Patrick Industries, Inc. Credit Ratings

Entity - Ultimate Parent

Patrick Industries, Inc.

EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

01Ratings

Rating	Action	Date	Type
BB	New Rating	04-Oct-2024	Long Term Issuer Default Rating

Ratings Key	Outlook	Watch
Positive
Negative
Evolving
Stable

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ��ֳ� Red

Rating History

Long Term Issuer Default Rating

Date :	04-Oct-2024
Rating :	BB
Action :	New Rating

02Rating Actions

Rating Action Commentary / Mon 07 Oct, 2024

��ֳ� Rates Patrick's Proposed Notes 'BB'/'RR4'

Rating Action Commentary / Fri 04 Oct, 2024

��ֳ� Assigns Patrick Industries a First-Time 'BB' IDR; Outlook Stable

03Insights

��ֳ� Wire / Fri 16 May, 2025

U.S. Powersports Demand Recovery Stalled by Tariff Uncertainties

Rating Report / Thu 19 Dec, 2024

Patrick Industries, Inc.

Outlook Report / Mon 02 Dec, 2024

Global Automotive Outlook 2025

04Sector Outlooks

Outlook Report / Fri 13 Dec, 2024

North American Building Products and Materials Outlook 2025

Outlook Report / Fri 13 Dec, 2024

U.S. Real Estate - Homebuilders Outlook 2025

Outlook Report / Thu 12 Dec, 2024

U.S. Real Estate — Equity REITs Outlook 2025

Outlook Report / Mon 09 Dec, 2024

North America Structured Finance Outlook 2025

Outlook Report / Mon 02 Dec, 2024

Global Automotive Outlook 2025

Outlook Report / Wed 13 Dec, 2023

U.S. Real Estate — Equity REITs Outlook 2024

Outlook Report / Wed 06 Dec, 2023

Latin American Real Estate Outlook 2024

Outlook Report / Tue 05 Dec, 2023

Global Lodging Outlook 2024

Outlook Report / Mon 04 Dec, 2023

North America Structured Finance Outlook 2024

Outlook Report / Mon 04 Dec, 2023

North American Building Products and Materials Outlook 2024

Outlook Report / Mon 04 Dec, 2023

U.S. Real Estate — Homebuilders Outlook 2024

Outlook Report / Tue 27 Jun, 2023

Global Corporates Mid-Year Outlook 2023

Outlook Report / Fri 09 Dec, 2022

U.S. Real Estate — Equity REITs Outlook 2023

Outlook Report / Wed 07 Dec, 2022

North American Building Products and Materials Outlook 2023

Outlook Report / Wed 07 Dec, 2022

U.S. Real Estate - Homebuilders 2023 Outlook

Outlook Report / Wed 07 Dec, 2022

North America Structured Finance Outlook 2023

Outlook Report / Mon 05 Dec, 2022

Latin American Real Estate Outlook 2023

Outlook Report / Tue 21 Jun, 2022

Global Corporates: 2022 Sector Outlook Updates

Outlook Report / Thu 09 Dec, 2021

��ֳ� 2022 Outlook: U.S. Homebuilders

Outlook Report / Thu 09 Dec, 2021

��ֳ� 2022 Outlook: North American Building Products and Materials

Outlook Report / Wed 08 Dec, 2021

Global Housing and Mortgage Outlook - 2022

Outlook Report / Wed 08 Dec, 2021

��ֳ� 2022 Outlook: North America Structured Finance

Outlook Report / Thu 02 Dec, 2021

��ֳ� 2022 Outlook: North America Finance and Leasing Companies

Outlook Report / Wed 09 Dec, 2020

��ֳ� 2021 Outlook: U.S. Building Products and Materials

Outlook Report / Wed 09 Dec, 2020

��ֳ� 2021 Outlook: U.S. Homebuilders

Outlook Report / Mon 07 Dec, 2020

��ֳ� 2021 Outlook: U.S. and Canadian Structured Finance

Outlook Report / Thu 03 Dec, 2020

��ֳ� 2021 Outlook: U.S. Equity REITs

Outlook Report / Fri 06 Dec, 2019

��ֳ� 2020 Outlook: U.S. Housing and Homebuilders (More Stability Heading Into 2020)

Outlook Report / Fri 06 Dec, 2019

��ֳ� 2020 Outlook: U.S. Building Products and Materials (Slowing Growth, Stable Credit Metrics as Cycle Matures)

Outlook Report / Mon 28 Jan, 2019

��ֳ� 2019 Outlook: U.S. Corporates (Near-Term Stability amid Global Uncertainty)

Outlook Report / Wed 05 Dec, 2018

��ֳ� 2019 Outlook: U.S. Building Products and Materials (Sector Faces Headwinds as Construction Cycle Matures)

Outlook Report / Wed 05 Dec, 2018

��ֳ� 2019 Outlook: U.S. Housing and Homebuilders (Growing Headwinds as Affordability Issues Heighten)

Outlook Report / Mon 08 Jan, 2018

��ֳ� 2018 Outlook: Global Corporate Overview

Outlook Report / Thu 21 Dec, 2017

��ֳ� 2018 Outlook: U.S. Corporates (Synchronized Global Growth Supports Fundamental Stability)

Outlook Report / Thu 07 Dec, 2017

��ֳ� 2018 Outlook: U.S. and Canadian Structured Finance (Stable Despite Increasing Challenges)

Outlook Report / Fri 01 Dec, 2017

��ֳ� 2018 Outlook: U.S. Building Products and Materials (U.S. Construction Cycle Maturing)

Outlook Report / Fri 01 Dec, 2017

��ֳ� 2018 Outlook: U.S. Housing and Homebuilders (Multiyear Housing Expansion Maturing)

Outlook Report / Mon 12 Dec, 2016

2017 Outlook: U.S. Corporates (Fundamental Stability amid Growth Challenges)

Outlook Report / Mon 05 Dec, 2016

2017 Outlook: U.S. & Canadian Structured Finance

Outlook Report / Thu 01 Dec, 2016

2017 Outlook: U.S. Housing and Homebuilders (Mid-to-Late Innings of a Multi-Year Expansion)

Outlook Report / Thu 01 Dec, 2016

2017 Outlook: U.S. Building and Home Products (Modest Growth Ahead, Construction Cycle Maturing)

Outlook Report / Wed 09 Dec, 2015

2016 Outlook: U.S. Housing and Homebuilders (Expect Recovery to Continue)

Outlook Report / Wed 09 Dec, 2015

2016 Outlook: U.S. Building and Home Products and Services (More Moderate Growth Ahead)

Outlook Report / Tue 20 Jan, 2015

2015 Outlook: U.S. Corporates (Solid U.S. Economic Growth Supports Stable Outlooks)

Outlook Report / Fri 12 Dec, 2014

2015 Outlook: U.S. Housing and Homebuilders (Expect Acceleration in Recovery)

Outlook Report / Fri 12 Dec, 2014

2015 Outlook: U.S. Building and Home Products and Services (Good Demand Prospects Driven by Growth in Private Construction Spending)

Outlook Report / Tue 04 Feb, 2014

2014 Outlook: U.S. Corporates (Stable Outlook with Improving Trends)

Outlook Report / Thu 12 Dec, 2013

2014 Outlook: U.S. Building and Home Products and Services (Residential Construction Will Continue to Drive Growth)

Outlook Report / Thu 12 Dec, 2013

2014 Outlook: U.S. Housing and Homebuilders (A Continued Mild Recovery)

Outlook Report / Wed 04 Dec, 2013

2014 Outlook: U.S. Structured Finance (External Factors Pose Risk to Stable Outlook)

05Securities and Obligations

Issuer: Patrick Industries, Inc.
Debt Level: senior unsecured
Issue: USD 300 mln 7.5% bond/note 15-Oct-2027

08-Nov-2024
WD
Withdrawn - Repaid
Long Term Rating

Rating History

Country: United States
Sectors: Real Estate and Homebuilding; Corporate Finance
Disclosures: EU Endorsed, UK Endorsed;

senior unsecured; bond/note
CUSIP: 703343AC7 (144A)
ISIN: US703343AC76 (144A)
ISIN: USU70335AA91 (Reg S)

Maturity Date: 15-Oct-2027
Currency: USD
Amount: 300,000,000
Coupon Rate: 7.5%
Placement: 144A

Issuer: Patrick Industries, Inc.
Debt Level: senior unsecured
Issue: USD 350 mln 4.75% bond/note 1-May-2029

04-Oct-2024
BB
New Rating
Long Term Rating
RR4

Rating History

Country: United States
Sectors: Real Estate and Homebuilding; Corporate Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; bond/note
CUSIP: 703343AD5 (144A)
ISIN: US703343AD59 (144A)
ISIN: USU70335AB74 (Reg S)

Maturity Date: 01-May-2029
Currency: USD
Amount: 350,000,000
Coupon Rate: 4.75%
Placement: 144A

Issuer: Patrick Industries, Inc.
Debt Level: senior unsecured
Issue: USD 258.75 mln 1.75% Convertible 01-Dec-2028

04-Oct-2024
BB
New Rating
Long Term Rating
RR4

Rating History

Country: United States
Sectors: Real Estate and Homebuilding; Corporate Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; Convertible
ISIN: US703343AG80 (Public)
CUSIP: 703343AG8 (Public)

Maturity Date: 01-Dec-2028
Currency: USD
Amount: 258,750,000
Coupon Rate: 1.75%
Placement: Public

Issuer: Patrick Industries, Inc.
Debt Level: senior unsecured
Issue: USD 500 mln 6.375% bond/note 01-Nov-2032

07-Oct-2024
BB
New Rating
Long Term Rating
RR4

Rating History

Country: United States
Sectors: Real Estate and Homebuilding; Corporate Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; bond/note
CUSIP: 703343AH6 (144A)
ISIN: USU70335AC57 (Reg S)
ISIN: US703343AH63 (144A)

Maturity Date: 01-Nov-2032
Currency: USD
Amount: 500,000,000
Coupon Rate: 6.375%
Placement: 144A

Page

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06��ֳ� Adjusted Financials

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07Disclosures

Original Rating Date
Long Term Issuer Default Rating	04-Oct-2024

Endorsement Status
EU Endorsed, UK Endorsed

Country of ��ֳ� Office
CANADA

Solicitation Status
Long Term Issuer Default Rating	Solicited - Sell Side

Country of Analyst
CANADA

08Identifiers

Type:	CIK Code	CUSIP	Dow Jones Ticker	ICB	LEI
Identifier:	0000076605	703343	PATK	2353	549300FZ5ZTCCJ3Z5W14

09Criteria

02Aug
2024

Active Criteria

10Analysts

Abhirit Kanti
Primary Rating Analyst

Stephen Brown
Secondary Rating Analyst

Ratings Key	Outlook	Watch
Positive
Negative
Evolving
Stable

Recovery Ratings Key
Outstanding RR1	Superior RR2	Good RR3	Average RR4	Below-Average RR5	Poor RR6

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ��ֳ� Red

01Ratings

Rating History

02Rating Actions

03Insights

04Sector Outlooks

05Securities and Obligations

06���������ֳ� Adjusted Financials

07Disclosures

08Identifiers

09Criteria

10Analysts

06��ֳ� Adjusted Financials