Graco amends note agreement: increases shelf facility to $250M, extends maturity to 15 years

On December 16, 2022, Graco Inc. (the “Company”) entered into a First Amendment to Master Note Agreement (the “Amendment”) that amends its Master Note Agreement dated January 29, 2020 (as amended, the “Note Agreement”) with NYL Investors LLC (“New York Life”). The Amendment extends the period in which the Company may issue, and affiliates of New York Life may purchase, the Company’s senior notes (the “Shelf Notes”) from January 29, 2023 to December 16, 2027. The Amendment also increases the maximum aggregate principal amount of Shelf Notes the Company may issue under the Note Agreement from $200 million to $250 million, although the maximum aggregate amount of Shelf Notes bearing interest at a floating rate that may be outstanding at any one time will continue to be $100 million.