Installed Building Products Announces Successful Refinancing

COLUMBUS, Ohio--(BUSINESS WIRE)--

Installed Building Products, Inc. (the "Company") (NYSE: IBP), an

industry-leading installer of insulation products, announced today that

the Company has successfully refinanced its borrowings under its

existing Term Loan and Delayed Draw Term Loan facilities, and closed its

previously announced $300 million Term Loan B facility and $100 million

ABL Revolving Credit Facility.

The new $300 million Term Loan B facility matures in 2024 and has an

interest rate of LIBOR plus 300 basis points with a LIBOR floor of one

percent. The Term Loan B facility has no financial maintenance covenants

and is rated BB by S&P Global Ratings and B1 by Moody's Investors

Service.

The new $100 million ABL Revolving Credit Facility has a five-year

duration and an interest rate of LIBOR plus 125 - 175 basis points based

on excess availability.

"I am pleased with the robust demand and favorable terms of our Term

Loan B facility, reflecting our financial partners' confidence in IBP's

compelling financial model and growth-oriented business plan," stated

Jeff Edwards, Chairman and Chief Executive Officer. "The additional

capital from the new $300 million facility extends IBP's average

weighted debt maturity and provides us with significant financial

flexibility to continue achieving our established growth strategies."

With the completion of the transaction, IBP now has total indebtedness

of approximately $369 million, comprised of the new, $300 million term

loan, $56 million in equipment financing, and $13 million in seller

notes and non-competes. With approximately $100 million in cash,

resulting in net total indebtedness of $269 million, IBP continues to

have a conservative capital structure.

The Royal Bank of Canada served as Administrative Agent for the Term

Loan B facility, and RBC Capital Markets, UBS Securities LLC, and

Jefferies Finance LLC, served as Joint Lead Arrangers and Joint

Bookrunners.

The $100 million ABL Revolving Credit Facility was led by a syndicate of

financial institutions including SunTrust Bank as Administrative Agent.

Other banks participating in the syndication were Key Bank, Regions Bank

and US Bank.

Additional details on the credit facilities may be found in the Form 8-K

filed today with the Securities and Exchange Commission.

About Installed Building Products

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. The Company manages all aspects

of the installation process for its customers, including direct

purchases of materials from national manufacturers, supply of materials

to job sites and quality installation. The Company offers its diverse

portfolio of services for new and existing single-family and multifamily

residential, and commercial building projects from its national network

of branch locations.

Forward-Looking Statements

This press release contains forward-looking statements within the

meaning of the federal securities laws, including with respect to our

financial model and flexibility, demand for our services, expansion of

our national footprint, our ability to capitalize on the new home

construction recovery, our ability to strengthen our market position,

our ability to pursue value-enhancing acquisitions, our ability to

improve profitability and expectations for demand for our services for

the remainder of 2017. Forward-looking statements may generally be

identified by the use of words such as "anticipate," "believe,"

"expect," "intends," "plan," and "will" or, in each case, their

negative, or other variations or comparable terminology. These

forward-looking statements include all matters that are not historical

facts. By their nature, forward-looking statements involve risks and

uncertainties because they relate to events and depend on circumstances

that may or may not occur in the future. Any forward-looking statements

that we make herein and in any future reports and statements are not

guarantees of future performance, and actual results may differ

materially from those expressed in or suggested by such forward-looking

statements as a result of various factors, including, without

limitation, the factors discussed in the "Risk Factors" section of the

Company's Annual Report on Form 10-K for the year ended December 31,

2016, as the same may be updated from time to time in our subsequent

filings with the Securities and Exchange Commission. Any forward-looking

statement made by the Company in this press release speaks only as of

the date hereof. New risks and uncertainties arise from time to time,

and it is impossible for the Company to predict these events or how they

may affect it. The Company has no obligation, and does not intend, to

update any forward-looking statements after the date hereof, except as

required by federal securities laws.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170417005300/en/

Installed Building Products, Inc.Investor Relations, 614-221-9944investorrelations@installed.net

Source: Installed Building Products, Inc.

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