Installed Building flexes term loan B debt to Libor plus 250 bps

By Sara Rosenberg

New York, June 13 – Installed Building Products Inc. increased pricing on its fungible $100 million incremental term loan B (B1/BB) due April 15, 2025 and extended $298 million term loan B (B1/BB) due April 15, 2025 to Libor plus 250 basis points from Libor plus 225 bps, according to a market source.

The term loan debt still has a 1% Libor floor, an original issue discount of 99.875 for new money and an amendment fee of 12.5 bps for existing money.

RBC Capital Markets, Jefferies LLC and SunTrust Robinson Humphrey Inc. are the lead arrangers on the deal.

Commitments are due at noon ET on Thursday, the source added.

Proceeds from the incremental loan will be used for future acquisitions, and the existing term loan is being extended from April 2024 but no longer repricing down from the current rate of Libor plus 250 bps with a 1% Libor floor.

Pro forma total leverage is 3 times, and net leverage is 2.1 times.

Installed Building Products is a Columbus, Ohio-based installer of insulation products.

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