FIRST AMENDMENT TO CREDIT AGREEMENT
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EX-4.1 2 w38084exv4w1.htm FIRST AMENDMENT TO CREDIT AGREEMENT exv4w1
Exhibit 4.1
FIRST AMENDMENT TO CREDIT AGREEMENT
This FIRST AMENDMENT TO CREDIT AGREEMENT (this Amendment) is entered into as of July 3, 2007 among AIRGAS, INC., a Delaware corporation (Airgas and also a Borrower), AIRGAS CANADA INC., a Canada corporation, and RED-D-ARC LIMITED, an Ontario corporation (each a Canadian Borrower and together with Airgas, the Borrowers), the Guarantors signatory hereto, the Lenders signatory hereto BANK OF AMERICA, N.A., as administrative agent for the Lenders (in such capacity, the U.S. Agent) and THE BANK OF NOVA SCOTIA, as Canadian administrative agent for the Lenders (in such capacity, the Canadian Agent). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Credit Agreement (as defined below).
RECITALS
WHEREAS, the Borrowers, the Guarantors, the Lenders and the Agents are parties to that certain Credit Agreement dated as of July 25, 2006 (the Credit Agreement).
WHEREAS, Airgas intends to convert certain shares of Capital Stock of National Welders Supply Company, Inc., a North Carolina corporation (National Welders), into shares of Capital Stock of Airgas at which point National Welders shall become a Subsidiary of Airgas (the Transaction).
WHEREAS, National Welders is a borrower under that certain $100 million credit agreement among National Welders, Bank of America, N.A., Wachovia Bank, National Association and Branch Banking and Trust Company (the NWS Credit Agreement).
WHEREAS, the Required Lenders have agreed to amend certain terms of the Credit Agreement on the terms, and subject to the conditions, set forth below.
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
AGREEMENT
1. Amendments to Credit Agreement. The following amendments shall become effective immediately upon the consummation of the Transaction:
(a) Section 2.1 (U.S. Revolving Loans).
(i) Section 2.1 of the Credit Agreement is amended by replacing NINE HUNDRED SIXTY-SIX MILLION U.S. DOLLARS ($966,000,000) with the following:
ONE BILLION SIXTY-SIX MILLION U.S. DOLLARS ($1,066,000,000)
(b) Schedule 2.1(a) (Lenders and Commitments). Schedule 2.1(a) is amended and restated in its entirety as attached hereto.
2. Additional Agreements of the Credit Parties. The Credit Parties covenant to the Agents and the Lenders that the NWS Credit Agreement will be terminated and repaid contemporaneously with the consummation of the Transaction. Failure to comply with this covenant shall be deemed an Event of Default under the Credit Agreement. Furthermore, the Credit Parties shall (a) cause National Welders to
become a U.S. Subsidiary Guarantor pursuant to Section 7.12 of the Credit Agreement and (b) pledge the Capital Stock of National Welders to the Collateral Agent pursuant to Section 7.13 of the Credit Agreement.
3. Letters of Credit. The parties hereto agree that the letters of credit identified on Annex 1 attached hereto shall be deemed to be U.S. Letters of Credit, and from and after the date of this Amendment shall be subject to and governed by the terms and conditions of the Credit Agreement.
4. Effectiveness; Conditions Precedent. This Amendment shall become effective upon receipt by the Agents of the following:
(a) copies of this Amendment duly executed by the Credit Parties and the Required Lenders; and
(b) copies of certified resolutions for Airgas approving the increase in the U.S. Revolving Committed Amount.
5. Construction. This Amendment is a Credit Document executed pursuant to the Credit Agreement and shall (unless otherwise expressly indicated therein) be construed, administered and applied in accordance with the terms and provisions of the Credit Agreement.
6. Representations and Warranties. Each Credit Party hereby represents and warrants that (i) each Credit Party that is party to this Amendment: (a) has the requisite corporate power and authority to execute, deliver and perform this Amendment, as applicable and (b) is duly authorized to, and has been authorized by all necessary corporate action, to execute, deliver and perform this Amendment, (ii) the representations and warranties contained in Article VI of the Credit Agreement are true and correct in all material respects on and as of the date hereof upon giving effect to this Amendment as though made on and as of such date (except for those which expressly relate to an earlier date) and (iii) no Default or Event of Default exists under the Credit Agreement on and as of the date hereof upon giving effect to this Amendment.
7. Acknowledgment. The Guarantors acknowledge and consent to all of the terms and conditions of this Amendment and agree that this Amendment does not operate to reduce or discharge the Guarantors obligations under the Credit Agreement or the other Credit Documents. The Guarantors further acknowledge and agree that the Guarantors have no claims, counterclaims, offsets, or defenses to the Credit Documents and the performance of the Guarantors obligations thereunder or if the Guarantors did have any such claims, counterclaims, offsets or defenses to the Credit Documents or any transaction related to the Credit Documents, the same are hereby waived, relinquished and released in consideration of the Lenders execution and delivery of this Amendment.
8. Counterparts. This Amendment may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement.
9. Binding Effect. This Amendment, the Credit Agreement and the other Credit Documents embody the entire agreement between the parties and supersede all prior agreements and understandings, if any, relating to the subject matter hereof. These Credit Documents represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. Except as expressly modified and amended in this Amendment, all the terms, provisions and conditions of the Credit Documents shall remain unchanged and shall continue in full force and effect.
10. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
11. Severability. If any provision of this Amendment is determined to be illegal, invalid or unenforceable, such provision shall be fully severable and the remaining provisions shall remain in full force and effect and shall be construed without giving effect to the illegal, invalid or unenforceable provisions.
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IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly executed and delivered and this Amendment shall be effective as of the date first above written.
BORROWERS: | AIRGAS, INC. | |||
By: | /s/ Jospeh C. Sullivan | |||
Name: | Josep C. Sullivan | |||
Title: | Vice President | |||
AIRGAS CANADA INC. | ||||
By: | /s/ Thomas M. Smyth | |||
Name: | Thomas M. Smyth | |||
Title: | Vice President | |||
RED-D-ARC LIMITED | ||||
By: | /s/ Thomas M. Smyth | |||
Name: | Thomas M. Smyth | |||
Title: | Vice President |
U.S. SUBSIDIARY GUARANTORS: | AIRGAS-EAST, INC. AIRGAS-GREAT LAKES, INC. AIRGAS-MID AMERICA, INC. AIRGAS-NORTH CENTRAL, INC. AIRGAS-SOUTH, INC. AIRGAS-GULF STATES, INC. AIRGAS-INTERMOUNTAIN, INC. AIRGAS-MID SOUTH, INC. AIRGAS-NORPAC, INC. AIRGAS-NORTHERN CALIFORNIA & NEVADA, INC. AIRGAS-SOUTHWEST, INC. AIRGAS-WEST, INC. AIRGAS-SAFETY, INC. AIRGAS CARBONIC, INC. AIRGAS SPECIALTY GASES, INC. NITROUS OXIDE CORP. RED-D-ARC, INC. AIRGAS DATA, LLC AIRGAS GASPRO, INC. MISSOURI RIVER HOLDINGS, INC. AIRGAS INVESTMENTS, INC. AIRGAS SPECIALTY PRODUCTS, INC. CO2 DIRECT, INC. WORLDWIDE WELDING, INC., AIRGAS MERCHANT HOLDINGS, INC. AIRGAS MERCHANT GASES, LLC, |
By: | /s/ Thomas M. Smyth | |||
Name: | Thomas M. Smyth | |||
Title: | Vice President | |||
CANADIAN SUBSIDIARY GUARANTORS: | AIRGAS, S.A. DE C.V. RED-D-ARC, S.A. DE C.V. AIRGAS WEST, S.A. DE C.V. | |||
By: | /s/ Joseph C. Sullivan | |||
Name: | Joseph C. Sullivan | |||
Title: | Vice President |
U.S. AGENT: | BANK OF AMERICA, N.A., | |||
By: | /s/ Gary Gordon Flieger | |||
Name: | Gary Gordon Flieger | |||
Title: | Vice President |
CANADIAN AGENT: | THE BANK OF NOVA SCOTIA | |||
By: | /s/ James J. Rhee | |||
Name: | James J. Rhee | |||
Title: | Director |
LENDERS: | BANK OF AMERICA, N.A. | |||
By: | /s/ Colleen M. Briscoe | |||
Name: | Colleen M. Briscoe | |||
Title: | Senior Vice President | |||
BANK OF AMERICA, N.A. (CANADA BRANCH) | ||||
By: | /s/ Nelson Lam | |||
Name: | Nelson Lam | |||
Title: | Vice President |
THE BANK OF NEW YORK | ||||
By: | /s/ Roger Grossman | |||
Name: | Roger Grossman | |||
Title: | Vice President |
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NY BRANCH | ||||
By: | /s/ Maria Ferradas | |||
Name: | Maria Ferradas | |||
Title: | Authorized Signatory |
CITIZENS BANK | ||||
By: | /s/ Devon Starks | |||
Name: | Devon Starks | |||
Title: | Senior Vice President |
JPMORGAN CHASE BANK , N.A. | ||||
By: | /s/ Lee P. Brennan | |||
Name: | Lee P. Brennan | |||
Title: | Vice President | |||
JPMORGAN CHASE BANK , N.A., TORONTO | ||||
By: | /s/ Michael N. Tam | |||
Name: | Michael N. Tam | |||
Title: | Senior Vice President |
WACHOVIA BANK, N.A. | ||||
By: | /s/ Anne Sheahan | |||
Name: | Anne Sheahan | |||
Title: | Vice President |
PNC BANK NA | ||||
By: | /s/ Meredith Jemann | |||
Name: | Meredith Jemann | |||
Title: | Vice President |
THE BANK OF NOVA SCOTIA | ||||
By: | /s/ Brian S. Allen | |||
Name: | Brian S. Allen | |||
Title: | Managing Director |
MELLON BANK, N.A. | ||||
By: | /s/ William M. Feathers | |||
Name: | William M. Feathers | |||
Title: | Vice President |
NATIONAL CITY BANK | ||||
By: | /s/ Donna J. Ernhart | |||
Name: | Donna J. Ernhart | |||
Title: | Vice President | |||
BANK OF HAWAII | ||||
By: | /s/ Terri L. Okada | |||
Name: | Terri L. Okada | |||
Title: | Vice President |
CALYON, NEW YORK BRANCH | ||||
By: | /s/ Michael Madnick | |||
Name: | Michael Madnick | |||
Title: | Managing Director | |||
By: | /s/ Yuri Muzichenko | |||
Name: | Yuri Muzichenko | |||
Title: | Director |
GOLDMAN SACHS CREDIT PARTNERS L.P. | ||||
By: | /s/ Douglas Tansey | |||
Name: | Douglas Tansey | |||
Title: | Authorized Signator |
SUMITOMO MITSUI BANKING CORP., NEW YORK | ||||
By: | /s/ David A Buck | |||
Name: | David A. Buck | |||
Title: | Senior Vice President |
BRANCH BANKING AND TRUST CO. | ||||
By: | /s/ Troy R. Weaver | |||
Name: | Troy R. Weaver | |||
Title: | Senior Vice President |
BANK LEUMI USA | ||||
By: | /s/ Joung Hee Hong | |||
Name: | Joung Hee Hong | |||
Title: | First Vice President |
BARCLAYS BANK PLC | ||||
By: | /s/ Nicholas Bell | |||
Name: | Nicholas Bell | |||
Title: | Director |
LASALLE BANK NATIONAL ASSOCIATION | ||||
By: | /s/ Nick Lotz | |||
Name: | Nick Lotz | |||
Title: | Assistant Vice President |
SUNTRUST BANK | ||||
By: | /s/ William C. Wasburn, Jr. | |||
Name: | William C. Wasburn, Jr. | |||
Title: | Vice President |
COMMERZBANK AG, NEW YORK AND GRAND CAYMAN BRANCHES | ||||
By: | /s/ Karsten Duhn | |||
Name: | Karsten Duhn | |||
Title: | Vice President |
FIFTH THIRD BANK | ||||
By: | /s/ Sean Devillers | |||
Name: | Sean Devillers | |||
Title: | Officer |
FORTIS CAPITAL CORP. | ||||
By: | /s/ John W. Deegan | |||
Name: | John W. Deegan | |||
Title: | Senior Vice President |
HSBC BANK USA, NATIONAL ASSOCIATION | ||||
By: | /s/ Collen Glackin | |||
Name: | Collen Glackin | |||
Title: | Vice President |
WELLS FARGO BANK, NATIONAL ASSOCIATION | ||||
By: | /s/ James R. Bednark | |||
Name: | James R. Bednark | |||
Title: | Senior Vice President |
REGIONS BANK | ||||
By: | /s/ David L. Waller | |||
Name: | David L. Waller | |||
Title: | Senior Vice President |
US BANK, NATIONAL ASSOCIATION | ||||
By: | /s/ Michael P. Dickman | |||
Name: | Michael P. Dickman | |||
Title: | Vice President |
COMERICA BANK | ||||
By: | /s/ Richard C. Hampson | |||
Name: | Richard C. Hampson | |||
Title: | Vice President |
NORTH FORK BANK | ||||
By: | /s/ Philip Davi | |||
Name: | Philip Davi | |||
Title: | Senior Vice President |
PEOPLES BANK | ||||
By: | /s/ George F. Faik | |||
Name: | George F. Faik | |||
Title: | Vice President |
E. SUN COMMERCIAL BANK., LTD. LOS ANGELES BRANCH | ||||
By: | /s/ Benjamin Lin | |||
Name: | Benjamin Lin | |||
Title: | Executive Vice President | |||