8-K: Current report filing
Published on December 20, 2010
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
| Date of report (Date of earliest event reported) |
December 17,
2010
|
|
PATRICK
INDUSTRIES, INC.
|
|
(Exact
name of registrant as specified in its charter)
|
|
Indiana
|
000-03922
|
35-1057796
|
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
Number)
|
|
107
West Franklin, P.O. Box 638, Elkhart, Indiana
|
46515
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
| Registrant’s Telephone Number, including area code (574) 294-7511 |
|
(Former
name or former address if changed since last
report)
|
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o 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 17, 2010, Patrick Industries, Inc., an Indiana corporation (the
“Company”), entered into a Fifth Amendment (the “Fifth 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
Fifth Amendment
amended certain definitions, terms and reporting requirements and extends the
revolving termination date and term maturity date of the Company’s existing
senior secured credit facility and related term loan to May 31, 2011 to allow a
new facility to be put in place. In addition, the financial covenants were
modified to reflect the Company’s updated operating and cash flow
projections.
Effective
with the Fifth Amendment, borrowings under the revolving line of credit, subject
to a borrowing base up to a maximum borrowing limit of $28.0 million, and the
interest rates for borrowings under the revolving line of credit and the term
loan 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 Fifth Amendment is qualified in its entirety by the
actual agreement, which is attached to this Form 8-K as Exhibit
10.1.
On
December 20, 2010, 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.
|
|
|
(d)
|
Exhibits
|
|
|
Exhibit
10.1 – Fifth Amendment, as of December 17,
2010.
|
|
|
Exhibit
99.1 – Press Release, as of December 20,
2010.
|
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.
|
PATRICK
INDUSTRIES, INC.
|
||
|
(Registrant)
|
|
Date: December 20,
2010
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BY:
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/s/
Andy L. Nemeth
|
|
Andy
L. Nemeth
|
||
|
Executive
Vice President – Finance and
|
||
|
Chief
Financial
Officer
|