Graco amends credit agreement to replace LIBOR with SOFR benchmark

GRACO INC

Amendment dated May 23, 2023 replaces LIBOR with SOFR for borrowings under existing $750M credit facility.
All lenders, including U.S. Bank, JPMorgan, Wells Fargo, Bank of America, PNC, and others, consented.
No default or event of default existed before or after the amendment; loan parties reaffirmed obligations.
Notice contact change: Karen Gallivan removed; Joseph J. Humke remains as notice contact.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

GRACO INC amended Amendment No. 1 to Amended and Restated Credit Agreement with U.S. Bank National Association, as administrative agent and a lender, and the other lenders that are parties thereto (effective 2023-05-23).

Action: amendment
Agreement: credit facility
Counterparty: U.S. Bank National Association, as administrative agent and a lender, and the other lenders that are parties thereto
Effective: 2023-05-23

Exact text from the filing

On May 23, 2023, Graco Inc. (the “Company”) entered into an Amendment No. 1 to Amended and Restated Credit Agreement (the “Amendment”) that amends its Amended and Restated Credit Agreement, dated as of March 25, 2021, entered into with U.S. Bank National Association, as administrative agent and a lender, and the other lenders that are parties thereto (the “Credit Agreement”).

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Source: SEC EDGAR

accession 0000042888-23-000029

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