Patrick Industries closes $500 million 6.375% notes, $1.0 billion credit facility
Patrick Industries closed a $500 million private offering of 6.375% senior notes due November 1, 2032, issued at 100% of principal. The company also entered a new $1.0 billion senior secured credit facility on October 24, 2024, which replaces its existing facility due August 2027. Net proceeds, together with borrowings under the new facility, will be used to redeem all $300 million of its 7.500% senior notes due 2027 and repay part of its existing borrowings.
- $500 million of 6.375% senior notes due November 1, 2032, with interest payable semi-annually from May 1, 2025
- New $1.0 billion facility: $875 million revolver and $125 million term loan, maturing October 2029
- Proceeds and borrowings to redeem all $300 million of 7.500% notes due 2027 and repay part of existing secured borrowings
- Notes may be redeemed before November 1, 2027 at par plus a make-whole premium; a change of control requires an offer to repurchase at 101%