By Cristal Cody and Paul A. Harris
Portland, Ore., Sept. 16 – Installed Building Products, Inc. priced a $300 million issue of 8.5-year senior notes (B3/B+) at par to yield 5¾% on Monday, according to market sources.
The yield printed 12.5 basis points tighter than the 5 7/8% to 6% yield talk. Early guidance was in the 6% to 6¼% area.
The deal played to $1.8 billion of orders, according to a bond trader.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were Goldman Sachs & Co. LLC and RBC Capital Markets LLC.
Proceeds will be used to repay a portion of borrowings under the company’s term loan B credit facility and for other general corporate purposes.
Installed Building Products is an insulation and building products contractor based in Columbus, Ohio.
| Issuer: | Installed Building Products, Inc.
|
| Amount: | $300 million
|
| Maturity: | Feb. 1, 2028
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Securities Inc.
|
| Joint bookrunners: | Goldman Sachs & Co. LLC and RBC Capital Markets LLC
|
| Co-managers: | KeyBanc Capital Markets LLC, PNC Capital Markets LLC and U.S. Bancorp Investments Inc.
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Spread: | 395 bps
|
| First call: | Feb. 1, 2023 at 102.875
|
| Trade date: | Sept. 16
|
| Settlement date: | Sept. 26
|
| Ratings: | Moody's: B3
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5 7/8% to 6%
|
| Marketing: | Roadshow
|
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