FORM 8-K
                               CURRENT REPORT
   Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report:                     October 13, 2006
Name of Registrant:                 Graybar Electric Company, Inc.
Jurisdiction of Incorporation:      New York
Commission File Number:             000-00255
IRS Identification Number:          13-0794380
Address of Principal Executive Offices:
                                    34 North Meramec Avenue
                                    St. Louis, MO  63105
Registrant's Telephone Number:      314-573-9200

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

The Company's Receivable Purchase Agreement, dated June 30, 2000 among
Graybar Commerce Corporation, as Seller; Graybar Electric Company, Inc., as
Servicer; Falcon Asset Securitization Corporation, as Conduit; JPMorgan
Chase Bank NA (successor by merger to Bank One, NA), as Agent; and other
banks named therein was modified, effective October 13, 2006, to extend the
term for an additional three-year period, expiring October 13, 2009; to
increase the available credit line from $200 million to $215 million; and to
modify the pricing structure.

The Company's Receivable Sales Agreement, dated June 30, 2000 among Graybar
Commerce Corporation, as Seller and Graybar Electric Company, Inc., as
Servicer was modified, effective October 13, 2006, to delete the
Consolidated Tangible Net Worth covenant.





                                 SIGNATURES

         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 hereunto duly authorized.

                                        Graybar Electric Company, Inc.

Date:  October 17, 2006                 /s/ T. F. Dowd
       ----------------                 ------------------------------
                                                  (Signature)

                                        T. F. Dowd
                                        -------------------------------
                                           (Name of signing officer)

                                        Vice President, Secretary and
                                        -------------------------------
                                        General Counsel
                                        -------------------------------
                                                    (Title)