Installed Building Products, Inc. Successfully Closes New Term Loan Facility
December 14, 2021 at 05:28 pm EST
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Installed Building Products, Inc. announced that the Company has successfully closed its previously announced new 7-year $500 million Term Loan. The New Term Loan facility matures on December 13, 2028, has no financial maintenance covenants, and is rated BB+ by S&P Global Ratings and Ba2 by Moody's Investors Service. Moody's also upgraded IBP’s Corporate Family Rating to Ba2 from Ba3 and its Probability of Default rating to Ba2-PD from Ba3-PD. The pricing of the New Term Loan remains at LIBOR plus 225 basis points with a LIBOR floor of 50 basis points. Net proceeds of the New Term Loan were used to refinance the Company’s prior $200 million Term Loan B, with the remainder to be used for acquisitions, other growth initiatives, and general corporate purposes.
Installed Building Products, Inc. is a residential insulation installer and a diversified installer of complementary building products, including waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors and other products for residential and commercial builders located in the continental United States. The Company has three segments. Installation segment is engaged in the installation of various products in the residential new construction, repair and remodel and commercial construction end markets from its national network of branch locations. Distribution segment sells insulation, gutters and accessories primarily to installers of these products who operate in multiple end markets. Manufacturing segment consists of its cellulose insulation manufacturing operations. It offers a portfolio of services from a national network of 250 branch locations serving all 48 continental states and the District of Columbia.
INSTALLED BUILDING PRODUCTS, INC. 
