MBIA $650 Million Credit Agreement Extension with Deutsche Bank and Other Lenders (2000)
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Summary
This agreement documents the extension of MBIA Inc.'s $650 million corporate credit facilities, originally established in 1998, with a group of lenders led by Deutsche Bank AG as Administrative Agent. The agreement extends both a 364-day facility and a multi-year facility, with new maturity dates set for August 2001 and August 2004, respectively. Participating banks recommit their loan amounts, and extension fees are paid. The agreement outlines the roles of each lender and confirms their continued participation under the extended terms.
EX-10.15 6 y46810ex10-15.txt CREDIT AGREEMENT (5 YEAR AGREEMENT) 1 Exhibit 10.15 Deutsche Bank To: All Lenders party to the MBIA Credit Agreements dated August 28, 1998 From: Deutsche Bank MBIA0 Date: August 29, 2000 Re: Extension of MBIA's $650 Million Corporate Credit Facilities We are pleased to report that the Credit Facilities totaling $650 million for MBIA have been extended successfully. On behalf of MBIA, Deutsche Bank as the Administrative Agent thanks you for your enthusiastic support for the transaction. The following provides a listing of all banks' commitments to the respective facilities: Lender Multi-year 364-day Title Commitment Commitment (US$ millions) (US$ millions) Deutsche Bank AG, New $76.5 $38.5 Administrative Agent York Branch Banc One, NA $56.7 $28.3 Syndication Agent Fleet National Bank $56.7 $28.3 Documentation Agent Banca Monte Dei Paschi D $50.0 $25.0 Lender Siena Spa Bank of Montreal $33.3 $16.7 Lender Chase Manhattan Bank $33.3 $16.7 Lender Fortis (USA) Finance LLC $33.0 $17.0 Lender Bank of America National $26.7 $13.3 Lender Trust & Savings Associat Banco Santander S.A., Ne $16.7 $8.3 Lender York Branch Commerzbank AG, New York $16.7 $8.3 Lender Branch National Australia Bank $16.7 $8.3 Lender Limited, New York Branch Norddeutsche Landesbank $16.7 $8.3 Lender Girozentrale, New York and/or Cayman Islands Branches Total $433.0 $217.0 2 The 364-Day Facility will be extended as of August 25, 2000 with a final maturity of August 24, 2001 and the Four-Year Facility will be extended as of August 28, 2000 with a final maturity of August 28, 2004. Extension fees will be paid on August 30, 2000. Should you have any questions, please don't hesitate to call John McGill, Deutsche Bank at ###-###-####. 3 Monte Dei Paschi Di Siena August 11, 2000 Mr. Joseph Sevely Treasurer MBIA Inc. 113 King Street Armonk, NY 10501 Mr. John S. McGill Vice President Deutsche Bank AG New York 31 West 52nd Street New York NY 10019 RE: NOTICE OF EXTENSION OF FINAL MATURITY DATE Ladies and Gentlemen: Reference is made to the August 28, 1998 Credit Agreement for $400,000,000 (subsequently increased to $433,000,000 ) among MBIA Inc., MBIA Insurance Corporation, Various Lending Institutions, Deutsche Bank AG, New York Branch as Administrative Agent; The First National Bank of Chicago as Syndication Agent, and Fleet National Bank as Documentation Agent (the "Credit Agreement"). Terms defined in the Credit Agreement are used herein with the same meaning. It is also understood that Mr. Sevely is an officer of both Parent and Corp. Pursuant to Section 1.15 Recommitment: Replacement of Non-Continuing Lender of the Credit Agreement, the undersigned Lender hereby notifies you that it has elected to Recommit its commitment of $50,000,000 such that the extended Final Maturity Date shall be August 28, 2004. Banca Monte dei Paschi di Siena S.p.A By: /s/ Gurilio Nomilcchi Senior Vice President & General Manager By: /s/ Brian T. Landy Vice President 4 Deutsche Bank Deutsche Bank AG New York 31 West 52nd Street August 29, 2000 New York NY 10019 Tel ###-###-#### Mr. Joseph Sevely Treasurer MBIA Inc. 113 King Street Armonk, NY 10504 (Tel ###-###-####) (Fax ###-###-####) Mr. John S. McGill Director Deutsche Bank AG, New York Branch 31 West 52nd Street New York, NY 10019 (Tel ###-###-####) (Fax ###-###-####) RE: NOTICE OF EXTENSION OF FINAL MATURITY DATE Ladies and Gentlemen: Reference is made to the August 28, 1998 Credit Agreement for $400,000,000 (subsequently increased to $433,000,000 ) among MBIA Inc., MBIA Insurance Corporation, Various Lending Institutions, Deutsche Bank AG, New York Branch as Administrative Agent; The First National Bank of Chicago as Syndication Agent, and Fleet National Bank as Documentation Agent (the "Credit Agreement"). Terms defined in the Credit Agreement are used herein with the same meaning. It is also understood that Mr. Sevely is an officer of both Parent and Corp. Pursuant to Section 1.15 Recommitment: Replacement of Non-Continuing Lender of the Credit Agreement, the undersigned Lender hereby notifies you that it has elected to Recommit its commitment of $76,500,000 such that the extended Final Maturity Date shall be August 28, 2004. Deutsche Bank AG, New York and/or Cayman Islands Branches By: /s/ John S. McGill By: /s/ Alan Frouk Title: Director Title: Vice President 5 Timothy J. Stambaugh Bank One, NA tel ###-###-#### Senior Vice President Insurance Division fax ###-###-#### 153 West 51st Street New York, NY 10019 Bank One August 9, 2000 Mr. Joseph Sevely Treasurer MBIA Inc. 113 King Street Armonk, NY 10504 (Tel ###-###-####) (Fax ###-###-####) Mr. John McGill Vice President Deutsche Bank AG New York 31 West 52nd Street New York, NY 10019 (Tel ###-###-####) (Fax ###-###-####) RE: NOTICE OF EXTENSION OF FINAL MATURITY DATE Gentlemen: Reference is made to the August 28, 1998 Credit Agreement for $400,000,000 (subsequently increased to $433,000,000 ) among MBIA Inc., MBIA Insurance Corporation, Various Lending Institutions, Deutsche Bank AG, New York Branch, as Administrative Agent; Bank One, NA (formerly known as The First National Bank of Chicago), as Syndication Agent, and Fleet National Bank, as Documentation Agent (the "Credit Agreement"). Terms defined in the Credit Agreement are used herein with the same meaning. It is also understood that Mr. Sevely is an officer of both Parent and Corp. Pursuant to Section 1.15 Recommitment: Replacement of Non-Continuing Lender of the Credit Agreement, the undersigned Lender hereby notifies you that it has elected to Recommit its commitment of $56,950,000 such that the extended Final Maturity Date shall be August 28, 2004. Bank One, NA (formerly known as The First National Bank of Chicago) By:/s/ Timothy J. Stambaugh Title: Senior Vice President 6 Bank of Montreal Corporate Banking 15 South LaSalle Street, 12th Floor Chicago, Illinois 60603 ###-###-#### August 9, 2000 Mr. Joseph Sevely Treasurer MBIA Inc. 113 King Street Armonk, NY 10504 (Tel ###-###-####) (Fax 9l4 ###-###-####) Mr. John S. McGill Vice President Deutsche Bank AG New York 31 West 52nd Street New York, NY 10019 (Tel ###-###-####) (Fax ###-###-####) RE: NOTICE OF EXTENSION OF FINAL MATURITY DATE Reference is made to the August 28, 1998 Credit Agreement for $400,000,000 (subsequently increased to $433,000,000 ) among MBIA Inc., MBIA Insurance Corporation, Various Lending Institutions, Deutsche Bank AG, New York, Branch as Administrative Agent; The First National Bank of Chicago, as Syndication Agent, and Fleet National Bank, as Documentation Agent (the "Credit Agreement"). Terms defined in the Credit Agreement are used herein with the same meaning. It is also understood that Mr. Sevely is an officer of both Parent and Corp. Pursuant to Section 1.15 Recommitment: Replacement of Non-Continuing Lender of the Credit Agreement, the undersigned Lender hereby notifies you that it has elected to Recommit its commitment of $33,333,000 such that the extended Final Maturity Date shall be August 28, 2004. Bank at Montreal /s/ Karen Modi Karen Modi Director 7 Jan-Gee W. McCollam Managing Director Financial Institutions Mail Stop: CT EH 40225C 777 Main Street Hartford, CT 06115 FLEET ###-###-#### tel Corporate and ###-###-#### fax Investment Banking ***@*** August 21, 2000 Mr. Joseph Sevely Treasurer MBIA Inc. 113 King Street Armonk, NY 10504 (Tel ###-###-####) (Fax ###-###-####) Mr. John S. McGill Vice President Deutsche Bank AG New York 31 West 52nd Street New York, NY 10019 (Tel ###-###-####) (Fax ###-###-####) RE: NOTICE OF EXTENSION OF FINAL MATURITY DATE Gentlemen: Reference is made to the August 28, 1998 Credit Agreement for $400,000,000 (subsequently increased to $433,000,000 ) among MBIA Inc., MBIA Insurance Corporation, Various Lending Institutions, Deutsche Bank AG, New York, Branch as Administrative Agent; The First National Bank of Chicago, as Syndication Agent, and Fleet National Bank, as Documentation Agent (the "Credit Agreement"). Terms defined in the Credit Agreement are used herein with the same meaning. It is also understood that Mr. Sevely is an officer of both Parent and Corp. Pursuant to Section 1.15 Recommitment: Replacement of Non-Continuing Lender of the Credit Agreement, the undersigned Lender hereby notifies you that it has elected to Recommit its commitment of $56,700,000 such that the extended Final Maturity Date shall be August 28, 2004. Fleet National Bank By: /s/ Jan-Gee W. McCollam Jan-Gee W. McCollam Title: Managing Director 8 CHASE The Chase Manhattan Bank 270 Park Avenue, 20th Floor New York, NY 10017 August 14,2000 Mr. Joseph Sevely Treasurer MBIA Inc. 113 King Street Armonk, NY 10504 (Tel ###-###-####) (Fax ###-###-####) Mr. John S. McGill Vice President Deutsche Bank AG New York 31 West 52nd Street New York, NY 10019 (Tel ###-###-####) (Fax ###-###-####) RE: NOTICE OF EXTENSION OF FINAL MATURITY DATE Gentlemen: Reference is made to the August 28th, 1998 Credit Agreement for $400,000,000 (subsequently increased to $433,000,000 ) among MBIA Inc., MBIA Insurance Corporation, Various Lending Institutions, Deutsche Bank AG, New York, Branch, as Administrative Agent; The First National Bank of Chicago, as Syndication Agent, and Fleet National Bank, as Documentation Agent (the "Credit Agreement"). Terms defined in the Credit Agreement are used herein with the same meaning. It is also understood that Mr. Sevely is an officer of both Parent and Corp. Pursuant to Section 1.15 Recommitment: Replacement of Non-Continuing Lender of the Credit Agreement, the undersigned Lender hereby notifies you that it has elected to Recommit its commitment of $33,300,000 such that the extended Final Maturity Date shall be August 28, 2004. The Chase Manhattan Bank By: /s/ MaryBeth Mueller Vice President 9 FORTIS Solid partners. flexible solutions August 10, 2000 Mr. Joseph Sevely Treasurer MBIA Inc. 113 King Street Armonk, NY 10504 Mr. John S. McGill Vice President Deutsche Bank AG New York 31 West 52nd Street New York, NY 10019 RE: NOTICE OF EXTENSION OF FINAL MATURITY DATE Gentlemen: Reference is made to the August 28, 1998 Credit Agreement for $400,000,000 (subsequently increased to $433,000,000 ) among MBIA Inc., MBIA Insurance Corporation, Various Lending Institutions, Deutsche Bank AG, New York, Branch as Administrative Agent; The First National Bank of Chicago, as Syndication Agent, and Fleet National Bank, as Documentation Agent (the "Credit Agreement"). Terms defined in the Credit Agreement are used herein with the same meaning. It is also understood that Mr. Sevely is an officer of both Parent and Corp. Pursuant to Section 1.15 Recommitment: Replacement of Non-Continuing Lender of the Credit Agreement, the undersigned Lender hereby notifies you that it has elected to Recommit its commitment of $33,000,000 such that the extended Final Maturity Date shall be August 28, 2004. Sincerely, Fortis (USA) Finance LLC By: /s/ E. Matthews By: /s/ Robert Fakhoury Title: VP Title: Treasurer 10 Bank of America August 11, 2000 Mr. Joseph Sevely Treasurer MBIA Inc. 113 King Street Armonk, NY 10504 Tel: 914 ###-###-#### Fax: 914 ###-###-#### Mr. John S. McGill Vice President Deutsche Bank AG New York 31 West 52nd Street Now York, NY 10019 Tel: 212 ###-###-#### Fax: 212 ###-###-#### RE: NOTICE OF EXTENSION OF FINAL MATURITY DATE Gentlemen: Reference is made to the August 28, 1998 Credit Agreement for $400,000,000 (subsequently increased to $433,000,000 ) among MBIA Inc., MBIA Insurance Corporation, Various Lending Institutions, Deutsche Bank AG, New York, Branch as Administrative Agent; The First National Bank of Chicago, as Syndication Agent, and Fleet National Bank, as Documentation Agent (the "Credit Agreement"). Terms defined in the Credit Agreement are used herein with the same meaning. It is also understood that Mr. Sevely is an officer of both Parent and Corp. Pursuant to Section 1.15 Recommitment: Replacement of Non-Continuing Lender of the Credit Agreement, the undersigned Lender hereby notifies you that it has elected to Recommit its commitment of $26,700,000 such that the extended Final Maturity Date shall be August 28, 2004. Bank of America, N.A. /s/ Joan D'Amico Joan D'Amico Managing Director 11 Banco Santander Central Hispano August 15, 2000 Mr. Joseph Sevely Treasurer MBIA Inc. 113 King Street Armonk, NY 10504 (Tel ###-###-####) (Fax ###-###-####) Mr. John S. McGill Vice President Deutsche Bank AG New York 31 West 52nd Street New York NY 10019 (Tel ###-###-####) (Fax ###-###-####) RE: NOTICE OF EXTENSION OF FINAL MATURITY DATE Gentlemen: Reference is made to the August 28, 1998 Credit Agreement for $400,000,000 (subsequently increased to $433,000,000 ) among MBIA Inc., MBIA Insurance Corporation, Various Lending Institutions, Deutsche Bank AG, New York, Branch as Administrative Agent; The First National Bank of Chicago, as Syndication Agent, and Fleet National Bank, as Documentation Agent (the "Credit Agreement"). Terms defined in the Credit Agreement are used herein with the same meaning. It is also understood that Mr. Sevely is an officer of both Parent and Corp. Pursuant to Section 1.15 Recommitment: Replacement of Non-Continuing Lender of the Credit Agreement, the undersigned Lender hereby notifies you that it has elected to Recommit its commitment of $16,686,667 such that the extended Final Maturity Date shall be August 28, 2004. BANCO SANLANDER CENTRAL HISPANO, S.A., New York Branch. By: /s/ John Hennessy By: /s/ Meeta Anand Title: Manager Asset Backed Finance Title: Assistant Vice President 12 COMMERZBANK 2 World Financial Center AKTIENGESELSCHAFT NEW YORK, NY 10281-050 NEW YORK BRANCH Telephone ###-###-#### August 10, 2000 Mr. Joseph Sevely Treasurer MBIA Inc. 113 King Street Armonk, NY 10504 (Tel ###-###-####) (Fax ###-###-####) Mr. John S. McGill Vice President Deutsche Bank AG New York 31 West 52nd Street New York NY 10019 (Tel ###-###-####) (Fax ###-###-####) RE: NOTICE OF EXTENSION OF FINAL MATURITY DATE Gentlemen: Reference is made to the August 28, 1998 Credit Agreement for $400,000,000 (subsequently increased to $433,000,000 ) among MBIA Inc., MBIA Insurance Corporation, Various Lending Institutions, Deutsche Bank AG, New York, Branch as Administrative Agent; The First National Bank of Chicago, as Syndication Agent, and Fleet National Bank, as Documentation Agent (the "Credit Agreement"). Terms defined in the Credit Agreement are used herein with the same meaning. It is also understood that Mr. Sevely is an officer of both Parent and Corp. Pursuant to Section 1.15 Recommitment: Replacement of Non-Continuing Lender of the Credit Agreement, the undersigned Lender hereby notifies you that it has elected to Recommit its commitment of $16,700,000 such that the extended Final Maturity Date shall be August 28, 2004. Very truly yours, COMMERZBANK AG New York Branch /s/ Thomas Ausfahl /s/ James F. Ahern Thomas Ausfahl James F. Ahern Vice President Senior Vice President 13 National Australia Bank
August 11, 2000 Mr. Joseph Sevely Treasurer MBIA Inc. 113 King Street Armonk, NY 10504 (Tel ###-###-####) (Fax ###-###-####) Mr. John S. McGill Vice President Deutsche Bank AG New York 31 West 52nd Street New York, NY 10019 (Tel ###-###-####) (Fax ###-###-####) RE: NOTICE OF EXTENSION OF FINAL MATURITY DATE Gentlemen: Reference is made to the August 28, 1998 Credit Agreement for $400,000,000 (subsequently increased to $433,000,000 ) among MBIA Inc., MBIA Insurance Corporation, Various Lending Institutions, Deutsche Bank AG, New York, Branch as Administrative Agent; The First National Bank of Chicago, as Syndication Agent, and Fleet National Bank, as Documentation Agent (the "Credit Agreement"). Terms defined in the Credit Agreement are used herein with the same meaning. It is also understood that Mr. Sevely is an officer of both Parent and Corp. Pursuant to Section 1.15 Recommitment: Replacement of Non-Continuing Lender of the Credit Agreement, the undersigned Lender hereby notifies you that it has elected to Recommit its commitment of $16,700,000 such that the extended Final Maturity Date shall be August 28, 2004. National Australia Bank Limited By: /s/ Craig Manning Title: Vice President 14 NORD/LB NORDDEUTSCHE LANDESBANK GIROZENTRALE NEW YORK/CAYMAN ISLANDS Mr. Joseph Sevely August 10, 2000 Treasurer MBIA Inc. 113 King Street Armonk, NY 10504 (Tel ###-###-####) (Fax ###-###-####) Mr. John S. McGill Vice President Deutsche Bank AG New York 31 West 52nd Street New York NY 10019 (Tel ###-###-####) (Fax ###-###-####) RE: MBIA/Notice of Extension of final maturity date Ladies and Gentlemen: Reference is made to the August 28, 1998 Credit Agreement for 200,000,000 (subsequently increased to $433,000,000 ) among MBIA Insurance Corporation, Various Lending Institutions, Deutsche Bank AG, New York Branch, as Administrative Agent, The First National Bank of Chicago, as Syndication Agent, and Fleet National Bank, as Documentation Agent ("Credit Agreement"). Terms defined in the Credit Agreement are used herein with the same meaning. It is also understood that Mr. Sevely is an officer of both Parent and Corp. Pursuant to Section 1.15 Recommitment: Replacement of Non-Continuing Lender of the Credit Agreement, the undersigned Lender hereby notifies you that it has elected to Recommit its commitment of $56,950,000 such that the extended Final Maturity Date shall be August 28, 2004. Sincerely, Norddeutsche Landesbank Girozentrale New York and/or Cayman Islands Branch /s/ Stephanie Finnen /s/ Josef Haas Stephanie Finnen Josef Haas Vice President Vice President
