ELKHART, Ind. , Oct. 24, 2024 /PRNewswire/ -- Patrick Industries, Inc.
(NASDAQ: PATK) ("Patrick" or the "Company") today announced the closing of its previously announced private offering of $500 million aggregate principal amount of 6.375% Senior Notes due 2032 (the "Notes"), at an issue price of 100% of the principal amount of the Notes, in a private placement exempt from registration under the Securities Act of 1933 (the "Securities Act") on October 22 , 2024. Net proceeds from the offering, together with borrowings under the 2024 Credit Facility (as defined below), will be used to redeem all $300 million aggregate principal amount of the Company's 7.
500% Senior Notes due 2027, repay a portion of the Company's borrowings under its existing senior secured credit facility and pay fees and expenses in connection with the foregoing. On October 24, 2024 , the Company amended and restated its credit agreement to establish a new $1.0 billion senior secured credit facility consisting of an $875 million revolving credit facility (the "2024 Revolver"), a $125 million term loan (the "2024 Term Loan" and, together with the 2024 Revolver, the "2024 Credit Facility") and a maturity date ending in October 2029 .
The 2024 Credit Facility replaces the Company's existing credit facility that was due to mature in August 2027 . About Patrick Industries, Inc. Patrick (NASDAQ: PATK) is a leading component solutions provider serving the RV, Marine, Powersports and Housing markets.
Since 1959, Pa.