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Patrick Industries ( (PATK) ) has provided an update.
Patrick Industries, Inc. is launching a private offering of $400 million in Senior Notes due 2032, aiming to pay off existing debts and establish a new senior secured credit facility. This move, which hinges on market conditions and other factors, will see the proceeds used to redeem $300 million in Senior Notes due 2027, reduce borrowings, and cover related expenses. The proposed credit facility, set to replace the current one maturing in 2027, will include a $875 million revolving credit line and a $125 million term loan, with an extended maturity to October 2029. This strategic financial maneuver underscores Patrick’s commitment to solidify its position as a premier component solutions provider in various markets.
See more insights into PATK stock on TipRanks’ Stock Analysis page.
