Installed Building Products Plans To Raise $500M In New Term Loan Facility

Installed Building Products Inc IBP intends to raise a new 7-year $500 million Term Loan due 2028.
The company plans to use the net proceeds of the New Term Loan to refinance its existing $200 million Term Loan B facility due April 2025 and for acquisitions, other growth initiatives, and general corporate purposes.
The terms of any New Term Loan will be disclosed upon transaction completion, which is expected by the end of December 2021.
Price Action: IBP shares are trading lower by 2.16% at $128.72 on the last check Tuesday.