Amendment No. 2, dated as of April 2, 2020, to $1,800,000,000 Amended and Restated Revolving Loan and Letter of Credit Facility Agreement dated as of February 25, 2016

Contract Categories: Business Finance - Loan Agreements
EX-10.1 2 tm2014805d1_ex10-1.htm EXHIBIT 10.1

 

Exhibit 10.1

 

EXECUTION COPY

 

AMENDMENT NO. 2

 

Dated as of April 2, 2020

 

to

 

$1,800,000,000 AMENDED AND RESTATED REVOLVING LOAN

AND LETTER OF CREDIT FACILITY AGREEMENT

 

Dated as of February 25, 2016

 

THIS AMENDMENT NO. 2 (this “Amendment”) is made as of April 2, 2020 by and among Fluor Corporation, a Delaware corporation (the “Company”), Fluor B.V., a besloten vennootschap met beperkte aansprakelijkheid incorporated under the laws of the Netherlands having its corporate seat (statutaire zetel) in Haarlem, the Netherlands and registered with the Dutch Chamber of Commerce under number 34023348 (the “Dutch Borrower” and, together with the Company, the “Borrowers”), the financial institutions listed on the signature pages hereof and BNP Paribas, as Administrative Agent (the “Administrative Agent”), under that certain $1,800,000,000 Amended and Restated Revolving Loan and Letter of Credit Facility Agreement, dated as of February 25, 2016, by and among the Borrowers, the Lenders and the Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.

 

WHEREAS, the Company has requested that the requisite Lenders and the Administrative Agent agree to certain amendments to the Credit Agreement;

 

WHEREAS, the Borrowers, the Lenders party hereto and the Administrative Agent have agreed to amend the Credit Agreement on the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrowers, the Lenders party hereto and the Administrative Agent hereby agree to enter into this Amendment.

 

1.                   Amendments to the Credit Agreement. Effective as of the date of satisfaction of the conditions precedent set forth in Section 2 below, the parties hereto agree that the Credit Agreement is hereby amended as follows:

 

(a)                Section 5.01(a) of the Credit Agreement is hereby restated in its entirety as follows:

 

“(a)             Annual Financial Statements. As soon as available and in any event within one hundred (100) days after the end of each fiscal year of the Company, a consolidated balance sheet of the Company and its Consolidated Subsidiaries as of the end of such fiscal year and the related consolidated statements of earnings and cash flow for such fiscal year, as set forth in the Company's annual report for the fiscal year then ended as filed with the SEC on form 10-K, setting forth in each case in comparative form the figures for the previous fiscal year, audited and accompanied by a report and opinion of Ernst & Young LLP or other independent public accountants of nationally recognized standing, which report and opinion shall be prepared in a manner acceptable to the SEC and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit (provided that solely with respect to the Company’s fiscal year ending on or about December 31, 2019, it is understood and agreed that such financial statements, report and opinion required to be delivered pursuant to this Section 5.01(a) shall instead be required to be delivered by the Company on or prior to July 8, 2020);”

 

 

 

 

(b)                Section 5.01(b) of the Credit Agreement is hereby restated in its entirety as follows:

 

“(b)             Quarterly Financial Statements. As soon as available and in any event within fifty-five (55) days after the end of each of the first three (3) quarters of each fiscal year of the Company, an unaudited consolidated balance sheet of the Company and its Consolidated Subsidiaries as of the end of such quarter and the related consolidated statements of earnings and cash flow for such quarter and for the portion of the Company’s fiscal year ended at the end of such quarter, as set forth in the Company’s quarterly report for the fiscal quarter then ended as filed with the SEC on Form 10-Q, all certified by the chief financial officer or the chief accounting officer of the Company that they are (i) complete and fairly present the financial condition of the Company and its Consolidated Subsidiaries as at the dates indicated and the results of their operations and changes in their cash flow for the periods indicated; (ii) disclose all liabilities of the Company and its Consolidated Subsidiaries that are required to be reflected or reserved against under GAAP, whether liquidated or unliquidated, fixed or contingent; and (iii) have been prepared in accordance with GAAP (subject to normal year-end adjustments) (provided that solely with respect to the Company’s fiscal quarter ending on or about March 31, 2020, it is understood and agreed that such financial statements and certificate required to be delivered pursuant to this Section 5.01(b) shall instead be required to be delivered by the Company on or prior to July 8, 2020);”

 

2.                   Conditions of Effectiveness. The effectiveness of this Amendment is subject to the conditions precedent that the Administrative Agent shall have received (i) counterparts of this Amendment duly executed by the Borrowers, the Required Lenders and the Administrative Agent and (ii) payment and/or reimbursement of the Administrative Agent’s and its affiliates’ reasonable and documented out-of-pocket fees and expenses (including, to the extent invoiced, reasonable fees and expenses of counsel for the Administrative Agent) in connection with the Loan Documents.

 

3.                   Representations and Warranties of the Borrowers. Each Borrower hereby represents and warrants as follows:

 

(a)                This Amendment and the Credit Agreement as modified hereby constitute legal, valid and binding obligations of such Borrower and are enforceable in accordance with their terms.

 

2

 

 

(b)                As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default has occurred and is continuing, (ii) all representations and warranties of the Company contained in Article IV of the Credit Agreement (other than the representation and warranty of the Company contained in Section 4.04(b) of the Credit Agreement) are and shall be true (except that for purposes of this Section 3(b), the representations and warranties contained in Section 4.04(a) of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to Section 5.01(a) of the Credit Agreement); provided that the representations and warranties in Section 4.04(a) and Section 4.11 of the Credit Agreement are subject to and limited by the Company’s statements contained in their Form 12b-25 filed on March 3, 2020 and contained solely under the heading “SEC Investigation and Form 10-K filing” in their Form 8-K filed on February 18, 2020, and (iii) no default or event of default under any project engineering, procurement, construction, maintenance and related activities and/or contracts of the Company or any of its Subsidiaries shall have occurred and be continuing which could reasonably be expected to materially and adversely affect the ability of any Borrower to perform its obligations under the Loan Documents.

 

4.                   Reference to and Effect on the Credit Agreement.

 

(a)                Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby.

 

(b)                Each Loan Document and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.

 

(c)                The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Loan Documents or any other documents, instruments and agreements executed and/or delivered in connection therewith.

 

(d)                This Amendment is a Loan Document under (and as defined in) the Credit Agreement.

 

5.                   Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

6.                   Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

 

7.                   Counterparts. This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by telecopy, e-mailed.pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment.

 

[Signature Pages Follow]

 

3

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective authorized officers as of the day and year first above written.

 

 

FLUOR CORPORATION,
as the Company
  
By: /s/ James M. Lucas
 Name: James M. Lucas
Title: Senior Vice President & Treasurer
  
FLUOR B.V.,
as the Dutch Borrower
  
By: /s/ Tom Duzijn
 Name: Tom Duzijn
Title: Regional General Manager

 

Signature Page to Amendment No. 2 to

$1,800,000,000 Amended and Restated Revolving Loan and Letter of Credit Facility Agreement

dated as of February 25, 2016

Fluor Corporation

 

 

 

 

  BNP PARIBAS,
  as Administrative Agent, an Issuing Lender and individually as a Lender
   
  By: /s/ P. Nicholas Rogers
  Name: P. Nicholas Rogers
  Title: Managing Director
   
  By: /s/ Karim Remtoula
  Name: Karim Remtoula
  Title: Vice President

 

Signature Page to Amendment No. 2 to

$1,800,000,000 Amended and Restated Revolving Loan and Letter of Credit Facility Agreement

dated as of February 25, 2016

Fluor Corporation

 

 

 

 

  BANK OF AMERICA, N.A.,
  as a Lender
   
  By: /s/ Thor O’Connell
  Name: Thor O’Connell
  Title: Vice President

 

Signature Page to Amendment No. 2 to

$1,800,000,000 Amended and Restated Revolving Loan and Letter of Credit Facility Agreement

dated as of February 25, 2016

Fluor Corporation

 

 

 

 

  CITIBANK, N.A.,
  as a Lender
   
  By: /s/ Millie Schild
  Name: Millie Schild
  Title: Vice President

 

Signature Page to Amendment No. 2 to

$1,800,000,000 Amended and Restated Revolving Loan and Letter of Credit Facility Agreement

dated as of February 25, 2016

Fluor Corporation

 

 

 

 

  MUFG BANK, LTD, (formerly known as “THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.”),
  as an Issuing Lender and individually as a Lender
   
  By: /s/ Samantha Schumacher
  Name: Samantha Schumacher
  Title: Authorized Signatory

 

Signature Page to Amendment No. 2 to

$1,800,000,000 Amended and Restated Revolving Loan and Letter of Credit Facility Agreement

dated as of February 25, 2016

Fluor Corporation

 

 

 

   
  STANDARD CHARTERED BANK,
  as a Lender
   
   
  By: /s/ James Beck
  Name: James Beck
  Title: Associate Director

 

Signature Page to Amendment No. 2 to

$1,800,000,000 Amended and Restated Revolving Loan and Letter of Credit Facility Agreement

dated as of February 25, 2016

Fluor Corporation

 

 

 

   
  CREDIT AGRICOLE CORPORATE & INVESTMENT BANK,
  as a Lender
   
  By: /s/ Jill Wong
  Name: Jill Wong
  Title: Director
   
  By: /s/ Gordon Yip
  Name: Gordon Yip
  Title: Director

 

Signature Page to Amendment No. 2 to

$1,800,000,000 Amended and Restated Revolving Loan and Letter of Credit Facility Agreement

dated as of February 25, 2016

Fluor Corporation

 

 

 

 

  THE BANK OF NOVA SCOTIA,
  as a Lender
   
  By: /s/ Frans Braniotis
  Name: Frans Braniotis
  Title: Managing Director

 

Signature Page to Amendment No. 2 to

$1,800,000,000 Amended and Restated Revolving Loan and Letter of Credit Facility Agreement

dated as of February 25, 2016

Fluor Corporation

 

 

 

 

  LLOYDS BANK CORPORATE MARKETS PLC,
  as a Lender
   
  By: /s/ Tina Wong
  Name: Tina Wong
  Title: Assistant Vice President
   
  By: /s/ Kamala Basdeo
  Name: Kamala Basdeo
  Title: Assistant Vice President

 

Signature Page to Amendment No. 2 to

$1,800,000,000 Amended and Restated Revolving Loan and Letter of Credit Facility Agreement

dated as of February 25, 2016

Fluor Corporation

 

 

 

 

  WELLS FARGO BANK, NATIONAL ASSOCIATION,
  as a Lender
   
  By: /s/ Greg Strauss
  Name: Greg Strauss
  Title: Managing Director

 

Signature Page to Amendment No. 2 to

$1,800,000,000 Amended and Restated Revolving Loan and Letter of Credit Facility Agreement

dated as of February 25, 2016

Fluor Corporation

 

 

 

 

  SUMITOMO MITSUI BANKING CORPORATION,
  as a Lender
   
  By: /s/ Michael Maguire
  Name: Michael Maguire
  Title: Managing Director

 

Signature Page to Amendment No. 2 to

$1,800,000,000 Amended and Restated Revolving Loan and Letter of Credit Facility Agreement

dated as of February 25, 2016

Fluor Corporation

 

 

 

 

  ING BANK N.V., DUBLIN BRANCH,
  as a Lender
   
  By: /s/ Barry Fehily
  Name: Barry Fehily
  Title: Managing Director
   
  By: /s/ Sean Hassett
  Name: Sean Hassett
  Title: Director

 

Signature Page to Amendment No. 2 to

$1,800,000,000 Amended and Restated Revolving Loan and Letter of Credit Facility Agreement

dated as of February 25, 2016

Fluor Corporation

 

 

 

 

  HSBC BANK USA, NATIONAL ASSOCIATION,
  as a Lender
   
  By: /s/ Rumesha Ahmed
  Name: Rumesha Ahmed
  Title: Vice President

 

Signature Page to Amendment No. 2 to

$1,800,000,000 Amended and Restated Revolving Loan and Letter of Credit Facility Agreement

dated as of February 25, 2016

Fluor Corporation

 

 

 

 

  BARCLAYS BANK PLC,
  as a Lender
   
  By: /s/ Patricia Oreta
  Name: Patricia Oreta
  Title: Director
    Executed in New York

 

Signature Page to Amendment No. 2 to

$1,800,000,000 Amended and Restated Revolving Loan and Letter of Credit Facility Agreement

dated as of February 25, 2016

Fluor Corporation

 

 

 

 

  U.S. BANK NATIONAL ASSOCIATION,
  as a Lender
   
  By: /s/ Jon Lindvall
  Name: John Lindvall
  Title: Senior Vice President

 

Signature Page to Amendment No. 2 to

$1,800,000,000 Amended and Restated Revolving Loan and Letter of Credit Facility Agreement

dated as of February 25, 2016

Fluor Corporation

 

 

 

 

  INTESA SANPAOLO S.P.A.,
  as a Lender
   
  By: /s/ Javier Richard Cook
  Name: Javier Richard Cook
  Title: Global Relationship Manager
   
  By: /s/ Jennifer Feldman Facciola
  Name: Jennifer Feldman Facciola
  Title: Relationship manager & Vice President

 

Signature Page to Amendment No. 2 to

$1,800,000,000 Amended and Restated Revolving Loan and Letter of Credit Facility Agreement

dated as of February 25, 2016

Fluor Corporation

 

 

 

 

  WESTPAC BANKING CORPORATION,
  as a Lender
   
  By: /s/ Richard Yarnold
  Name: Richard Yarnold
  Title: Senior Relationship Manager
    Corporate & Institutional Banking

 

Signature Page to Amendment No. 2 to

$1,800,000,000 Amended and Restated Revolving Loan and Letter of Credit Facility Agreement

dated as of February 25, 2016

Fluor Corporation

 

 

 

 

  GOLDMAN SACHS BANK USA,
  as a Lender
    
  By: /s/ Jamie Minieri
  Name: Jamie Minieri
  Title: Authorized Signatory

 

Signature Page to Amendment No. 2 to

$1,800,000,000 Amended and Restated Revolving Loan and Letter of Credit Facility Agreement

dated as of February 25, 2016

Fluor Corporation