Winmark issues $30M of 3.18% Senior Secured Notes due 2028

WINMARK CORP

$30M principal, 3.18% annual interest, quarterly payments, 7-year final maturity.
Notes issued to affiliates of PGIM, Inc. under existing note agreement; prepayable with Yield Maintenance.
Proceeds for general corporate purposes, including potential share repurchases and dividends.
Amendments remove tangible net worth covenant and increase flexibility for shareholder distributions.
Credit agreement amended to permit up to $30M additional term notes and replace LIBOR as interest rate option.

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