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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.