Installed Building Products, an installer of insulation and complementary building products, amended its existing $250 million asset-based lending revolving credit facility to, among other things, increase the commitments thereunder to $375 million and extend the maturity date to Jan. 21, 2031. The ABL revolver is currently undrawn. Bank of America served as a joint lead arranger and a joint lead bookrunner and the issuing bank, Swing Bank, as administrative agent; JPMorgan Chase Bank, RBC Capital Markets and KeyBank each served as a joint-lead arranger and a joint bookrunner; and U.S. Bank served as the syndication agent.
In addition, the company closed the private offering of $500 million in aggregate principal amount of 5.625% senior unsecured notes due 2034. The net proceeds from the sale of the 2034 notes, after deducting fees and estimated offering expenses, was approximately $490 million, which was used to fund the conditional redemption in full of the outstanding 5.75% senior unsecured notes due 2028 (which redemption is scheduled to occur on Jan. 22, 2026), and the remaining net proceeds will be used to pay fees and expenses in connection with the redemption and other related transactions and for other general corporate purposes. The sale of the 2034 notes, combined with the balance under the company’s Term Loan B (which matures in March 2031), and increased availability under the ABL revolver extends IBP’s debt maturities and provides the company with significant financial flexibility and access to capital.
