10 Dec, 2021

Installed Building Products completes $500M term loan for refinancing; terms

Investors have received allocations of Installed Building Products Inc.'s $500 million term loan B due 2028 that priced at the tight end of talk at L+225, with a 0.50% Libor floor and an issue price of 99.5 via an RBC Capital Markets-led arranger group, according to sources. Proceeds will be used to refinance the company's existing $200 million TLB due April 2025 (L+225, 0% floor) and to provide funds for acquisitions, other growth initiatives and general corporate purposes. Installed Building Products is an insulation installer for the residential new construction market and a diversified installer of complementary building products.

Terms:

Borrower Installed Building Products
Issue $500 million term loan B
UoP Refinancing, M&A
Spread L+225
Libor floor 0.50%
Price 99.50
Tenor 7-year (December 2028)
YTM 2.86%
Four-year yield 2.92%
Call protection 101 soft call for 6 months
Corporate ratings BB-/Ba2
Facility ratings BB+/Ba2
Recovery ratings 1
Financial covenants None
Arrangers RBC/BofA/GS/Loop/USB/Key/PNC
Admin agent RBC
Px Talk L+225-250/0.5%/99.5
Sponsor Public
Notes