Blog: PATRICK INDUSTRIES INC : Regulation FD Disclosure, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Other Events, Financial Statements and Exhibits (form 8-K) – Marketscreener.com

Item 1.01 Regulation FD Disclosure

Amended Credit Agreement

On August 11, 2022, the Company amended its Fourth Amended and Restated Credit
Agreement (the “Credit Agreement”) dated April 20, 2021 by and among the
Company, the lenders from time to time a party thereto, Wells Fargo Bank,
National Association, and certain subsidiaries of the Company, as guarantors
(the “First Amendment”). Under the First Amendment, the senior secured credit
facility was increased to $925 million from $700 million and the maturity date
was extended to August 2027 from April 2026. The senior credit facility under
the Credit Agreement is comprised of a $775 million revolving credit facility
and a $150 million term loan. In addition, base interest rates for borrowings
under the Credit Agreement were changed to the Secured Overnight Financing Rate
(SOFR) from LIBOR and the term loan quarterly repayment schedule was revised so
that it would be repaid in quarterly installments in the following amounts: (i)
beginning June 30, 2021, through and including June 30, 2025, in the amount of
$1,875,000, and (ii) beginning September 30, 2025, and each quarter thereafter,
in the amount of $3,750,000, with the remaining balance due at maturity.

The foregoing summary of the Amended Credit Agreement does not purport to be
complete and is qualified in its entirety by reference to the full text of the
Amended Credit Agreement, a copy of which is filed as Exhibit 10.1 hereto and
incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an
Off-Balance Sheet Arrangement of the Registrant

The information disclosed in Item 1.01 above is incorporated herein by
reference.



Item 8.01  Other Events

On August 12, 2022, Patrick Industries, Inc. announced that on August 10, 2022,
its Board of Directors declared a quarterly cash dividend on its common stock of
$0.33 per share. The dividend is payable on September 12, 2022, to shareholders
of record at the close of business on August 29, 2022.

A copy of the press release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit 10 .1 * – First Amendment to Fourth Amended and Restated
Credit Agreement dated August 11, 2022 by and among the Company, the Guarantors,
the lenders from time to time a party thereto and Wells Fargo Bank, National
Association.

Exhibit 99.1 * – Press Release issued August 12, 2022

Exhibit 104 – Cover Page Interactive Date File (embedded within the Inline XBRL
document)


*Filed herewithin


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