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AI brief of an SEC Form 8-K · Patrick Industries (PATK)

Patrick Industries closes $500 million 6.375% notes, $1.0 billion credit facility

Neutral Impact 3 of 5 financing Written later

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.

Key points

  • $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%

The filing

CompanyPatrick Industries (PATK)
Form8-K, current report
Filed with the SECOct 28, 2024, 4:05 PM ET
Accession number0000076605-24-000177

Items reported: 1.01 Material Definitive Agreement2.03 New Direct Financial Obligation7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 6:56 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 28, 2024.

Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.