Graco amends, expands borrowings on $750 million revolver

Chicago, June 8 – Graco Inc. amended and restated its credit agreement from March 25, 2021 on June 8, according to an 8-K filing with the Securities and Exchange Commission.

The amended facility represents an increase in borrowings.

The revolver will now be $750 million, lifted from $500 million. The maximum amount that can be outstanding in currencies other than dollars has been likewise increased to $375 million from $200 million.

Interest will be based on a benchmark, for example SOFR, with margins ranging from 112.5 basis points to 187.5 bps depending on the company’s cash flow leverage ratio.

The commitment fee will be 12.5 bps to 25 bps.

The accordion has also been expanded to $375 million from $250 million.

U.S. Bank NA is the administrative agent.

U.S. Bank, JPMorgan Chase Bank, NA and PNC Bank, NA are the joint lead arrangers and joint bookrunners.

JPMorgan is the syndication agent.

PNC is the documentation agent.

Graco is a Minneapolis-based provider of fluid-management technology.

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