Patrick Industries, Inc. Announces Private Offering of $400 Million of Senior Notes
Patrick Industries (NASDAQ: PATK) has announced its intention to offer $400 million in Senior Notes due 2032 through a private placement. The company plans to use the proceeds to redeem $300 million of 7.500% Senior Notes due 2027, repay part of its existing credit facility, and cover related fees and expenses.
Concurrently, Patrick intends to amend its credit agreement, establishing a new $1.0 billion senior secured credit facility. This will consist of an $875 million revolving credit facility and a $125 million term loan, with maturity extended to October 2029. This new facility will replace the existing one due to mature in August 2027.
The offering is subject to market conditions, and the Notes have not been registered under the Securities Act. They will only be offered to qualified institutional buyers and non-U.S. persons outside the United States.
Patrick Industries (NASDAQ: PATK) ha annunciato la sua intenzione di offrire 400 milioni di dollari in Note Senior con scadenza nel 2032 tramite un collocamento privato. L'azienda prevede di utilizzare i proventi per rimborsare 300 milioni di dollari di Note Senior al 7,500% con scadenza nel 2027, ripagare parte della sua attuale linea di credito e coprire le relative spese e commissioni.
Contestualmente, Patrick intende modificare il suo accordo di credito, stabilendo una nuova linea di credito garantita senior da 1,0 miliardo di dollari. Questa consisterà in una linea di credito revolving da 875 milioni di dollari e un prestito a termine da 125 milioni di dollari, con scadenza prorogata a ottobre 2029. Questa nuova linea sostituirà quella esistente con scadenza ad agosto 2027.
Il collocamento è soggetto alle condizioni di mercato e le Note non sono state registrate ai sensi della Securities Act. Saranno offerte esclusivamente a compratori istituzionali qualificati e a persone non statunitensi al di fuori degli Stati Uniti.
Patrick Industries (NASDAQ: PATK) ha anunciado su intención de ofrecer 400 millones de dólares en Notas Senior con vencimiento en 2032 a través de una colocación privada. La compañía planea utilizar los ingresos para redimir 300 millones de dólares de Notas Senior al 7,500% con vencimiento en 2027, reembolsar parte de su línea de crédito existente y cubrir tarifas y gastos relacionados.
Simultáneamente, Patrick tiene la intención de enmendar su acuerdo de crédito, estableciendo una nueva línea de crédito senior garantizada de 1.0 mil millones de dólares. Esta consistirá en una línea de crédito rotativa de 875 millones de dólares y un préstamo a plazo de 125 millones de dólares, con vencimiento extendido a octubre de 2029. Esta nueva línea reemplazará la existente que vence en agosto de 2027.
La oferta está sujeta a las condiciones del mercado, y las Notas no han sido registradas bajo la Securities Act. Solo se ofrecerán a compradores institucionales calificados y a personas no estadounidenses fuera de los Estados Unidos.
패트릭 인더스트리 (NASDAQ: PATK)는 2032년에 만기되는 4억 달러 규모의 시니어 노트를 사모로 발행할 계획을 발표했습니다. 이 회사는 이 자금을 사용하여 2027년에 만기되는 7.500% 시니어 노트 3억 달러를 상환하고, 기존 신용 시설 일부를 상환하며, 관련 수수료와 비용을 충당할 계획입니다.
동시에, 패트릭은 신용 계약을 수정하여 10억 달러 규모의 새로운 담보 신용 시설을 설립할 예정입니다. 이는 8억 7천 5백만 달러의 회전 신용 시설과 1억 2천 5백만 달러의 기간 대출로 구성되며, 만기는 2029년 10월로 연장됩니다. 이 새로운 시설은 2027년 8월에 만료되는 기존 시설을 대체할 것입니다.
이 공모는 시장 상황에 따라 달라지며, 노트는 증권법에 따라 등록되지 않았습니다. 이는 미국 외부의 자격이 있는 기관 투자자와 비미국인에게만 제공됩니다.
Patrick Industries (NASDAQ: PATK) a annoncé son intention de proposer 400 millions de dollars en Obligations Senior arrivant à échéance en 2032 à travers un placement privé. L'entreprise prévoit d'utiliser les produits pour racheter 300 millions de dollars d'Obligations Senior à 7,500% échues en 2027, rembourser une partie de sa facilité de crédit existante et couvrir les frais et dépenses associés.
Simultanément, Patrick prévoit de modifier son accord de crédit, établissant une nouvelle facilité de crédit senior garantie de 1,0 milliard de dollars. Cela consistera en une facilité de crédit revolving de 875 millions de dollars et un prêt à terme de 125 millions de dollars, avec une échéance prolongée jusqu'en octobre 2029. Cette nouvelle facilité remplacera celle existante qui vient à échéance en août 2027.
L'offre est soumise aux conditions du marché, et les Obligations n'ont pas été enregistrées en vertu de la Securities Act. Elles ne seront offertes qu'aux acheteurs institutionnels qualifiés et aux personnes non américaines en dehors des États-Unis.
Patrick Industries (NASDAQ: PATK) hat seine Absicht angekündigt, 400 Millionen US-Dollar in Senior Notes mit Fälligkeit 2032 über eine Privatplatzierung anzubieten. Das Unternehmen plant, die Erlöse zu verwenden, um 300 Millionen US-Dollar von 7,500% Senior Notes mit Fälligkeit 2027 zurückzuzahlen, einen Teil seiner bestehenden Kreditfazilität zu tilgen und damit verbundene Gebühren und Ausgaben zu decken.
Gleichzeitig beabsichtigt Patrick, seine Kreditvereinbarung zu ändern und eine neue garantierte Senior-Kreditfazilität von 1,0 Milliarden US-Dollar einzurichten. Diese wird aus einer 875 Millionen US-Dollar Revolving-Kreditfazilität und einem 125 Millionen US-Dollar Terminkredit bestehen, mit einer Laufzeit bis Oktober 2029. Diese neue Fazilität wird die bestehende ablösen, die im August 2027 fällig ist.
Das Angebot unterliegt den Marktbedingungen, und die Notes sind nicht unter dem Securities Act registriert. Sie werden nur qualifizierten institutionellen Käufern und nicht US-Personen außerhalb der Vereinigten Staaten angeboten.
- Intention to offer $400 million in Senior Notes, potentially improving liquidity
- Plans to establish a new $1.0 billion senior secured credit facility
- Extension of credit facility maturity from August 2027 to October 2029
- Potential increase in long-term debt with the new $400 million Senior Notes offering
- Possible dilution of existing shareholders' value due to the new debt issuance
The interest rate, redemption prices and other terms of the Notes are to be determined upon pricing of the offering. Patrick intends to use the net proceeds from the offering to redeem all of its
Concurrently with the completion of the offering, the Company plans to amend and restate the credit agreement governing its existing
This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
The Notes and related guarantees have not been registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in
About Patrick Industries, Inc.
Patrick (NASDAQ: PATK) is a leading component solutions provider serving the RV, Marine, Powersports and Housing markets. Since 1959, Patrick has empowered manufacturers and outdoor enthusiasts to achieve next-level recreation experiences. Our customer-focused approach brings together design, manufacturing, distribution, and transportation in a full solutions model that defines us as a trusted partner. Patrick is home to more than 85 leading brands, all united by a commitment to quality, customer service, and innovation. Headquartered in
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements within the meaning of Private Securities Litigation Reform Act of 1995 that are forward-looking in nature, including, without limitation, the completion, timing, terms and use of proceeds of the Notes offering and the proposed new senior secured credit facility. The forward-looking statements are based on current expectations and our actual results may differ materially from those projected in any forward-looking statement. There can be no assurance that any forward-looking statement will be realized or that actual results will not be significantly different from that set forth in such forward-looking statement. Factors that could cause actual results to differ materially from those in forward-looking statements included in this press release include, without limitation: the ability to complete the terms of the offering and to enter into a new senior secured credit facility on anticipated terms or at all; adverse economic and business conditions, including cyclicality and seasonality in the industries we sell our products; the financial condition of our customers or suppliers; the loss of a significant customer; changes in consumer preferences; declines in the level of unit shipments or reduction in growth in the markets we serve; the availability of retail and wholesale financing for RVs, watercraft and powersports products, and residential and manufactured homes; pricing pressures due to competition; costs and availability of raw materials, commodities and energy and transportation; supply chain issues, including financial problems of manufacturers or suppliers and shortages of adequate materials or manufacturing capacity; the challenges and risks associated with doing business internationally; challenges and risks associated with importing products, such as the imposition of duties, tariffs or trade restrictions; the ability to manage our working capital, including inventory and inventory obsolescence; the availability and costs of labor and production facilities and the impact of labor shortages; fuel shortages or high prices for fuel; any interruptions or disruptions in production at one of our key facilities; challenges with integrating acquired businesses; the impact of the consolidation and/or closure of all or part of a manufacturing or distribution facility; an impairment of assets, including goodwill and other long-lived assets; an inability to attract and retain qualified executive officers and key personnel; the effects of union organizing activities; the impact of governmental and environmental regulations, and our inability to comply with them; changes to federal, state, local or certain international tax regulations; unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, services, perceived environmental impacts, or otherwise; public health emergencies or pandemics, such as the COVID-19 pandemic; our level of indebtedness; our inability to comply with the covenants contained in the existing senior secured credit facility or the new senior secured credit facility; an inability to access capital when needed; the settlement or conversion of our notes; fluctuations in the market price for our common stock; an inability of our information technology systems to perform adequately; any disruptions in our business due to an IT failure, a cyber-incident or a data breach; any adverse results from our evaluation of our internal controls over financial reporting under Section 404 of the Sarbanes-Oxley Act of 2002; certain provisions in our Articles of Incorporation and Amended and Restated By-laws that may delay, defer or prevent a change in control; adverse conditions in the insurance markets; and the impact on our business resulting from wars and military conflicts, such as war in
There can be no assurance that any forward-looking statement will be realized or that actual results will not be significantly different from that set forth in such forward-looking statement. The Company does not undertake to publicly update or revise any forward-looking statements. Information about certain risks that could affect our business and cause actual results to differ from those express or implied in the forward-looking statements are contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and in the Company's Forms 10-Q for subsequent quarterly periods, which are filed with the Securities and Exchange Commission ("SEC") and are available on the SEC's website at www.sec.gov. Each forward-looking statement speaks only as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date on which it is made. Prospective purchasers are cautioned not to place undue reliance on these forward-looking statements.
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SOURCE Patrick Industries, Inc.
FAQ
What is the purpose of Patrick Industries' (PATK) $400 million Senior Notes offering?
What changes is Patrick Industries (PATK) making to its credit facility in October 2024?
When will Patrick Industries' (PATK) new Senior Notes mature?
Who is eligible to purchase Patrick Industries' (PATK) new Senior Notes?
