AMENDMENT NO. 8
EXHIBIT 4.6(k)
AMENDMENT NO. 8
AMENDMENT NO. 8 dated as of June 3, 2005, among SMITHFIELD FOODS, INC., a corporation duly organized and validly existing under the laws of the State of Virginia (the Borrower); each of the Subsidiaries of the Borrower identified under the caption SUBSIDIARY GUARANTORS on the signature pages hereto (individually, a Subsidiary Guarantor and, collectively, the Subsidiary Guarantors and, together with the Borrower, the Obligors); each of the lenders identified under the caption LENDERS on the signature pages hereto (the Lenders); and JPMORGAN CHASE BANK, N.A., in its capacity as administrative agent for the lenders party to the below-referenced Credit Agreement (in such capacity, together with its successors in such capacity, the Administrative Agent).
The Borrower, the Subsidiary Guarantors, the lenders named therein and the Administrative Agent, are parties to a Multi-Year Credit Agreement dated as of December 6, 2001 (as heretofore modified and supplemented and in effect on the date hereof, the Credit Agreement), providing, subject to the terms and conditions thereof, for extensions of credit to be made by said lenders to the Borrower in an aggregate principal or face amount not exceeding $900,000,000.
Section 1. Definitions. Except as otherwise defined in this Amendment No. 8, terms defined in the Credit Agreement are used herein as defined therein.
Section 2. Amendments. Subject to the satisfaction of the conditions precedent specified in Section 4 below, the Credit Agreement shall be amended effective as of the date hereof as follows:
2.01. References in the Credit Agreement (including references to the Credit Agreement as amended hereby) to this Agreement (and indirect references such as hereunder, hereby, herein and hereof) shall be deemed to be references to the Credit Agreement as amended hereby.
2.02. Requests for Letters of Credit. Section 2.05(b) of the Credit Agreement shall be amended in its entirety to read as follows:
(b) Requests for Letters of Credit. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the relevant Issuing Bank) to the relevant Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, the date of issuance, amendment, renewal or extension, the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section 2.05), the Currency (which shall be Dollars or an Approved Foreign Currency) and
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amount of such Letter of Credit, the name and address of the beneficiary thereof, whether such Letter of Credit is to be made under the Dollar Sub-Commitments or the Multicurrency Sub-Commitments and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the relevant Issuing Bank, the Borrower also shall submit a letter of credit application on the such Issuing Banks standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the Dollar LC Exposure shall not exceed $175,000,000 and the total Revolving Dollar Credit Exposures shall not exceed the Total Dollar Sub-Commitment, (ii) the Multicurrency LC Exposure shall not exceed $10,000,000 or the Foreign Currency Equivalent thereof and the total Revolving Multicurrency Credit Exposures shall not exceed the Total Multicurrency Sub-Commitment, (iii) the Secured Obligations Amount shall not exceed the Borrowing Base at any time before the Borrowing Base Release Date and (iv) the sum of the total Revolving Credit Exposures shall not exceed the Total Commitment.
Section 3. Representations and Warranties. The Borrower represents and warrants to the Lenders that the representations and warranties set forth in Article III of the Credit Agreement are true and complete on the date hereof as if made on and as of the date hereof and as if each reference in said Article III to this Agreement included reference to this Amendment No. 8.
Section 4. Conditions Precedent. The amendments provided for in Section 2 shall become effective upon the execution and delivery of counterparts of this Amendment No. 8 by the Obligors and Lenders constituting the Required Lenders.
Section 5. Miscellaneous. Except as provided herein, the Credit Agreement shall remain unchanged and in full force and effect. This Amendment No. 8 may be executed in any number of counterparts, all of which taken together shall constitute one and the same amendatory instrument and any of the parties hereto may execute this Amendment No. 8 by signing any such counterpart. This Amendment No. 8 shall be governed by, and construed in accordance with, the law of the State of New York.
IN WITNESS WHEREOF, this Amendment No. 8 has been duly executed as of the date first written above.
SMITHFIELD FOODS, INC. | ||
By | /s/ Daniel G. Stevens | |
Name: | Daniel G. Stevens | |
Title: | Vice President |
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SUBSIDIARY GUARANTORS
CODDLE ROASTED MEATS, INC. | BROWNS OF CAROLINA LLC | |||||
GWALTNEY OF SMITHFIELD, LTD. | CARROLLS FOODS LLC | |||||
HANCOCKS OLD FASHIONED | CARROLLS FOODS OF | |||||
COUNTRY HAM, INC. | VIRGINIA LLC | |||||
IOWA QUALITY MEATS, LTD. | CENTRAL PLAINS FARMS LLC CIRCLE FOUR LLC | |||||
JOHN MORRELL & CO. | MURPHY FARMS LLC | |||||
LYKES MEAT GROUP, INC. | QUARTER M FARMS LLC, | |||||
MOYER PACKING COMPANY | MURPHY-BROWN HOLDINGS LLC, | |||||
MURCO FOODS, INC. | each a Delaware limited liability company | |||||
NORTH SIDE FOODS CORP. | ||||||
PACKERLAND PROCESSING COMPANY, INC. | ||||||
SMITHFIELD PRODUCTION SYSTEMS, INC. | By | MURPHYBROWN LLC, a Delaware limited liability company, | ||||
PATRICK CUDAHY INCORPORATED | as a sole member of each | |||||
PREMIUM PORK, INC. | ||||||
QUIK-TO-FIX FOODS, INC. | ||||||
STADLERS COUNTRY HAMS, INC. | By | JOHN MORRELL & CO., | ||||
SUN LAND BEEF COMPANY | a Delaware corporation, | |||||
SUNNYLAND, INC. | as its sole member | |||||
THE SMITHFIELD COMPANIES, INC. | ||||||
THE SMITHFIELD PACKING COMPANY, INCORPORATED | /s/ Daniel G. Stevens | |||||
STEFANO FOODS, INC. | Name: Daniel G. Stevens | |||||
THE SMITHFIELD HAM AND PRODUCTS COMPANY, INCORPORATED | Title: Vice President | |||||
DAKOTA ACQUISITION COMPANY JOHN MORRELL OF JAPAN, INC. | ||||||
MURPHY FARMS OF TEXHOMA, INC. | ||||||
THE OHIO FEED LOT, INC. | ||||||
SHOWCASE FOODS, INC. KRAKUS FOODS INTERNATIONAL, INC. CATTLE PRODUCTION SYSTEMS, INC., for itself and as successor to Great Lakes Cattle Credit Company, LLC |
By | /s/ Daniel G. Stevens | |
Name: | Daniel G. Stevens | |
Title: | Vice President |
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MURPHY-BROWN LLC,
a Delaware limited liability company
By | JOHN MORRELL & CO., a Delaware corporation, as its sole member | |
/s/ Daniel G. Stevens | ||
Name: Daniel G. Stevens | ||
Title: Vice President |
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ADMINISTRATIVE AGENT
JPMORGAN CHASE BANK, N.A., | ||
as Administrative Agent | ||
By | /s/ Teri Streusand | |
Name: | Teri Streusand | |
Title: | Vice President |
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LENDERS
JPMORGAN CHASE BANK, N.A. | ||
By: | /s/ Teri Streusand | |
Name: | Teri Streusand | |
Title: | Vice President | |
COOPERATIVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. RABOBANK INTERNATIONAL, NEW YORK BRANCH | ||
By: | /s/ James V. Kenwood | |
Name: | James V. Kenwood | |
Title: | Executive Director | |
By: | /s/ Rebecca O. Morrow | |
Name: | Rebecca O. Morrow | |
Title: | Executive Director | |
ABN AMRO BANK, N.V. | ||
By: | /s/ Alexander M. Blondi | |
Name: | Alexander M. Blondi | |
Title: | Managing Director | |
By: | /s/ Kevin Legallo | |
Name: | Kevin Legallo | |
Title: | AVP | |
GENERAL ELECTRIC CAPITAL CORPORATION | ||
By: | /s/ C. Mark Smith | |
Name: | C. Mark Smith | |
Title: | Duly Authorized Signatory | |
ING CAPITAL LLC | ||
By: | /s/ Daniel W. Lamprecht | |
Name: | Daniel W. Lamprecht | |
Title: | Managing Director |
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SUNTRUST BANK | ||
By: | /s/ Hugh E. Brown | |
Name: | Hugh E. Brown | |
Title: | Vice President | |
GREENSTONE FARM CREDIT SERVICES, ACA/FLCA | ||
By: | /s/ Ben Mahlich | |
Name: | Ben Mahlich | |
Title: | AVP/Lending Officer | |
NORTHWEST FARM CREDIT SERVICES, PCA | ||
By: | /s/ Jim Allen | |
Name: | Jim Allen | |
Title: | Senior Vice President | |
BNP PARIBAS | ||
By: | /s/ Tom Ambrose | |
Name: | Tom Ambrose | |
Title: | Director | |
By: | /s/ Gaye Plunkett | |
Name: | Gaye Plunkett | |
Title: | Vice President | |
FARM CREDIT SERVICES OF MINNESOTA VALLEY, PCA d/b/a FCS COMMERCIAL FINANCE GROUP | ||
By: | /s/ Lisa Caswell | |
Name: | Lisa Caswell | |
Title: | Commercial Loan Officer | |
CAPE FEAR FARM CREDIT, ACA | ||
By: | /s/ Randy T. Pope | |
Name: | Randy T. Pope | |
Title: | Vice President |
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FARM CREDIT SERVICES OF AMERICA | ||
By: | /s/ Kent E. Bang | |
Name: | Kent E. Bang | |
Title: | Vice President | |
WACHOVIA BANK, NATIONAL ASSOCIATION | ||
By: | /s/ Beth Rue | |
Name: | Beth Rue | |
Title: | AVP | |
FARM CREDIT SERVICES OF MID- AMERICA, PCA | ||
By: | /s/ Steven R. Kluemper | |
Name: | Steven R. Kluemper | |
Title: | Vice President | |
HARRIS N.A. | ||
By: | /s/ John R. Carley | |
Name: | John R. Carley | |
Title: | Vice President | |
SUMITOMO MITSUI BANKING CORPORATION | ||
By: | /s/ David A. Buck | |
Name: | David A. Buck | |
Title: | Senior Vice President | |
U.S. AGBANK, FCB | ||
By: | /s/ Travis W. Ball | |
Name: | Travis W. Ball | |
Title: | Vice President | |
BANK OF AMERICA, N.A. | ||
By: | /s/ William F. Sweeney | |
Name: | William F. Sweeney | |
Title: | Senior Vice President |
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U.S. BANK NATIONAL ASSOCIATION | ||
By: | /s/ Kathi Selimshayev | |
Name: | Kathi Selimshayev | |
Title: | Assistant Vice President | |
COBANK, ACB | ||
By: | /s/ Jim Stutzman | |
Name: | Jim Stutzman | |
Title: | Vice President | |
MIZUHO CORPORATE BANK, LTD. | ||
By: | /s/ Robert Gallagher | |
Name: | Robert Gallagher | |
Title: | Senior Vice President | |
BANK OF TOKYO-MITSUBISHI TRUST COMPANY | ||
By: | /s/ C. Giordano | |
Name: | C. Giordano | |
Title: | V.P. & Team Leader |
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