8-K: Current report filing
Published on December 16, 2009
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_______________
FORM
8-K
CURRENT
REPORT
Pursuant
To Section 13 OR 15(d) Of The Securities Exchange Act of 1934
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Date
of report (Date of earliest event reported)
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December 11, 2009
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PATRICK
INDUSTRIES, INC.
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(Exact
name of registrant as specified in its charter)
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Indiana
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000-03922
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35-1057796
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
Number)
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107
West Franklin, Elkhart, Indiana
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46516
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
Telephone Number, including area code
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(574) 294-7511
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(Former
name or former address if changed since last
report)
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[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
1.01 Entry
into a Material Definitive Agreement.
On
December 11, 2009, Patrick Industries, Inc., an Indiana corporation (the
“Company”), entered into a Fourth Amendment (the “Fourth Amendment”) to the
Company’s Credit Agreement, dated May 18, 2007, among the Company, the lenders
party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (the
“Credit Agreement”).
The
Fourth Amendment
amended certain definitions, terms and reporting requirements. The financial
covenants were modified to establish new quarterly minimum consolidated earnings
before interest, taxes, depreciation and amortization (“EBITDA”) requirements
that will replace the existing minimum one-month and two-month requirements
beginning with the fiscal quarter ended March 28, 2010. In addition,
the monthly borrowing limits under the revolving commitments were reset in
conjunction with updated projected monthly cash flows for 2010.
Effective
with the Fourth Amendment, borrowings under the revolving line of credit are
subject to a borrowing base, up to a maximum borrowing limit of $28.0 million
for fiscal year 2010. The interest rates for borrowings under the
revolving line of credit and the term loan, and the expiration date of the
Credit Agreement remained unchanged. The Company’s ability to access
these borrowings is subject to compliance with the terms and conditions of the
credit facility including the financial covenants.
The
foregoing description of the Fourth Amendment is qualified in its entirety by
the actual agreement, which is attached to this Form 8-K as Exhibit
10.1.
On
December 16, 2009, the Company issued a press release announcing the completion
of the amendment. A copy of the press release is attached hereto as
Exhibit 99.1.
Item
9.01 Financial
Statements and Exhibits.
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(d)
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Exhibits
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Exhibit
10.1 – Fourth Amendment, as of December 11,
2009.
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Exhibit
99.1 – Press Release, as of December 16,
2009.
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SIGNATURE
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.
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PATRICK
INDUSTRIES, INC.
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(Registrant)
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Date: December
16, 2009
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By:
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/s/
Andy L. Nemeth
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Andy
L. Nemeth
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Executive
Vice President – Finance and
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Chief
Financial Officer
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