Reported Earlier, Patrick Industries Prices Upsized Private Offering Of $500M 6.375% Senior Notes Due 2032
Portfolio Pulse from Benzinga Newsdesk
Patrick Industries has increased its private offering to $500 million in 6.375% Senior Notes due 2032, up from the previously announced $400 million. The proceeds will be used to redeem existing notes, repay borrowings, and cover related expenses.
October 08, 2024 | 5:12 am
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Patrick Industries has increased its private offering to $500 million in 6.375% Senior Notes due 2032. The proceeds will be used to redeem $300 million of 7.500% Senior Notes due 2027, repay borrowings, and cover related expenses.
The increase in the offering size suggests strong demand and confidence in Patrick Industries' financial strategy. Redeeming higher interest notes and repaying borrowings can improve financial health, potentially leading to a positive short-term impact on PATK's stock price.
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