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Wells Fargo Agents Patrick Industries Credit Facility Increase to $360MM

July 29, 2016, 07:49 AM
Filed Under: Manufacturing

Patrick Industries reported its financial results for the second quarter and six months ended June 26, 2016.  The company also announced that it expanded its existing credit facility to $360 million.   

On July 26, 2016, the company amended its credit agreement to expand its senior secured credit facility to $360 million with no change to the original maturity date of April 2020.  The expanded credit facility is comprised of an approximate $270 million revolving credit loan and a $90 million term loan. The credit agreement was originally established in April 2015 as a $250 million revolving senior secured credit facility and subsequently expanded to $300 million in August 2015. According to an SEC filing, Wells Fargo Bank, National Association, is the administrative agent and a lender  along with Fifth Third Bank, Key Bank National Association, Bank of America, N.A., and Lake City Bank as lenders.

Patrick Industries, Inc. is a major manufacturer of component products and distributor of building products and materials serving the recreational vehicle, manufactured housing, kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets and operates coast-to-coast through locations in 14 states.

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