Patrick Industries announced the closing 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 on Oct. 22. 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.
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, a $125 million term loan 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.
