03:13 AM EDT, 10/08/2024 (MT Newswires) -- Patrick Industries ( PATK ) said late Monday it priced a private placement of $500 million principal amount of 6.375% senior notes due 2032.

Net proceeds will be used to fund the redemption of $300 million aggregate amount of 7.5% senior notes due 2027, other debt repayments and other related fees and expenses, the company said.

The offering, which has been upsized from $400 million, is expected to close on or about Oct. 22, subject to certain closing conditions.

The company also said it plans to amend its existing $925 million credit facility to establish a new $1 billion facility with a new maturity date of October 2029.