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Installed Building sets $200 million term loan B issue price at par
By Sara Rosenberg
New York, Dec. 13 – Installed Building Products Inc. firmed the issue price on its $200 million covenant-lite term loan B due April 15, 2025 at par, the tight end of the 99.875 to par talk, according to a market source.
Pricing on the term loan B is Libor plus 225 basis points with a 0% Libor floor.
The term loan has 101 soft call protection for six months.
BofA Securities Inc. is the lead bank on the deal.
Proceeds will be used to reprice an existing term loan B down from Libor plus 250 bps with a 1% Libor floor.
Closing is expected during the week of Dec. 16.
Installed Building Products is a Columbus, Ohio-based installer of insulation products and complementary building products.
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