Patrick Industries Expands Credit Facility To $925M

Patrick Industries Inc PATK has amended its credit agreement to expand its existing senior secured credit facility to $925 million from $700 million.
The expanded credit facility includes a $775 million revolving credit facility and a $150 million term loan.
The maturity date for borrowings under the credit agreement was extended to August 2027 from April 2026.
The base interest rates for borrowings under the credit agreement were changed to the Secured Overnight Financing Rate (SOFR) from LIBOR.
Price Action: PATK shares are trading higher by 1.26% at $63.27 on the last check Monday.