09:57 AM EDT, 10/07/2024 (MT Newswires) -- Patrick Industries ( PATK ) said Monday it intends to offer $400 million of senior notes due 2032 in a private placement.

The company said it plans to use the net proceeds to redeem all of its $300 million of 7.5% senior notes due 2027 and partially repay borrowings under its existing senior secured credit facility.

Patrick Industries ( PATK ) said that concurrently with the completion of the offering, it plans to amend and restate the credit agreement governing its $925 million senior secured credit facility to establish a new $1 billion facility comprising an $875 million revolving credit facility and a $125 million term loan.

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