FRANKLIN ELECTRIC CO INC

10. DEBT

Debt consisted of the following:

Prudential Agreement

The Company maintains the Fourth Amended and Restated Note Purchase and Private Shelf Agreement (the "Prudential Agreement") with PGIM, Inc. and its affiliates. On May 15, 2024, the Company entered into Amendment No. 1 that increased the total available facility amount from lenders to $250.0 million from $150.0 million and changed the expiration date from July 30, 2024 to May 15, 2027.

New York Life Agreement

The Company maintains an uncommitted and unsecured private shelf agreement with NYL Investors LLC and its affiliates (the "New York Life Agreement"). On May 15, 2024, the Company entered into Amendment No. 1 that increased the total available facility amount from lenders to $250.0 million from $200.0 million and changed the expiration date from July 30, 2024 to May 15, 2027.

Credit Agreement

As of September 30, 2024, the Company hadno outstanding borrowings, $4.6 million in letters of credit outstanding, and $345.4 million of available capacity under its credit agreement. As of December 31, 2023, the Company had $11.0 million outstanding borrowings with a weighted-average interest rate of 6.3 percent, $3.6 million in letters of credit outstanding, and $335.4 million of available capacity under its credit agreement.

The Company also has overdraft lines of credit for certain subsidiaries with various expiration dates. The aggregate maximum borrowing capacity of these overdraft lines of credits is $17.6 million. As of September 30, 2024, there wereno outstanding borrowings and $17.6 million of available capacity under these lines of credit. As of December 31, 2023, there were $17.9 million overdraft lines of credit withno outstanding borrowings and $17.9 million of available capacity under these lines of credit.