Exhibit 99.1
INSTALLED BUILDING PRODUCTS ANNOUNCES CLOSING OF $300 MILLION NOTES OFFERING AND A NEW AND INCREASED $200 MILLION ABL REVOLVING CREDIT FACILITY
Columbus, Ohio, September 26, 2019 Installed Building Products, Inc. (the “Company” or “IBP”) (NYSE: IBP), an industry-leading installer of insulation and complementary building products, today announced the closing of the private offering of $300 million in aggregate principal amount of 5.75% senior unsecured notes due February 1, 2028 (the “Notes”). In addition, the Company entered into a new and increased $200 million asset-based lending revolving credit facility (“New ABL Revolver”).
The $200 million New ABL Revolver matures on September 26, 2024 and replaces our prior $150 million ABL revolving credit facility. There is nothing currently drawn on the New ABL Revolver. Bank of America, N.A. served as Administrative Agent. KeyBank National Association and US Bank National Association served as the Syndication Agents and PNC Bank, National Association is also a lender.
Approximately $194 million of net proceeds from the sale of the Notes were used to repay a portion of the current borrowings under our Term Loan B credit facility, and the remainder will be used for general corporate purposes. The sale of the Notes, combined with the remaining balance under our Term Loan B, and increased availability under the New ABL Revolver staggers our debt maturities and provides us with significant financial flexibility and access to capital.
Additional details on the Notes offering and New ABL Revolver may be found in the Form8-K to be filed with the Securities and Exchange Commission.
About Installed Building Products
Installed Building Products, Inc. is one of the nation’s largest new residential insulation installers and is a diversified installer of complementary building products, including waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors and other products for residential and commercial builders located in the continental United States. The Company manages all aspects of the installation process for its customers, from direct purchase and receipt of materials from national manufacturers to its timely supply of materials to job sites and quality installation. The Company offers its portfolio of services for new and existing single-family and multi-family residential and commercial building projects from its national network of over 175 branch locations.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, including with respect to the intended use of proceeds from the Notes offering, the housing market, our financial and business model, the demand for our services and product offerings, expansion of our national footprint and end markets, diversification of our products, our ability to capitalize on the new home and commercial construction recovery, our ability to grow and strengthen our market position, our ability to pursue and integrate value-enhancing acquisitions, our ability to improve sales and profitability, and expectations for demand for our services and our earnings in 2019. Forward-looking statements may generally be identified by the use of words such as “anticipate,” “believe,” “expect,” “intends,” “plan,” and
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