Elkhart, Ind.-based Patrick Industries, Inc. announced it has entered into a second amendment and waiver to its senior secured credit agreement from May 2007.
Previously the recreational vehicle and manufactured housing supplier said it expected to be in violation of agreement’s terms in the third quarter. The lenders are now waiving penalties and revised the agreement to better suit current and expected operating conditions.
The company’s credit facility will continue to consist of a term loan and a revolving line of credit. Borrowings under the revolving line of credit are subject to a borrowing base, up to a borrowing limit of $33 million. The principal amount outstanding under the term loan of approximately $38.5 million at Sept. 30 remains unchanged under the amended terms. Patrick said pricing under the revolving line of credit and the term loan has been adjusted to be more consistent with current market rates for similar credits.