Installed Building Products has closed a $250 million increase to its existing Term Loan B, bringing the total outstanding principal amount of the facility to approximately $740 million.
The building products installation company plans to use net proceeds from the additional borrowing for general corporate purposes and to pay fees associated with the transaction.
The terms of the existing Term Loan B remain unchanged following the increase.
The facility continues to mature on March 28, 2031 and bears interest at the adjusted term secured overnight financing rate plus 1.75% annually, or an alternative base rate plus 0.75%.
S&P Global Ratings and Fitch Ratings continue to rate the Term Loan B BBB-, while Moody’s Investors Service maintains a Ba1 rating.
RBC Capital Markets served as lead-left arranger and bookrunner on the transaction.
JPMorgan Chase Bank, BofA Securities, Goldman Sachs Bank USA, Huntington National Bank, KeyBanc Capital Markets, PNC Capital Markets, StoneX Financial, and U.S. Bank National Association served as joint lead arrangers and bookrunning managers.
Installed Building Products is one of the largest installers of new residential insulation in the United States.
The company also installs complementary building products including waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving, and mirrors.
Its customers include builders working on single-family residential, multifamily residential, and commercial construction projects.
Installed Building Products manages purchasing, material delivery, and installation services through a national network of more than 250 branch locations.
The company operates across all 48 continental U.S. states and the District of Columbia.
The $250 million incremental financing increases the company’s available long-term debt capital while preserving the pricing and maturity structure of its existing Term Loan B.
