Intertape Polymer Group Inc. Completes Private Debt Placement

Business Wire, July 16, 1999

MONTREAL--(BUSINESS WIRE)--July 15, 1999--

Intertape Polymer Group Inc. (IPG) (TSE:ITP.) (AMEX:ITP) announced today it has completed a private debt placement of US$137 million.

These unsecured notes bear interest at an average rate of approximately 7.75 percent. US$25 million of these notes are repayable during 2005 and the remainder is repayable in semi-annual amounts between 2005 and 2009. Ten major institutional investors located throughout the United States purchased these notes.

US$125 million of these proceeds will be used to repay certain debts, which were to become due within two years; US$100 million of which was short-term debt related to the September 1998 acquisition of Anchor Continental, Inc. The balance of the proceeds will be used to increase cash reserves.

Andrew M. Archibald, C.A., Chief Financial Officer noted: "IPG is pleased with the commitment of these financial institutions, as well as the confidence they have placed in Intertape. Further to this financing, the Company will have available unsecured bank credit facilities which are currently not being utilized; and will have cash reserves of approximately US$25 million. This new financing as well as unutilized lines of credit and available cash will further assist the Company in its aggressive strategy of acquisition and rapid growth, consistent with its past practices".

Intertape Polymer Group Inc. develops and manufactures a variety of specialized polyolefin plastic- and paper-based packaging products and systems for industrial uses. The Company is based in Montreal, Quebec with manufacturing facilities in thirteen North American and one European location.

Except for historical information contained herein, statements in the release are forward-looking statements that are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Those risks include, but are not limited to, risks associated with pricing, volume and conditions of markets. Those and other risks are described in the Company's filings with the Securities and Exchange Commission (SEC) over the last twelve months, copies of which are available from the SEC or may be obtained upon request from the Company.