09:23 AM EDT, 03/13/2024 (MT Newswires) -- Installed Building Products ( IBP ) said Wednesday it is seeking to refinance and extend its $490 million term loan B due 2028 with a new seven-year $500 million term loan due 2031.

Funds from the new loan will be used to refinance the existing facility and pay fees, the company said, adding the terms of a potential new loan will be released upon the closing of the deal, which may be "announced in the next several weeks."

The planned refinancing is subject to market conditions, the company said.

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