ELKHART, Ind., March 8, 2017 /PRNewswire/ -- PATRICK
INDUSTRIES, INC. (NASDAQ: PATK) (the "Company") announced today
the pricing of an underwritten public offering of 1,350,000 shares
of common stock at a price to the public of $73.00 per share of common stock. In connection
with the offering, the Company has granted the underwriters a
30-day option to purchase up to an additional 202,500 shares of
common stock from the Company. The offering is expected to close on
March 14, 2017, subject to customary
closing conditions.
The Company intends to use all of the net proceeds of the
offering to pay down a portion of its outstanding indebtedness.
The offering is being made through an underwriting group led by
BofA Merrill Lynch, Wells Fargo Securities, and Baird, who are
acting as joint book-running managers and as representatives of the
underwriters for the common stock offering. KeyBanc Capital Markets
is acting as an additional joint book-running manager for the
offering.
The offering is made pursuant to an effective registration
statement (including a prospectus) previously filed with the SEC.
The offering will only be made by means of a prospectus supplement
and the accompanying prospectus. A preliminary prospectus
supplement relating to the offering has been filed with the SEC and
a final prospectus supplement relating to the offering will also be
filed with the SEC. You may review electronic copies of these
documents for free by visiting EDGAR on the SEC website at
www.sec.gov.
Alternatively, the joint lead bookrunners will arrange to send
you the preliminary prospectus supplement and accompanying
prospectus, and when available, the final prospectus supplement, if
you request them by contacting:
BofA Merrill
Lynch
Attn: Prospectus
Department
NC1-004-03-43
200 North College
Street, 3rd floor
Charlotte, NC
28255-0001
Phone: (800)
294-1322
Email:
dg.prospectus_requests@baml.com
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Wells Fargo
Securities, LLC
Attn: Equity
Syndicate Department
375 Park
Avenue
New York, New York
10152
Phone: (800)
326-5897
Email:
cmclientsupport@wellsfargo.com
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Robert W. Baird &
Co. Incorporated
Attn: Syndicate
Department
777 E. Wisconsin
Avenue
Milwaukee, Wisconsin
53202
Phone: (800)
792-2473
Email:
syndicate@rwbaird.com
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This press release is neither an offer to sell nor a
solicitation of an offer to buy any securities, nor shall there be
any sale of any such securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
Patrick Industries, Inc.
Patrick Industries, Inc. is a
major manufacturer of component products and distributor of
building products serving the recreational vehicle, manufactured
housing, kitchen cabinet, office and household furniture, fixtures
and commercial furnishings, marine, and other industrial markets
and operates coast-to-coast through locations in 16 states.
Patrick's major manufactured products include decorative vinyl and
paper laminated panels, countertops, fabricated aluminum products,
wrapped profile mouldings, slide-out trim and fascia, cabinet doors
and components, hardwood furniture, fiberglass bath fixtures,
fiberglass and plastic component products, softwoods lumber,
interior passage doors, RV painting, and slotwall panels and
components. The Company also distributes drywall and drywall
finishing products, electronics and audio systems components,
wiring, electrical and plumbing products, cement siding, raw and
processed lumber, FRP products, interior passage doors, roofing
products, laminate and ceramic flooring, shower doors, furniture,
fireplaces and surrounds, interior and exterior lighting products,
and other miscellaneous products.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain statements
related to future results, our intentions, beliefs and expectations
or predictions for the future, which are forward-looking statements
as that term is defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements involve a number of
risks and uncertainties that could cause actual results to differ
materially from either historical or anticipated results depending
on a variety of factors. Potential factors that could impact
results include: the impact of any economic downturns especially in
the residential housing market, a decline in consumer confidence
levels, pricing pressures due to competition, costs and
availability of raw materials, the imposition of restrictions and
taxes on imports of raw materials and components used in our
products, information technology performance and security, the
availability of commercial credit, the availability of retail and
wholesale financing for residential and manufactured homes, the
availability and costs of labor, inventory levels of retailers and
manufacturers, the financial condition of our customers, retention
and concentration of significant customers, the ability to generate
cash flow or obtain financing to fund growth, future growth rates
in the Company's core businesses, the seasonality and cyclicality
in the industries to which our products are sold, realization and
impact of efficiency improvements and cost reductions, the
successful integration of acquisitions and other growth
initiatives, increases in interest rates and oil and gasoline
prices, adverse weather conditions impacting retail sales, our
ability to remain in compliance with our credit agreement
covenants, and general economic, market and political conditions.
In addition, national and regional economic conditions may affect
the retail sale of recreational vehicles and residential and
manufactured housing. The Company does not undertake to update
forward-looking statements, except as required by law. Further
information regarding these and other risks, uncertainties and
factors is contained in the section entitled "Risk Factors" in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2016, and in the
Company's Form 10-Qs for subsequent quarterly periods, which are
filed with the Securities and Exchange Commission ("SEC") and are
available on the SEC's website at www.sec.gov.
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SOURCE Patrick Industries, Inc.