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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Wells Fargo Agents $650MM Credit Facility for Patrick Industries
Thursday, September 19, 2019
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Lenders/Participants
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Wells Fargo Bank [Agent]
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Structure
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$550MM Revolver; $100MM Term Loan
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Amount
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$650.000
Million
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Borrower(s)
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Patrick Industries
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Description
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The New Credit Agreement amended, extended and replaced the Company’s existing credit agreement and provides for a five year senior secured credit facility consisting of up to a $550 million Senior Secured Revolver (the “New Secured Revolver”) and a $100 million initial principal amount Senior Secured Term Loan (the “New Secured Term Loan” and together with the New Secured Revolver, the “New Credit Facility”) with a maturity date of September 17, 2024. Upon the satisfaction of certain conditions, and obtaining incremental commitments from its lenders, 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. The New Credit Agreement includes certain definitions, terms and reporting requirements including, without limitation, the following provisions: The New Secured Term Loan is due in consecutive quarterly installments on the last business day of each of March, June, September and December in the following amounts: (i) beginning September 30, 2019, through and including June 30, 2021, $1,250,000 and (ii) beginning September 30, 2021, and each quarter thereafter, $2,500,000, with the remaining balance due at maturity; The interest rates for borrowings under the New Secured Revolver and the New Secured Term Loan is the Base Rate plus the Applicable Margin or LIBOR Rate plus the Applicable Margin (each as defined in the New Credit Agreement), with a fee payable by the Company on unused but committed portions of the New Secured Revolver; The Applicable Margin will vary based on the Consolidated Total Leverage Ratio (as defined in the New Credit Agreement), ranging from 0.00% to 0.75% for Base Rate loans and from 1.00% to 1.75% for LIBOR Rate loans, and unused fees range from 0.15% to 0.225%.
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Industry
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Manufacturing
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Location
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IN
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| Related Tags |
Wells Fargo Bank
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ABL Advisor
Deal Tables
2024
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