NEWS RELEASES
Patrick Industries Closes on $300 Million Senior Notes
Editor's Note: This news item was retrieved and first published through Patrick Industries, Inc's website.
ELKHART, Ind. - Patrick Industries, Inc., a major manufacturer and distributor of component products for the RV, marine, manufactured and residential housing markets, announced the closing of a private offering of $300 million senior notes in a private placement exempt from registration under the Securities Act of 1933. The 7.50% senior notes, which mature in 2027, were offered at an issue price of 100% of the principal amount. Concurrently with the offering, Patrick amended its existing credit agreement to a $550 million revolving credit loan and a $100 million term loan. Proceeds were used to repay all of the company’s borrowings under its existing senior secured credit facility and to pay fees and expenses associated with the new credit agreements. "The new Notes and credit facility position us with capacity and a strong financing foundation to continue to support the Company's long-term strategic initiatives and disciplined capital allocation strategy and provide us with liquidity, dry powder, and flexibility to manage our businesses in a cyclical markets environment," Todd Cleveland, chairman and CEO of Patrick, said in a news release.
Business, Funding, Industry Updates, News, Products, RV Maintenance