Installed Building Products Announces Successful Repricing
December 01 2017 - 4:05PM
Business Wire
Installed Building Products, Inc. (the “Company”) (NYSE: IBP),
an industry-leading installer of insulation products, announced
today that the Company has successfully repriced its existing
seven-year $299 million Term Loan B facility.
The $299 million Term Loan B facility matures in 2024, has no
financial maintenance covenants, and is rated BB by S&P Global
Ratings and B1 by Moody’s Investors Service. With the successful
repricing the spread has been reduced 50 basis points to a spread
of LIBOR plus 250 basis points with a LIBOR floor of one percent.
The repricing will be leverage neutral and allow IBP to reduce its
annual interest payments by approximately $1.5 million. In
addition, the capital expenditure covenant of the Term Loan B
facility was increased from $50 million to $100 million, which
provides IBP with greater flexibility to support growth.
Additional details may be found in the Form 8-K filed today with
the Securities and Exchange Commission.
About Installed Building Products
Installed Building Products, Inc. is one of the nation's largest
insulation installers for the residential new construction market
and is also a diversified installer of complementary building
products, including waterproofing, fire-stopping and fireproofing,
garage doors, rain gutters, shower doors, closet shelving and
mirrors, throughout the United States. The Company manages all
aspects of the installation process for its customers, including
direct purchases of materials from national manufacturers, 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 from
its national network of branch locations.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws, including with respect
to our financial model and flexibility, demand for our services,
expansion of our national footprint, our ability to capitalize on
the new home construction recovery, our ability to strengthen our
market position, our ability to pursue and integrate
value-enhancing acquisitions, our ability to improve sales and
profitability, and expectations for demand for our services and our
earnings for the remainder of 2017. 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
factors discussed in the “Risk Factors” section of the Company’s
Annual Report on Form 10-K for the year ended December 31, 2016, 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.
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Installed Building Products, Inc.Investor Relations,
614-221-9944investorrelations@installed.net
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