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KeyBank Arranges $100MM Senior Credit Facility for Installed Building Products

July 11, 2014, 07:21 AM
Filed Under: Building Supplies

Installed Building Products, Inc., an industry-leading installer of insulation products, has entered into a new five year, $100 million senior secured credit facility. The credit facility consists of a $75 million revolving line of credit and a $25 million term loan. Borrowings under the senior credit facility will bear interest at a rate of LIBOR plus a spread of 1.25% to 2.25%, depending on IBP's leverage ratio. The new credit facility will be available for working capital needs, general corporate purposes and growth initiatives. This new credit facility replaces the Company's prior $50 million revolving credit facility, which was scheduled to mature in May 2016.

"The additional liquidity from our expanded credit facility provides us with significant capacity to continue executing on our strategic growth initiatives," stated Michael Miller, IBP's Chief Financial Officer. "The new credit facility improves our financial flexibility as we continue to capitalize on the new home construction recovery and pursue select acquisitions in our target markets."

The credit facility was led by a syndicate of financial institutions including KeyBank National Association as lead arranger, sole book runner and administrative agent, Suntrust Bank as syndication agent, Royal Bank of Canada, Associated Bank, Branch Banking & Trust Company and The Huntington National Bank.

Installed Building Products, Inc. is the nation's second largest insulation installer for the residential new construction market and also a diversified installer of complementary building products, including garage doors, rain gutters, shower doors, closet shelving and mirrors, throughout the United States.

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