Installed Building Products Enters Material Definitive Agreement

Ticker: IBP · Form: 8-K · Filed: Nov 26, 2024 · CIK: 1580905

Sentiment: neutral

Topics: material-agreement, financial-obligation

Related Tickers: IBP

TL;DR

IBP signed a big deal, expect new financial obligations.

AI Summary

Installed Building Products, Inc. (IBP) announced on November 26, 2024, that it has entered into a material definitive agreement. This filing also indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant, along with a Regulation FD disclosure and financial statements.

Why It Matters

This filing signals a significant new agreement for Installed Building Products, potentially impacting its financial obligations and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements can introduce new financial obligations and strategic shifts, carrying inherent risks.

Key Players & Entities

FAQ

What is the nature of the material definitive agreement entered into by Installed Building Products, Inc.?

The filing indicates the entry into a material definitive agreement but does not specify its nature in the provided text.

What type of financial obligation has been created for Installed Building Products, Inc.?

The filing states the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement.

When was this Form 8-K filed?

This Form 8-K was filed on November 26, 2024.

What is the principal business address of Installed Building Products, Inc.?

The principal business address is 495 South High Street, Suite 50, Columbus, OH 43215.

What is the state of incorporation for Installed Building Products, Inc.?

The state of incorporation is Delaware.

Filing Stats: 975 words · 4 min read · ~3 pages · Grade level 10.9 · Accepted 2024-11-26 16:29:39

Key Financial Figures

Filing Documents

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On November 26, 2024 , Installed Building Products, Inc., a Delaware corporation (the " Company ") and certain of its affiliates entered into Amendment No. 4 to Term Loan Credit Agreement (" Fourth Amendment ") with Royal Bank of Canada as term administrative agent and term collateral agent and the lenders party thereto, which amends the existing Term Loan Credit Agreement, dated December 14, 2021, by and among the Company, Royal Bank of Canada as term administrative agent and term collateral agent and lenders party thereto (as amended by Amendment No. 1 to Term Loan Credit Agreement, dated as of April 28, 2023, and as further amended by Amendment No. 2 to Term Loan Credit Agreement, dated as of August 14, 2023, and as further amended by Amendment No. 3 to Term Loan Credit Agreement, dated as of March 28, 2024 the " Existing Credit Agreement "). The Existing Credit Agreement provided for a term loan facility in an original aggregate principal amount of $500 million and matures on March 28, 2031. RBC Capital Markets acted as lead left arranger and bookrunner and BofA Securities, KeyBanc Capital Markets, US Bancorp and PNC Capital Markets LLC acted as joint lead arrangers and bookrunning managers for the Fourth Amendment. Under the Fourth Amendment, among other things, certain terms of the Existing Credit Agreement were amended, the repricing of the Company's approximately $497.5 million of existing term loans was effected and new term loans in the same amount were issued (the " Tranche B-3 Term Loans "). The Tranche B-3 Term Loans will bear interest, at the Company's option, at a rate equal to either: the adjusted term secured overnight financing rate plus 1.75% per annum, or an alternative base rate plus 0.75%. The foregoing summary of the Fourth Amendment and the transactions contemplated thereby does not purport to be complete and is subject to and qualified in its entirety by reference to, the full tex

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure On November 26, 2024, the Company issued a press release announcing the closing of the Fourth Amendment and an update on the Company's share repurchase program. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information contained in this Item 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, the information contained in this Item 7.01, including Exhibit 99.1 attached hereto, shall not be deemed to be incorporated by reference into any registration statement or other document filed with the Securities and Exchange Commission, except as shall be expressly set forth by specific reference in such filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits: Exhibit No. Description 10.1 Fourth Amendment to Term Loan Credit Agreement , dated as of November 26, 2024, by and among Installed Building Products, Inc., the other loan parties thereto, Royal Bank of Canada, as term administrative agent and as term collateral agent and the lenders party thereto. 99.1 Press Release of Installed Building Products, Inc. dated November 26, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 26th day of November, 2024. INSTALLED BUILDING PRODUCTS, INC. By: /s/ Michael T. Miller Name: Michael T. Miller Title: Chief Financial Officer

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