Extension Agreement to Multi-Year Credit Agreement among Smithfield Foods, Inc., Subsidiary Guarantors, and JPMorgan Chase Bank (March 31, 2004)
Smithfield Foods, Inc., its subsidiary guarantors, and JPMorgan Chase Bank (as administrative agent for the lenders) agree to extend the deadline for the sale of Smithfield Canada Limited and 2004171 Ontario Inc. to Maple Leaf Foods, Inc. from April 1, 2004 to April 30, 2004. All other terms of the original Multi-Year Credit Agreement remain unchanged. This extension allows more time to complete the transaction and receive the related cash payment.
EXHIBIT 4.7(h)
March 31, 2004
Smithfield Foods, Inc.
To the Obligors party to the
Credit Agreement referred to
below
Ladies and Gentlemen:
We refer (i) to the Multi-Year Credit Agreement dated as of December 6, 2001 (the “Credit Agreement”) between Smithfield Foods, Inc. (the “Borrower”), the Subsidiary Guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, as administrative agent and (ii) the Consent dated as of October 31, 2003 (the “Consent”) pursuant to which such lenders consented to the sale by the Borrower of all the issued and outstanding shares of Smithfield Canada Limited and ###-###-#### Ontario Inc. to Maple Leaf Foods, Inc.
The Administrative Agent has been granted authority by the Required Lenders (as defined in the Credit Agreement) to execute and deliver this letter. This letter constitutes the agreement of the Required Lenders and the Administrative Agent with the Borrower and the Subsidiary Guarantors party to the Credit Agreement that the date by which the sale to Maple Leaf Foods, Inc., is to be finalized and all related cash consideration is to be received be extended from April 1, 2004 to April 30, 2004. Except as herein provided the Credit Agreement shall remain unchanged and in full force and effect.
| Very truly yours, | ||
| JPMORGAN CHASE BANK, as Administrative Agent | ||
| By: | /s/ B.B. WUTHRICH | |
| Name: Title: | B. B. Wuthrich Vice President | |
Accepted and agreed to
as of the date first
written above by:
SMITHFIELD FOODS, INC.
| By: | /s/ Orville Lunking | |
| Name: | Orville Lunking | |
| Title: | Treasurer |
SUBSIDIARY GUARANTORS
| CODDLE ROASTED MEATS, INC. GWALTNEY OF SMITHFIELD, LTD. HANCOCK’S OLD FASHIONED COUNTRY HAM, INC. | THE OHIO FEED LOT, INC. SHOWCASE FOODS, INC. KRAKUS FOODS INTERNATIONAL, INC. | |
| IOWA QUALITY MEATS, LTD. JOHN MORRELL & CO. LYKES MEAT GROUP, INC. MOYER PACKING COMPANY MURCO FOODS, INC. | By: /s/ Michael Cole Name: Michael Cole Title: Vice President | |
| NORTH SIDE FOODS CORP. PACKERLAND PROCESSING COMPANY, INC. PACKERLAND HOLDINGS, INC. PATRICK CUDAHY INCORPORATED PREMIUM PORK, INC. QUIK-TO-FIX FOODS, INC. STADLER’S COUNTRY HAMS, INC. SUN LAND BEEF COMPANY SUNNYLAND, INC. THE SMITHFIELD COMPANIES, INC. THE SMITHFIELD PACKING COMPANY, INCORPORATED STEFANO FOODS, INC. THE SMITHFIELD HAM AND PRODUCTS COMPANY, INCORPORATED DAKOTA ACQUISITION COMPANY JOHN MORRELL OF JAPAN, INC. MURPHY FARMS OF TEXHOMA, INC. |
BROWN’S OF CAROLINA, LLC CARROLL’S FOODS LLC CARROLL’S FOODS OF VIRGINIA LLC CENTRAL PLAINS FARMS LLC CIRCLE FOUR LLC MURPHY FARMS LLC QUARTER M FARMS LLC MURPHY-BROWN HOLDINGS LLC, each a Delaware limited liability company
By: MURPHY-BROWN, LLC, a Delaware limited liability company, as its sole member of each
|
| By: JOHN MORRELL & CO., | ||
| a Delaware corporation, | ||
| as its sole member | ||
| /s/ Michael Cole | ||
| Name: Michael Cole | ||
| Title: Vice President | ||
| MURPHY-BROWN LLC, a Delaware limited liability company | ||
| By: | JOHN MORRELL & CO., | |
| a Delaware corporation, as its sole member | ||
| /s/ Michael Cole | ||
| Name: Michael Cole Title: Vice President |
| GREAT LAKES CATTLE CREDIT COMPANY, LLC, | ||
| a Delaware limited liability company, | ||
| By: PACKERLAND HOLDINGS, INC., | ||
| a Delaware corporation, as its sole member | ||
| /s/ Michael Cole | ||
| Name: Michael Cole Title: Vice President |
