Patrick Industries Enters Material Definitive Agreement

TL;DR

PATK signed a big deal, details TBD.

AI Summary

On October 7, 2024, Patrick Industries, Inc. entered into a material definitive agreement. The company, incorporated in Indiana with its principal executive offices in Elkhart, Indiana, filed this 8-K report on October 11, 2024. Specific details of the agreement, including parties involved and financial terms, are not provided in this excerpt.

Why It Matters

This filing indicates a significant new contract or transaction for Patrick Industries, which could impact its future financial performance and strategic direction.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement, but the lack of specific details about the agreement's nature and terms introduces uncertainty.

Key Players & Entities

• PATRICK INDUSTRIES, INC. (company) — Registrant
• Indiana (location) — State of incorporation
• Elkhart, Indiana (location) — Principal executive offices
• October 7, 2024 (date) — Date of earliest event reported
• October 11, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $500 million — greed to sell to the initial purchasers $500 million aggregate principal amount of its 6.375

Filing Documents

• patk-20241007.htm (8-K) — 28KB
• patk-purchaseagreementreda.htm (EX-10.1) — 330KB
• patknr-pricing500million.htm (EX-99.1) — 10KB
• patknr-pricing500million001.jpg (GRAPHIC) — 305KB
• patknr-pricing500million002.jpg (GRAPHIC) — 299KB
• 0000076605-24-000175.txt ( ) — 1382KB
• patk-20241007.xsd (EX-101.SCH) — 2KB
• patk-20241007_lab.xml (EX-101.LAB) — 22KB
• patk-20241007_pre.xml (EX-101.PRE) — 13KB
• patk-20241007_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement On October 7, 2024, Patrick Industries, Inc., an Indiana corporation (the "Company"), and the guarantors named therein entered into a purchase agreement (the "Purchase Agreement") with Wells Fargo Securities, LLC, as representative of the several initial purchasers named therein (the "Initial Purchasers"), pursuant to which the Company has agreed to sell to the initial purchasers $500 million aggregate principal amount of its 6.375% Senior Notes due 2032 (the "Notes") for resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and certain non-U.S. persons in accordance with Regulation S under the Securities Act. The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by the certain existing domestic subsidiaries of the Company (the "Guarantors"). The Purchase Agreement contains certain customary representations, warranties and agreements by the Company and the Guarantors. Under the terms of the Purchase Agreement, the Company and the Guarantors have agreed to indemnify the Initial Purchasers against certain liabilities, including liabilities under the Securities Act or to contribute to payments the Initial Purchasers may be required to make in respect of those liabilities. The closing of the offering of the Notes is subject to the satisfaction of certain closing conditions contained in the Purchase Agreement and, as a result, there can be no assurance that the offering of the Notes will be completed. The foregoing summary of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure The Company is voluntarily disclosing that it issued a press release announcing the pricing of the Notes offering on October 7, 2024. A copy of the press release is furnished herewith as Exhibit 99.1. The Notes are being offered solely to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in accordance with Regulation S under the Securities Act. The Notes will not be registered under the Securities Act or any state securities law and, unless so registered, may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This Current Report on Form 8-K does not constitute an offer to sell or a solicitation of an offer to purchase the Notes or any other securities and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit 10.1 - Purchase Agreement, dated as of October 7, 2024, by and among Patrick Industries, Inc., the guarantors party thereto and Wells Fargo Securities, LLC, as representative of the several initial purchasers listed therein. Exhibit 99.1 - Press Release, dated October 7, 2024 Exhibit 104 - Cover Page Interactive Date File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PATRICK INDUSTRIES, INC. (Registrant) Date: October 11, 2024 By: /s/ Andrew C. Roeder Andrew C. Roeder Executive Vice President - Finance, Chief Financial Officer, and Treasurer