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Installed Building Products frees to trade; SeaStar Solutions dips with acquisition news
By Sara Rosenberg
New York, Nov. 22 – Installed Building Products Inc.’s term loan B emerged in the secondary market on Wednesday, and SeaStar Solutions’ term loan was softer after the company revealed that it is being acquired by Dometic Group.
Also, OEConnection LLC allocated its credit facilities in line with initial price talk.
Installed Building breaks
Installed Building Products’ $299 million covenant-light term loan B (B1/BB) due April 2024 began trading on Wednesday, with levels quoted at par 1/8 bid, par 5/8 offered, according to a trader.
Pricing on the term loan is Libor plus 250 basis points with a 1% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.
RBC Capital Markets is leading the deal that will be used to reprice an existing term loan down from Libor plus 300 bps with a 1% Libor floor.
Installed Building Products is a Columbus, Ohio-based installer of insulation products.
SeaStar softens
Also in the secondary market, SeaStar’s term loan dropped to par bid, par ½ offered from par ¼ bid, par ¾ offered after the company announced it is being purchased by Dometic Group from American Securities LLC for $875 million, a trader remarked.
Dometic plans on using committed bank facilities and cash to fund the transaction.
Closing is expected this quarter.
SeaStar is a Litchfield, Ill.-based provider of vessel control, fuel systems and system integration to the marine industry.
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