Patrick Closes on $500M Offering; Secures $1B Credit Facility
October 29, 2024
Source: RV Business
ELKHART, Ind. – Patrick Industries, Inc. (NASDAQ: PATK) announced the closing on Oct. 22 of its previously announced private offering of $500 million aggregate principal amount of 6.375% Senior Notes due 2032, at an issue price of 100% of the principal amount of the Notes, in a private placement exempt from registration under the Securities Act of 1933.
Net proceeds from the offering, together with borrowings under the 2024 Credit Facility (as defined below), will be used to redeem all $300 million aggregate principal amount of the company’s 7.500% Senior Notes due 2027, repay a portion of the company’s borrowings under its existing senior secured credit facility and pay fees and expenses in connection with the foregoing, according to a release.
On Oct. 24, the company amended and restated its credit agreement to establish a new $1.0 billion senior secured credit facility consisting of an $875 million revolving credit facility (“2024 Revolver”), a $125 million term loan (“2024 Term Loan” and, together with the 2024 Revolver, the “2024 Credit Facility”) and a maturity date ending in October 2029. The 2024 Credit Facility replaces the company’s existing credit facility that was due to mature in August 2027.
About Patrick Industries, Inc.
Patrick (NASDAQ: PATK) is a leading component solutions provider serving the RV, Marine, Powersports and Housing markets. Since 1959, Patrick has empowered manufacturers and outdoor enthusiasts to achieve next-level recreation experiences. The company’s customer-focused approach brings together design, manufacturing, distribution, and transportation in a full solutions model that defines Patrick as a trusted partner. Patrick is home to more than 85 leading brands, all united by a commitment to quality, customer service, and innovation. Headquartered in Elkhart, Ind., Patrick employs approximately 10,000 skilled team members throughout the United States.
For more information on Patrick, its brands, and products, visit www.patrickind.com.