 St. Laurent, Quebec Attention: President H4T 1N4 Telephone: (941) 727-5788 Attention: President Fax: (941) 727-5293 Telephone: (514) 731-7591 Fax: (514) 731-5477 SPUNTECH FABRICS INC. IPG HOLDING COMPANY OF NOVA SCOTIA Per: Per: --------------------------- --------------------------- Address: 110E Montee de Liesse Address: 110E Montee de Liesse St. Laurent, Quebec St. Laurent, Quebec H4T 1N4 H4T 1N4 Attention: President Attention: President Telephone: (514) 731-7591 Telephone: (514) 731-7591 Fax: (514) 731-5477 Fax: (514) 731-5477 IPG HOLDINGS LP, represented INTERTAPE POLYMER GROUP INC. by its General Partner, INTERTAPE POLYMER INC. Per: Per: --------------------------- --------------------------- Address: 110E Montee de Liesse Address: 110E Montee de Liesse St. Laurent, Quebec St. Laurent, Quebec H4T 1N4 H4T 1N4 Attention: General Partner Attention: Chief Financial Officer Telephone: (514) 731-7591 Telephone: (514) 731-7591 Fax: (514) 731-5477 Fax: (514) 731-5477 11 IPG FINANCE LLC IPG FINANCIAL SERVICES INC. Per: Per: --------------------------- --------------------------- Address: 1403 Foulk Road, Foulkstone Plaza Address: 3647 Cortez Road West Wilmington, DE 19899 Bradenton, FL 34210 Attention: President Attention: President Telephone: (302) 478-1160 Telephone: (941) 727-5788 Fax: (941) 727-5293 IPG TECHNOLOGIES INC. Per: --------------------------- Address: 2000 South Beltline Blvd. Columbia, SC 29201 Attention: President Telephone: (803) 799-8800 Fax: (803) 988-7919 12 THE TORONTO-DOMINION BANK, THE TORONTO-DOMINION BANK, AS CANADIAN AGENT AS LENDER Per: Per: --------------------------- --------------------------- Address: 66 Wellington Street West Address: 500 St. Jacques Street West 38th Floor 9th Floor Toronto, Ontario Montreal, Quebec M5K 1A2 H2Y 1S1 Attention: VP Loan, Syndications, Agency Attention: Jean-Francois Godin Telephone: (416) 983-5030 Telephone: (514) 289-0102 Fax: (416) 982-5535 Fax: (416) 289-0788 THE TORONTO-DOMINION BANK, TORONTO DOMINION (TEXAS), INC., INTERNATIONAL BANKING AS US AGENT FACILITY, NEW YORK BRANCH, AS LENDER Per: Per: --------------------------- --------------------------- Address: 31 West 52nd Street Address: 909 Fannin, Suite 1700 New York, New York, 10019-6101 Houston, Texas, 77010 Attention: Lynn Chasin Attention: Lynn Chasin Telephone: (713) 427-8531 Telephone: (713) 427-8531 Fax: (713) 951-9921 Fax: (713) 951-9921 COMERICA BANK, A MICHIGAN BANKING NATIONAL BANK OF CANADA, AS LENDER CORPORATION AS LENDER Per: Per: --------------------------- --------------------------- Address: 500 Woodward Avenue Address:1155 Metcalfe Street Suite 23rd Floor 5th Floor Detroit, Michigan, 48226 Montreal, Quebec, H3B 4S9 Attention: Darlene P. Persons Attention: Linda Gross Telephone:313-222-9125 Telephone: (514) 394-8049 Fax:313-222-3377 Fax: (514) 394-6073 13 NATIONAL BANK OF CANADA, COMERICA BANK CANADA BRANCH, NEW YORK BRANCH, AS LENDER AS LENDER Per: Per: --------------------------- --------------------------- Address: Suite 2210, South Tower Per: Royal Bank Plaza --------------------------- 200 Bay Street, P.O. Box 61 Address: 125 West 55th Street, 23rd Floor Toronto, Ontario, M5J 2J2 New York, New York, 10019 Attention:Rob Rosen Attention: Auggie Marchetti, Vice-President Telephone: (416) 367-3113 #232 Telephone: (212) 632-8539 Fax: (416) 367-2460 Fax: (212) 632-5809 14 SCHEDULE D SUBSIDIARIES 1. RESTRICTED SUBSIDIARIES -------------------------------------------------------------- Intertape Polymer Inc. ("IPI") -------------------------------------------------------------- IPG Holdings LP -------------------------------------------------------------- IPG (US) Holdings Inc. -------------------------------------------------------------- IPG Holding Company of Nova Scotia -------------------------------------------------------------- IPG Finance LLC -------------------------------------------------------------- IPG (US) Inc. -------------------------------------------------------------- Central Products Company -------------------------------------------------------------- IPG Administrative Services Inc. -------------------------------------------------------------- Intertape Polymer Corp. -------------------------------------------------------------- Intertape Inc. -------------------------------------------------------------- Intertape Polymer Management Corp. -------------------------------------------------------------- Polymer International Corp. -------------------------------------------------------------- International Container Systems, Inc. -------------------------------------------------------------- Intertape International Corp. -------------------------------------------------------------- FIBC Holding Inc. -------------------------------------------------------------- COIF Holding Inc. -------------------------------------------------------------- IPG Technologies Inc. -------------------------------------------------------------- UTC Acquisition Corp. -------------------------------------------------------------- Interpack Machinery Inc. -------------------------------------------------------------- Spuntech Fabrics Inc. -------------------------------------------------------------- Cajun Bag & Supply Corp. -------------------------------------------------------------- IPG Financial Services Inc. -------------------------------------------------------------- 2. OPERATING RESTRICTED SUBSIDIARIES -------------------------------------------------------------- Intertape Polymer Inc. -------------------------------------------------------------- IPG (US) Holdings Inc. -------------------------------------------------------------- IPG (US) Inc. -------------------------------------------------------------- Central Products Company -------------------------------------------------------------- IPG Administrative Services Inc. -------------------------------------------------------------- Intertape Polymer Corp. -------------------------------------------------------------- Intertape Inc. -------------------------------------------------------------- Intertape Polymer Management Corp. -------------------------------------------------------------- Polymer International Corp. -------------------------------------------------------------- International Container Systems, Inc. -------------------------------------------------------------- Intertape International Corp. -------------------------------------------------------------- FIBC Holding Inc. -------------------------------------------------------------- COIF Holding Inc. -------------------------------------------------------------- IPG Technologies Inc. -------------------------------------------------------------- UTC Acquisition Corp. -------------------------------------------------------------- Interpack Machinery Inc. -------------------------------------------------------------- 15 -------------------------------------------------------------- Spuntech Fabrics Inc. -------------------------------------------------------------- Cajun Bag & Supply Corp. -------------------------------------------------------------- IPG Financial Services Inc. -------------------------------------------------------------- 3. INACTIVE SUBSIDIARIES -------------------------------------------------------------- IPG Technologies Acquisition Corp. (HAS NO STOCK ISSUED; IN PROCESS OF DISSOLVING) -------------------------------------------------------------- 16 SCHEDULE J UNRESTRICTED SUBSIDIARIES Intertape Woven Products, S.A. de C.V. Intertape Woven Product Services, S.A. de C.V. Drumheath Indemnity Ltd. ("Drumheath") Interpack International Ltd. Intertape Polymer Exports, Inc. INACTIVE SUBSIDIARIES IPG Technologies Acquisition Corp. (NO STOCK ISSUED; IN PROCESS OF DISSOLVING) 17 SCHEDULE K LIST OF FACILITY A BORROWERS 1. CANADIAN BORROWERS: a) Intertape Polymer Inc. b) Interpack Machinery Inc. c) Spuntech Fabrics Inc. 2. US BORROWERS: a) IPG (US) Holdings Inc. b) IPG (US) Inc. c) Central Products Company d) IPG Administrative Services Inc. e) Intertape Polymer Corp. f) Intertape Inc. g) Intertape Polymer Management Corp. h) Polymer International Corp. i) International Container Systems, Inc. j) Intertape International Corp. k) FIBC Holding Inc. l) COIF Holding Inc. m) IPG Technologies Inc. n) UTC Acquisition Corp. o) Cajun Bag & Supply Corp. p) IPG Financial Services Inc. 18 SCHEDULE L LIST OF GUARANTORS 1. FACILITY A Intertape Polymer Group Inc. IPG Holdings LP IPG Finance LLC IPG Holding Company of Nova Scotia 2. FACILITY C Intertape Polymer Group Inc. IPG (US) Holdings Inc. IPG Holding Company of Nova Scotia IPG Finance LLC IPG (US) Inc. Central Products Company IPG Administrative Services Inc. Intertape Polymer Corp. Intertape Inc. Intertape Polymer Management Corp. Polymer International Corp. International Container Systems, Inc. Intertape International Corp. FIBC Holding Inc. COIF Holding Inc. IPG Technologies Inc. UTC Acquisition Corp. Interpack Machinery Inc. Spuntech Fabrics Inc. Cajun Bag & Supply Corp. IPG Financial Services Inc. 19 SCHEDULE N LOCATION OF ASSETS, HEAD OFFICES AND TAX IDENTIFICATION NUMBERS
------------------------------------------- ------------------ --------------------- ------------------------- ------------------ STATE OF OTHER PLACES INCORPORATION/ CHIEF EXECUTIVE WHERE COLLATERAL IS TAX ID NUMBER NAME OF SUBSIDIARY FORMATION OFFICE LOCATED ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ Intertape Polymer Inc. Canada St. Laurent, PQ St. Laurent, PQ; Truro, 123157695 (corporate NS; Edmundston, NB headquarters) ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ IPG Holdings LP Delaware St. Laurent, PQ None 59-3479359 ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ IPG (US) Holdings Inc. Delaware Bradenton, FL None 59-3479333 ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ IPG Holding Company of Nova Scotia Canada Halifax, None 87-0666567 Nova Scotia ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ IPG Finance LLC Delaware Wilmington, DE None 59-3480659 ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ IPG (US) Inc. Delaware Bradenton, FL None 59-3479361 ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ Central Products Company Delaware Bradenton, FL Carbondale, IL 39-1831503 Menasha, WI Brighton, CO Green Bay, WI Columbia, SC Richmond, KY Marysville, MI Cumming, GA Ontario, CA ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ IPG Administrative Services Inc. Delaware Wilmington, DE All manufacturing 57-1089148 locations ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ Intertape Polymer Corp. Delaware Wilmington, DE warehouses 57-1088158 ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ Intertape Inc. Virginia Danville, VA Danville, VA 54-1411730 Tremonton, UT ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ Intertape Polymer Management Corp. Florida Bradenton, FL Bradenton, FL 59-3514328 ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ Polymer International Corp. Virginia Bradenton, FL None 59-1091227 ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ International Container Systems, Inc. Florida Bradenton, FL Bradenton, FL 59-3360203 ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ Intertape International Corp. Delaware Bradenton, FL None 58-2387174 ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ FIBC Holding Inc. Delaware Bradenton, FL None 57-1089150 ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ COIF Holding Inc. Delaware Bradenton, FL None 57-1089149 ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ IPG Technologies Inc. Delaware Columbia, SC Columbia, SC 57-1089148 ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ UTC Acquisition Corp. Delaware Bradenton, FL None 59-3395373 ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ Interpack Machinery Inc. Canada St. Laurent, PQ None 119557353 ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ Spuntech Fabrics Inc. Canada Truro, None 892293234 Nova Scotia ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ Cajun Bag & Supply Corp. Delaware Bradenton, FL Rayne, LA 58-2255977 ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ ------------------------------------------- ------------------ --------------------- ------------------------- ------------------ IPG Financial Services Inc. Delaware Wilmington, DE None 522212513 ------------------------------------------- ------------------ --------------------- ------------------------- ------------------
20 ORGANIZATIONAL CHART SEE THE ATTACHED. 21