Installed Building Products Successfully Repriced Term Loan B Facility
14 Agosto 2023 - 10:30PM
Business Wire
Installed Building Products, Inc. (the “Company” or “IBP”)
(NYSE: IBP), an industry-leading installer of insulation and
complementary building products, today announced that the Company
has successfully completed the repricing of the Company's
approximately $492.5 million of existing term loans (the “Tranche
B-1 Term Loans”).
The Tranche B-1 Term Loans mature in December 2028, have no
financial maintenance covenants, and are rated BB+ by S&P
Global Ratings and Ba2 by Moody's Investors Service. The pricing of
the Tranche B-1 Term Loans bear interest at the adjusted term
secured overnight financing rate (“SOFR Rate”) plus 2.00% per
annum, or an alternative base rate plus 1.00%.
"The repriced SOFR Rate and alternative base rate are 0.25%
below our prior rate, reflecting IBP's current financial standing
and a change in loan market conditions since the close of the Term
Loan Credit Agreement in December 2021. We expect the repricing to
result in interest expense cost savings exceeding $1 million
annually through the maturity date," stated Chief Financial
Officer, Michael Miller.
RBC Capital Markets and Goldman Sachs Bank USA acted as joint
lead arrangers and bookrunning managers for the Tranche B-1 Term
Loans.
Additional details on the credit facility may be found in the
Form 8-K to be filed with the Securities and Exchange
Commission.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws, including with respect
to our operations, industry and economic conditions, and our
financial standing and business model. Forward-looking statements
may generally be identified by the use of words such as
"anticipate," "believe," "expect," "intends," "plan," and "will"
or, in each case, their negative, or other variations or comparable
terminology. These forward-looking statements include all matters
that are not historical facts. By their nature, forward-looking
statements involve risks and uncertainties because they relate to
events and depend on circumstances that may or may not occur in the
future. Any forward-looking statements that we make herein and in
any future reports and statements are not guarantees of future
performance, and actual results may differ materially from those
expressed in or suggested by such forward-looking statements as a
result of various factors, including, without limitation, the
adverse impact of the ongoing COVID-19 pandemic; general economic
and industry conditions; rising home prices; inflation and interest
rates; the material price and supply environment; the timing of
increases in our selling prices; and the factors discussed in the
“Risk Factors” section of the Company’s Annual Report on Form 10-K
for the year ended December 31, 2022, as the same may be updated
from time to time in our subsequent filings with the Securities and
Exchange Commission. Any forward-looking statement made by the
Company in this press release speaks only as of the date hereof.
New risks and uncertainties arise from time to time, and it is
impossible for the Company to predict these events or how they may
affect it. The Company has no obligation, and does not intend, to
update any forward-looking statements after the date hereof, except
as required by federal securities laws.
About Installed Building Products
Installed Building Products, Inc. is one of the nation's largest
new residential insulation installers and is 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 manages all aspects
of the installation process for its customers, from direct purchase
and receipt of materials from national manufacturers to its timely
supply of materials to job sites and quality installation. The
Company offers its portfolio of services for new and existing
single-family and multi-family residential and commercial building
projects in all 48 continental states and the District of Columbia
from its national network of over 240 branch locations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230814294715/en/
Investor Relations: 614-221-9944
investorrelations@installed.net
Grafico Azioni Installed Building Produ... (NYSE:IBP)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Installed Building Produ... (NYSE:IBP)
Storico
Da Set 2023 a Set 2024