Installed Building Products Announces Successful Repricing of Term Loan B Facility and a Share Repurchase Update

Installed Building Products, Inc. (the “Company”), an industry-leading installer of insulation and complementary building products, announced that the Company successfully repriced its $500 million term loan (the “Term Loan”). Also, during the month of November, IBP repurchased 250 thousand shares of its common stock at a total cost of approximately $52 million, including commissions. To date in 2024, the Company has repurchased 565 thousand shares for $118 million with approximately $182 million remaining under the current authorization, expiring March 1, 2025.

The Term Loan maturity date of March 28, 2031 is unchanged and bears interest at the adjusted term secured overnight financing rate plus 1.75% per annum (down from the previous 2.00%), or an alternative base rate plus 0.75%. The Term Loan is rated BB+ by S&P Global Ratings and Ba1 by Moody’s Investors Service.

“The Term Loan repricing will provide IBP with over $1 million in estimated cash interest expense savings annually. IBP’s continued strong operating and financial performance and current market conditions have supported the opportunity to reduce our cost of borrowing and return capital to shareholders through share buybacks,” stated Chief Financial Officer, Michael Miller.

RBC Capital Markets acted as lead left arranger and bookrunner and BofA Securities, KeyBanc Capital Markets, US Bancorp, and PNC Capital Markets LLC acted as joint lead arrangers and bookrunning managers for the Term Loan.

Additional details on the amendment to the credit facility will be included in the Form 8-K.

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 approximately 250 branch locations.

Source: Installed Building Products, Inc.