The 1.75% convertible notes are due 2028

Davis Polk advised the representatives of the several initial purchasers in connection with a Rule 144A offering by Patrick Industries, Inc. of an aggregate principal amount of $258.75 million of its 1.75% convertible senior notes due 2028, including $33.75 million aggregate principal amount of notes sold pursuant to the exercise in full of the initial purchasers’ option to purchase additional notes. The notes are fully and unconditionally guaranteed by each of Patrick Industries’ current and future wholly owned domestic subsidiaries that guarantee borrowings under its existing senior credit facility and certain of its existing senior notes. Davis Polk also advised the counterparties to convertible note hedge and warrant transactions in connection with the offering.

Based in Elkhart, Indiana, Patrick Industries is a leading component solutions provider for the RV, marine, manufactured housing and various industrial markets – including single and multi-family housing, hospitality, institutional and commercial markets serving original equipment manufacturers.

The Davis Polk corporate team included partner Richard D. Truesdell Jr. and associate Meaghan Kennedy. The equity derivatives team included partners Mark M. Mendez and Mark J. DiFiore and associates Joseph Luizzi, Danielle Forni and Daniel Yu. Counsel Michael Comstock provided environmental advice. Partner Frank J. Azzopardi provided intellectual property advice. The tax team included partner Lucy W. Farr. All members of the Davis Polk team are based in the New York office.