Benzinga | Nov 30, 2021 04:59PM EST

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

* Installed Building Products Inc (NYSE: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.