05:09 PM EST, 11/26/2024 (MT Newswires) -- Installed Building Products ( IBP ) said Tuesday it repriced its $500 million term loan.

"The term loan repricing will provide IBP with over $1 million in estimated cash interest expense savings annually," said the company's Chief Financial Officer Michael Miller.

The loan's maturity date of March 28, 2031, is unchanged, the company said.

The company also said that in November, it repurchased 250,000 shares for about $52 million.

So far this year, the company has repurchased 565,000 shares for $118 million, leaving roughly $182 million remaining under the current authorization, which will expire March 1, 2025.