Patrick Industries, Inc. Enters into the Fifth Amendment to the Credit Agreement
January 31, 2018 at 05:20 pm
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On April 28, 2015, Patrick Industries, Inc. (the Company), Wells Fargo Bank, National Association, as the administrative agent (the Administrative Agent) and the lenders party thereto (the Lenders) entered into that certain Amended and Restated Credit Agreement (the Credit Agreement) where the Lenders agree to make available to the Company a revolving credit facility. On January 29, 2018, the Company entered into the Fifth Amendment to the Credit Agreement (the "Fifth Amendment") among the Company, Adorn Holdings, Inc. (the Guarantor), the Lenders and the Administrative Agent. The Fifth Amendment expands the credit facility to $500.0 million by expanding the revolving credit line by $50.0 million to $417.3 million from $367.3 million. The term loan repayment installments of approximately $3.9 million per quarter remain unchanged with the remaining balance due at maturity.
Patrick Industries, Inc. is a component solutions provider for the recreational vehicle (RV), marine, powersports and housing markets. The Companyâs segments include Manufacturing, which offers laminated products for furniture, shelving, walls and countertops; decorative vinyl, wrapped vinyl, paper laminated panels and vinyl printing; solid surface, granite and quartz countertops; fabricated aluminum products; and other products, and Distribution segment, which provides pre-finished wall and ceiling panels, drywall and drywall finishing products, interior and exterior lighting products, wiring, electrical and plumbing products, transportation and logistics services and other products. It operates through a network that includes approximately 179 manufacturing plants and 62 warehouse and distribution facilities located in 23 states with presence in Mexico, China, and Canada. It also serves original equipment manufacturers (OEMs), and various other industrial markets.
PATRICK INDUSTRIES, INC. 
