UPDATE 1-IPL secures C$16 million loan

* Says loan to be used to fund capital investment program

* Says renewed loans totaling C$18.2 million

Sept 28 (Reuters) - IPL Inc IPIa.TO, a Canadian maker of plastic products, said it secured an additional loan of C$ 16 million ($14.60 million) to fund its capital investment program.

The credit facility has a maximum term of five years and a total amortization period of eight years, the company said in a statement.

The company also said it renewed its loans totaling C$18.2 million. The loans will now mature in 2013, instead of 2010, and will reduce the company's principal repayments by C$2 million for fiscal 2010 and by $2.7 million for subsequent years.

Shares of IPL were down 10 Canadian cents, or about 3 percent, at C$3 in early morning trade Monday on the Toronto Stock Exchange.

($1=1.096 Canadian Dollar) (Reporting by Amit Kumar in Bangalore; Editing by Unnikrishnan Nair)