Patrick Industries amended its credit agreement to consist of a $550 million revolving credit loan and a $100 million term loan.
The maturity date for borrowings under the 2019 credit facility was extended to September 2024. The 2019 credit facility replaces the company’s existing credit facility that was due to mature in March 2022.
According to a related 8-K filing, Wells Fargo served as administrative agent for the transaction, which includes an accordion allowing the company may be able to increase the borrowing capacity of the new credit facility by up to $250 million.
Borrowings under the new credit facility are secured by substantially all personal property assets of the Company and any domestic subsidiary guarantors.
“We look forward to our continued partnership with our bank group as we execute on our strategic plan, with the ultimate goal of providing exceptional products and service to our customer base and driving shareholder value,” said Andy Nemeth, president.
Patrick Industries is a manufacturer and distributor of component products and building products serving the recreational vehicle, marine, manufactured housing, residential housing, high-rise, hospitality, kitchen cabinet, office and household furniture, fixtures and commercial furnishings, and other industrial markets. It operates coast-to-coast in various locations throughout the U.S. and in Canada, China and the Netherlands.
