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Installed Building Products (IBP) has shared an announcement.
Installed Building Products, Inc. has successfully amended its term loan agreement, securing a new $500 million Tranche B-2 Term Loan with favorable conditions, including an interest rate option tied to the adjusted term secured overnight financing rate plus 2% or an alternative base rate plus 1%. This strategic financial move, facilitated by Royal Bank of Canada and other key financial institutions, extends the loan’s maturity by seven years from the effective date and includes incentives like a six-month soft call protection and a most favored nation provision, enhancing the company’s financial flexibility and potential for growth.
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