Brady Corporation Enters First Amendment to Credit Agreement
December 22, 2021 at 12:41 pm EST
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On December 21, 2021, Brady Corporation and certain of its subsidiaries entered into a First Amendment to Credit Agreement (Amendment No. 1") with the lenders listed therein and BMO Harris Bank, N.A., as administrative agent, which amends that certain Credit Agreement, dated as of August 1, 2019 (the Credit Agreement"), by and among the Corporation, certain of the Corporation's subsidiaries, the lenders from time to time party thereto, the letter of credit issuers from time to time party thereto and BMO Harris Bank, N.A., as administrative agent. Amendment No. 1 amends the Credit Agreement to, among other things, (a) change the interest rate under the Credit Agreement for borrowings (i) denominated in Sterling from a LIBOR-based rate to a daily simple SONIA-based rate, (ii) denominated in Euro from a LIBOR-based rate to a rate based on the Euro Interbank Offered Rate and (iii) denominated in Japanese Yen from a LIBOR-based rate to a rate based on the Tokyo Interbank Offered Rate, in each of the foregoing cases subject to certain adjustments specified in the Credit Agreement (as amended by Amendment No. 1); and (b) provide mechanics relating to a transition away from USD LIBOR (with respect to U.S. dollars) and the designated benchmarks for the other eligible currencies as benchmark interest rates and the replacement of any such benchmark by a replacement benchmark rate.
Brady Corporation is a manufacturer and supplier of identification solutions and workplace safety products. The Company operates through two segments: Americas & Asia and Europe & Australia. The Companyâs identification solutions are involved in the design, manufacturing, and distribution of high-performance and innovative identification and healthcare products. Its workplace safety manufactures a range of stock and custom identification products and is a distributor of a wide variety of resale products. Its product identification includes materials, printing systems and bar code scanners for product identification, brand protection labeling, work in process labeling, finished product identification, and industrial track and trace applications. Its facility safety and identification and protection include safety signs, floor-marking tape, pipe markers, labeling systems, spill control products, and software and services for safety compliance auditing, procedures writing and training.
BRADY CORPORATION 
