Patrick Industries Inc. announced the pricing of an underwritten public offering of 1.35 million shares of common stock at a price to the public of $73 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. The offering is expected to close on March 14, 2017, subject to customary closing conditions.

Patrick 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.