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0000042888-07-000146
8-K
2
20070523
1.01
20070530
20070530
GRACO INC
0000042888
3561
410285640
MN
1225
8-K
34
001-09249
07886267
88 11TH AVENUE NE
MINNEAPOLIS
MN
55413-1894
6126236000
C/O CORPORATE SERVICE COMPANY
MULTIFOODS TOWER, 33 SOUTH 6TH STREET
MINNEAPOLIS
MN
55402
8-K
1
graco8kcreditagmtext.htm
GRACO FORM 8-K, ITEM 1.01 CREDIT AGMT EXTENSION
Form 8-K, Wachovia Credit Agreement Extension 5/2007
UNITED STATES SECURITIES AND
EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 23, 2007
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Graco Inc. |
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(Exact name of registrant as specified in
its charter) |
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Minnesota |
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001-9249 |
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41-0285640 |
(State or other jurisdiction of Incorporation) |
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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
88-11th Avenue Northeast Minneapolis, Minnesota |
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55413 |
(Address of principal executive offices) |
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(Zip Code) |
Registrant's telephone number, including area code: (612) 623-6000
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Not Applicable |
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(Former name or former address, if changed since
last report) |
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Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
[ } |
Written communications pursuant to Rule-425 under the Securities Act (17 CFR
230.425) |
[ ] |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12) |
[ ] |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b)) |
[ ] |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c)) |
Item 1.01. Entry into a Material Definitive Agreement
Summary of Prior Credit Agreement. As of December 31,
2004, Graco Inc. (“Graco”) entered into a credit agreement (the “2004
Credit Agreement”) with Wachovia Bank, National Association (“Wachovia”)
which provided for a 364-day $50 million unsecured revolving credit facility with a $10
million sublimit for the issuance of standby letters of credit. On December 30, 2005,
Wachovia extended the maturity date of this facility to March 31, 2006. All terms and
conditions of the original agreement remained in effect with the following exception: for
a leverage ratio less than or equal to 1.0x, the facility fee was reduced to 0.07% from
0.08% and the LIBOR Spread was reduced from 0.37% to 0.33%. The outstanding principal
balance, accrued interest and all other amounts due were due and payable on March 31,
2006.
Summary of New Credit Agreement. On March 29, 2006, Graco and
Wachovia entered into a credit agreement (“2006 Credit Agreement”) effective
April 1, 2006, which provided for a 364-day $25 million unsecured revolving credit
facility with a $10 million sublimit for the issuance of standby letters of credit. The
terms and conditions of the 2006 Credit Agreement were the same as the terms and conditions
of the 2004 Credit Agreement with the following exceptions: the interest rates and fees
were reduced as indicated on the chart below; notices of proposed advances had to be provided
to Wachovia by Noon local time; monthly payments of any advances and fees would commence on
April 30, 2006; and all principal and interest was due and payable on March 31, 2007.
Leverage Ratio |
LIBOR Spread |
Facility Fee |
All-In Drawn |
Standby LC Fee |
|
< .5x |
0.33% |
0.07% |
0.40% |
0.40% |
> .5x to 1.5x |
0.41% |
0.09% |
0.50% |
0.50% |
> 1.5x to 2.5x |
0.54% |
0.11% |
0.65% |
0.65% |
> 2.5x |
0.65% |
0.15% |
0.80% |
0.80% |
On March 26, 2007, Wachovia extended the maturity date of the 2006
Credit Agreement to May 31, 2007. All terms and conditions of the 2006 Credit Agreement
remained in effect. The outstanding principal balance, accrued interest and all other
amounts due would be due and payable on May 31, 2007.
On May 23, 2007, Wachovia extended the maturity date of the 2006
Credit Agreement to July 31, 2007. All terms and conditions of the 2006 Credit Agreement
will remain in effect. The outstanding principal balance, accrued interest and all other
amounts due are due and payable on July 31, 2007.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
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GRACO INC.
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Date: |
May 30, 2007 |
By: |
/s/Karen Park Gallivan |
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Karen Park Gallivan |
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Its: |
Vice President, General Counsel and Secretary |
8-K
3
graco8kcreditagmtext.pdf
GRACO FORM 8-K, WACHOVIA CRED AGMT EXTENSION
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MDARK | | | |