Patrick Industries announced that on Aug. 11, the company amended its credit agreement to expand its existing senior secured credit facility to $925 million from $700 million.
The expanded credit facility is comprised of a $775 million revolving credit facility and a $150 million term loan. The maturity date for borrowings under the credit agreement was extended to August 2027 from April 2026. In addition, base interest rates for borrowings under the credit agreement were changed to the Secured Overnight Financing Rate (SOFR) from LIBOR. Other material provisions remained unchanged.
“We are excited to close the expansion and maturity extension of our credit faccility, bolstering our already nimble and flexible posture while reinforcing our ability to execute on our business strategy,” said Andy Nemeth, CEO of Patrick. “Our credit facility is provided by a world-class group of financial institutions, and we appreciate their support and partnership as we continue to grow and diversify our business and drive shareholder value.”
