Graco extends $500 million revolving facility to 2021, trims pricing

By Susanna Moon

Chicago, Dec. 20 – Graco Inc. amended its $500 million revolving credit facility, pushing out the maturity to Dec. 15, 2021 from June 26, 2019.

The company amended its credit agreement with U.S. Bank NA as administrative agent on Thursday, according to an 8-K filing with the Securities and Exchange Commission.

The amended agreement also increases the facility accordion to $250 million from $150 million and provides two more one-year extension options with the consent of banks.

Pricing was reduced to Libor plus a margin ranging from 100 basis points to 175 bps, based on leverage, down from Libor plus a margin ranging from 100 bps to 187.5 bps.

The unused fee is 12.5 bps to 25 bps, lowered from 15 bps to 30 bps.

Borrowings may be denominated in dollars or some other currencies, but outstanding loans in currencies other than dollars cannot exceed $200 million in the aggregate.

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

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