Patrick Industries, Inc. $172.5 Million Convertible Notes Offering


Davis Polk advised the representatives of the several initial purchasers in connection with a Rule 144A offering of $172.5 million aggregate principal amount of its 1.00% convertible senior notes due 2023, including $22.5 million aggregate principal amount of notes sold pursuant to the exercise in full of the initial purchasers’ over-allotment option.

Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC acted as representatives of the several initial purchasers.

In addition, Davis Polk advised the counterparties to convertible note hedge and warrant transactions in connection with the offering.

Based in Elkhart, Indiana, Patrick Industries is a leading manufacturer and supplier serving original equipment manufacturers primarily in the recreational vehicle and manufacturing housing markets.

The Davis Polk corporate team included partner Richard D. Truesdell Jr. (Picture) and associate Roderick G. Miller. The equity derivatives team included partner Ray Ibrahim, counsel Barry J. Gewolb and associate Katharine O’Banion. Counsel David A. Zilberberg and associate Michael Comstock provided environmental advice. The tax team included partner Lucy W. Farr and associate K. Daniel Berman.

Involved fees earner: Richard Truesdell – Davis Polk & Wardwell; Roderick Miller – Davis Polk & Wardwell; Ray Ibrahim – Davis Polk & Wardwell; Barry Gewolb – Davis Polk & Wardwell; Katharine O’Banion – Davis Polk & Wardwell; David Zilberberg – Davis Polk & Wardwell; Michael Comstock – Davis Polk & Wardwell; Lucy Farr – Davis Polk & Wardwell; K. Daniel Berman – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Merrill Lynch, Pierce, Fenner & Smith Incorporated; Wells Fargo Securities;

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Author: Ambrogio Visconti