Investors have received allocations of Installed Building Products Inc.'s $500 million term loan B due 2028 that priced at the tight end of talk at L+225, with a 0.50% Libor floor and an issue price of 99.5 via an RBC Capital Markets-led arranger group, according to sources. Proceeds will be used to refinance the company's existing $200 million TLB due April 2025 (L+225, 0% floor) and to provide funds for acquisitions, other growth initiatives and general corporate purposes. Installed Building Products is an insulation installer for the residential new construction market and a diversified installer of complementary building products.
Terms:
| Borrower | Installed Building Products |
| Issue | $500 million term loan B |
| UoP | Refinancing, M&A |
| Spread | L+225 |
| Libor floor | 0.50% |
| Price | 99.50 |
| Tenor | 7-year (December 2028) |
| YTM | 2.86% |
| Four-year yield | 2.92% |
| Call protection | 101 soft call for 6 months |
| Corporate ratings | BB-/Ba2 |
| Facility ratings | BB+/Ba2 |
| Recovery ratings | 1 |
| Financial covenants | None |
| Arrangers | RBC/BofA/GS/Loop/USB/Key/PNC |
| Admin agent | RBC |
| Px Talk | L+225-250/0.5%/99.5 |
| Sponsor | Public |
| Notes |