Patrick Industries gets $80 million revolver at Libor plus 175 bps

By Sara Rosenberg

New York, Oct. 31 - Patrick Industries Inc. closed on an $80 million five-year senior secured revolving credit facility that is priced at Libor plus 175 basis points with a 25 bps unused fee, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Pricing on the revolver can range from Libor plus 150 bps to 250 bps and the unused fee can range from 20 bps to 50 bps, based on leverage.

Wells Fargo Bank is the agent on the deal that was completed on Oct. 24.

There is a $20 million accordion feature.

Covenants include a consolidated total leverage ratio and a consolidated interest coverage ratio.

Proceeds were used to refinance a $50 million asset-based revolver that was scheduled to mature on March 31, 2015, to fund the acquisition of Middlebury Hardwood Products Inc., and to repay 10% and 13% secured senior subordinated notes due in 2016 and secured subordinated notes due in 2013.

Patrick Industries is an Elkhart, Ind.-based manufacturer of component products and a distributor of building products.

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