Installed Building Products, an installer of insulation and complementary building products, closed a $250 million increase to its outstanding term loan B, bringing the total outstanding principal amount to approximately $740 million.
The terms of the company’s existing term loan B remain unchanged following the add-on, including a maturity of March 28, 2031. The term loan B will continue to be rated BBB- by S&P Global Ratings, Ba1 by Moody’s Investors Service, and BBB- by Fitch Ratings. It will also continue to bear interest at the adjusted term secured overnight financing rate plus 1.75% per annum, or an alternative base rate plus 0.75% per annum. Net proceeds from the add-on are expected to be used for general corporate purposes and to pay associated fees.
RBC Capital Markets acted as lead left arranger and bookrunner. JPMorgan Chase Bank, BofA Securities, Goldman Sachs Bank USA, The Huntington National Bank, KeyBanc Capital Markets, PNC Capital Markets, StoneX Financial and U.S. Bank acted as joint lead arrangers and bookrunning managers.
