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Installed Building talks $300 million 8.5-year notes at 5 7/8%-6%; pricing Monday
By Cristal Cody and Paul A. Harris
Portland, Ore., Sept. 16 – Installed Building Products, Inc. talked its $300 million offering of 8.5-year senior notes (B3/B+) to yield 5 7/8% to 6%, according to market sources.
Official talk comes tight to early guidance in the 6% to 6¼% area.
Books close at 2 p.m. ET on Monday, and the Rule 144A for life deal is set to price thereafter.
BofA Securities Inc. is the left bookrunner. Goldman Sachs & Co. LLC and RBC Capital Markets LLC are the joint bookrunners.
KeyBanc Capital Markets LLC, PNC Capital Markets LLC and U.S. Bancorp Investments Inc. are the co-managers.
The notes become callable after 3.5 years at par plus 50% of the coupon.
Proceeds will be used to repay a portion of borrowings under the company’s term loan B credit facility and for other general corporate purposes.
Installed Building Products is an insulation and building products contractor based in Columbus, Ohio.
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