THIRDAMENDMENT

EX-10.5.2 4 a06-5535_1ex10d5d2.htm MATERIAL CONTRACTS

Exhibit 10.5.2

 

THIRD AMENDMENT

 

THIRD AMENDMENT, dated as of December 16, 2005 (this “Amendment”), to the Amended and Restated Credit Agreement, dated as of May 12, 2004 (the “Credit Agreement”), among INFRASOURCE SERVICES, INC., a Delaware corporation (“Holdings”), INFRASOURCE INCORPORATED, a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”), LASALLE BANK NATIONAL ASSOCIATION, as syndication agent, and BARCLAYS BANK PLC, as administrative agent (the “Administrative Agent”).

 

W I T N E S S E T H:

 

WHEREAS, the Borrower has requested that the Lenders agree to amend certain provisions in the Credit Agreement upon the terms and subject to the conditions set forth herein; and

 

WHEREAS, the Lenders have agreed to such amendments only upon the terms and subject to the conditions set forth herein;

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and in the Credit Agreement, the parties hereto hereby agree as follows:

 

1.             Defined Terms.  Unless otherwise defined herein, all capitalized terms used herein shall have the meanings given to them in the Credit Agreement.

 

2.             Amendment to Section 1.1 (Defined Terms).  Section 1.1 of the Credit Agreement is hereby amended by deleting clause (h) of the “Consolidated Adjusted EBITDA” definition in its entirety and substituting in lieu thereof the following:

 

“(h)  each of (x) non-cash expenses relating to stock-based compensation, including stock options, restricted stock grants and employee stock purchase plans and (y) cash payments or cash distributions in compliance with Section 7.6(b)”

 

3.             Amendment to Section 7.7 (Capital Expenditures).  Section 7.7 of the Credit Agreement is hereby amended by deleting the first sentence of such Section in its entirety and substituting in lieu thereof the following:

 

“Make or commit to make any Capital Expenditure, except Capital Expenditures of the Borrower and its Subsidiaries in the ordinary course of business not exceeding, for any fiscal year of the Borrower set forth in the table below, the amount set forth in such table for such fiscal year; provided, that (a) up to 50% of any such amount referred to above, if not so expended in the fiscal year for which it is permitted, may be carried over for expenditure in the next succeeding fiscal year and (b) Capital Expenditures made pursuant to this Section during any fiscal year shall be deemed made, first, in respect of amounts permitted for such fiscal year as provided above and, second, in respect of amounts carried over from the prior fiscal year pursuant to clause (a) above.”

 

4.             Representations and Warranties.  (a)  Credit Agreement Representations and Warranties.  On and as of the date hereof and after giving effect to this Amendment, Holdings and the

 



 

Borrower hereby confirm, reaffirm and restate the representations and warranties set forth in Sections 4 of the Credit Agreement mutatis mutandis, except to the extent that such representations and warranties expressly relate to a specific earlier date in which case Holdings and the Borrower hereby confirm, reaffirm and restate such representations and warranties as of such earlier date.

 

(b)           Power; Authorization; Enforceable Obligations.  Each Loan Party has the requisite corporate or other power and authority, and the legal right, to make, deliver and perform the Loan Documents to which it is a party, as amended, in the case of the Credit Agreement, by this Amendment.  Each Loan Party has taken all necessary steps to authorize the execution, delivery and performance of Loan Documents to which it is a party, as amended, in the case of the Credit Agreement, by this Amendment.  The Credit Agreement, as amended by this Amendment, continues to constitute a legal, valid and binding obligation of each Loan Party party thereto, enforceable against each such Loan Party in accordance with its terms, except as enforceability maybe limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

 

(c)           No Legal Bar.  The execution, delivery and performance of this Amendment and any other related documents will not violate any Requirement of Law or any material Contractual Obligation of any Group Member and will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenue pursuant to any Requirement of Law or any such material Contractual Obligation (other than the Liens created by the Security Documents).

 

5.             Conditions to Effectiveness.  This Amendment shall become effective on the date upon which the Administrative Agent shall have received this Amendment, executed by the Administrative Agent, the Borrower, Holdings, the Subsidiary Guarantors and the Required Lenders.

 

6.             Continuing Effect.  Except as expressly amended hereby, the Credit Agreement shall continue to be and shall remain in full force and effect in accordance with its terms.

 

7.             Expenses.  The Borrower agrees to pay and reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and expenses incurred in connection with the negotiation, preparation, execution and delivery of this Amendment, including the reasonable fees and expenses of counsel.

 

8.             Counterparts.  This Amendment may be executed 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 signature page of this Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.

 

9.             GOVERNING LAWTHIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 



 

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

 

 

INFRASOURCE INCORPORATED

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

Name: Terence R. Montgomery

 

Title: SVP, CFO

 

 

 

 

 

INFRASOURCE SERVICES, INC.

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

Name: Terence R. Montgomery

 

Title: SVP, CFO

 

 

 

 

 

BARCLAYS BANK PLC, as Administrative Agent

 

and as a Lender

 

 

 

 

 

By:

/s/ David Barton

 

Name: David Barton

 

Title: Associate Director

 

 

 

LASALLE BANK NATIONAL ASSOCIATION, as
Syndication Agent

 

and as a Lender

 

 

 

By:

/s/ James P. Bahleda

 

Name: James P. Bahleda

 

Title: Vice President

 



 

 

INFRASOURCE INCORPORATED

 

THIRD AMENDMENT

 

 

 

 

 

JP Morgan Chase Bank N.A.

 

 

 

 

 

By:

/s/ Lee P. Brennan

 

 

Name: Lee P. Brennan

 

 

Title: Vice President

 

 

 

INFRASOURCE INCORPORATED

 

THIRD AMENDMENT

 

 

 

 

 

WACHOVIA BANK, NATIONAL ASSOCIATION

 

 

 

 

 

By:

 /s/ Stephen T. Dorosh

 

 

Name: Stephen T. Dorosh

 

 

Title: Vice President

 

 

 

 

 

INFRASOURCE INCORPORATED

 

THIRD AMENDMENT

 

 

 

 

 

Commerce Bank, N.A.

 

[Name of Lender]

 

 

 

 

 

By:

  /s/ Michael P. Thomson

 

 

Name: Michael P. Thomson

 

 

Title: Vice President

 



 

 

INFRASOURCE INCORPORATED

 

THIRD AMENDMENT

 

 

 

 

 

Denali Capital LLC, managing member of DC Funding Partners, portfolio manager for DENALI CAPITAL CLO I, LTD, or an affiliate.

 

[Name of Lender]

 

 

 

 

 

By:

  /s/ Kelli C. Marti

 

 

Name: Kelli C. Marti

 

 

Title: Senior Vice President

 

 

 

 

 

Denali Capital LLC, managing member of DC Funding Partners, portfolio manager for DENALI CAPITAL CLO II, LTD, or an affiliate.

 

[Name of Lender]

 

 

 

 

 

By:

  /s/ Kelli C. Marti

 

 

Name: Kelli C. Marti

 

 

Title: Senior Vice President

 

 

 

 

Denali Capital LLC, managing member of DC Funding Partners, portfolio manager for DENALI CAPITAL CLO III, LTD, or an affiliate.

 

[Name of Lender]

 

 

 

 

 

By:

  /s/ Kelli C. Marti

 

 

Name: Kelli C. Marti

 

 

Title: Senior Vice President

 



 

 

INFRASOURCE INCORPORATED

 

THIRD AMENDMENT

 

 

 

 

 

AMCO Insurance

 

[Name of Lender]

 

 

 

 

 

By:

  /s/ signature illegible

 

 

Name:

 

 

Title:

 

 

 

 

 

INFRASOURCE INCORPORATED

 

THIRD AMENDMENT

 

 

 

 

 

Scottsdale Insurance

 

[Name of Lender]

 

 

 

 

 

By:

  /s/ signature illegible

 

 

Name:

 

 

Title:

 

 

 

 

 

INFRASOURCE INCORPORATED

 

THIRD AMENDMENT

 

 

 

 

 

Nationwide Life Insurance Company - Separate Account B-Retirement

 

[Name of Lender]

 

 

 

 

 

By:

  /s/ signature illegible

 

 

Name:

 

 

Title:

 



 

 

INFRASOURCE INCORPORATED

 

THIRD AMENDMENT

 

 

 

 

 

Nationwide Mutual Insurance Company

 

[Name of Lender]

 

 

 

 

 

By:

  /s/ signature illegible

 

 

Name:

 

 

Title:

 

 

 

 

 

INFRASOURCE INCORPORATED

 

THIRD AMENDMENT

 

 

 

 

 

FOXE BASIN CLO 2003, LTD

 

[Name of Lender]

 

By:  GSO Capital Partners LP, as Collateral Manager

 

 

 

 

 

By:

  /s/ Sanjai Bhonsle

 

 

Name: Sanjai Bhonsle

 

 

Title: Authorized Signatory

 



 

 

INFRASOURCE INCORPORATED

 

THIRD AMENDMENT

 

 

 

 

 

LANDMARK CDO LIMITED

 

[Name of Lender]

 

By:  Aladdin Capital Management LLC, as Manager

 

 

 

 

 

By:

  /s/ Angela Bozorgmir

 

 

Name: Angela Bozorgmir

 

 

Title: Director

 

 

 

 

 

LANDMARK II CDO LIMITED

 

[Name of Lender]

 

By:  Aladdin Capital Management LLC, as Manager

 

 

 

 

 

By:

  /s/ Angela Bozorgmir

 

 

Name: Angela Bozorgmir

 

 

Title: Director

 

 

 

 

 

LANDMARK III CDO LIMITED

 

[Name of Lender]

 

By:  Aladdin Capital Management LLC, as Manager

 

 

 

 

 

By:

  /s/ Angela Bozorgmir

 

 

Name: Angela Bozorgmir

 

 

Title: Director

 

 

 

 

 

GREYROCK CDO LTD

 

[Name of Lender]

 

 

 

 

 

By:

  /s/ Angela Bozorgmir

 

 

Name: Angela Bozorgmir

 

 

Title: Director

 



 

 

INFRASOURCE INCORPORATED

 

THIRD AMENDMENT

 

 

 

 

 

RZB Finance LLC

 

[Name of Lender]

 

 

 

 

 

By:

/s/ Christoph Hoedl

 

 

Name: Christoph Hoedl

 

 

Title: Group Vice President

 

 

 

 

 

By:

/s/ John A. Valisk

 

 

Name: John A. Valiska

 

 

Title: First Vice President

 



 

ACKNOWLEDGEMENT AND CONSENT

 

Each of the undersigned Subsidiary Guarantors hereby acknowledges and consents to the foregoing Third Amendment.

 

 

 

INFRASOURCE CORPORATE SERVICES, INC.

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

DASHIELL HOLDINGS CORPORATION

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

DASHIELL LTD

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

DACON GP LLC

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

DACON LTD

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

M.J. ELECTRIC, INC.

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 



 

 

INFRASOURCE TEXAS HOLDINGS GP LLC

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

INFRASOURCE TEXAS HOLDINGS LP LLC

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

BLAIR PARK SERVICES, INC.

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

OSP CONSULTANTS, INC.

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

INFRASOURCE POWER CALIFORNIA, INC.

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

OSP TELCOM, INC.

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

RJE TELECOM, INC.

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 



 

 

SUNESYS, INC.

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

SUNESYS OF VIRGINIA, INC.

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

CHOWNS, INC.

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

TRINITY INDUSTRIES, INC.

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

INFRASOURCE UNDERGROUND SERVICES, INC.

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

INFRASOURCE POWER, LLC

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

INFRASOURCE UNDERGROUND INSTALLATION, LLC

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 



 

 

MECHANICAL SPECIALTIES, INCORPORATED

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

INFRASOURCE MID-ATLANTIC, INC.

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

INFRASOURCE UNDERGROUND CONSTRUCTION SERVICES, LLC

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

INFRASOURCE UNDERGROUND
CONSTRUCTION, INC.

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

INFRASOURCE UNDERGROUND
CONSTRUCTION, LLC

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

INFRASOURCE MASLONKA, LLC

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

INFRASOURCE UNDERGROUND CONSTRUCTION CALIFORNIA, INC.

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 



 

 

INFRASOURCE CONCRETE & PAVING SERVICES, LLC

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

INFRASOURCE TRANSMISSION SERVICES
 COMPANY

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

INFRASOURCE MASLONKA CA, INC.

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

IUC IOWA, LLC

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

INFRASOURCE UNDERGROUND SERVICES
 CANADA, INC.

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

EHV POWER USA INC.

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Name:

 

 

Title: