TELEFLEX INCORPORATED
EX-10.22 7 w77123exv10w22.htm EXHIBIT 10.22 exv10w22
Exhibit 10.22
TELEFLEX INCORPORATED
155 South Limerick Road
Limerick, Pennsylvania 19468
Limerick, Pennsylvania 19468
As of November 20, 2009
Re: | Amendment No. 2 (this Amendment) to the Note Purchase Agreement dated as of July 8, 2004 |
TO THE NOTEHOLDERS
REFERENCED BELOW
REFERENCED BELOW
Ladies and Gentlemen:
Reference is made to the Note Purchase Agreement dated as of July 8, 2004 (as amended and in effect on the date hereof, the Existing Note Agreement, and as amended hereby, the Note Agreement) among Teleflex Incorporated, a Delaware corporation (the Company), and each of the institutions named on the signature pages thereof (the Purchasers), pursuant to which the Purchasers purchased U.S.$350,000,000 in aggregate principal amount of the Companys (a) 5.23% Series 2004-1 Tranche A Senior Notes due 2011 (the Existing Tranche A Notes), (b) 5.75% Series 2004-1 Tranche B Senior Notes due 2014 (the Existing Tranche B Notes), and (c) 5.85% Series 2004-1 Tranche C Senior Notes due 2016 (the Existing Tranche C Notes and, together with the Existing Tranche A Notes and the Existing Tranche B Notes, collectively, the Existing Notes). Each current holder of an Existing Note is herein referred to as a Noteholder, and such holders collectively are referred to as the Noteholders.
The Company has requested that the Noteholders agree to amend certain provisions of the Existing Note Agreement as more fully described herein, and the Noteholders are willing to do so, on the terms and conditions set forth herein, and accordingly, the Company and the Noteholders hereby agree as follows:
Section 1. Definitions. All capitalized terms used herein but not defined herein shall have the respective meanings ascribed thereto in Schedule B to the Existing Note Agreement.
Section 2. Amendments. Effective as provided in Section 4 hereof, the Existing Note Agreement shall be amended as follows:
(a) The definition of Consolidated Leverage Ratio set forth in Schedule B to the Existing Note Agreement shall be amended and restated in its entirety to read as follows:
Consolidated Leverage Ratio means, as at any date, the ratio of (a) Consolidated Total Indebtedness on such date (subject to the proviso set forth in the definition of Indebtedness and excluding Indebtedness in respect of any Receivables Securitization Program permitted pursuant to Section 10.1(g) and 10.2(e)) to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters ending on or most recently ended prior to such date.
(b) The definition of Consolidated Total Assets set forth in Schedule B to the Existing Note Agreement shall be amended and restated in its entirety to read as follows:
Consolidated Total Assets means, at any time, the aggregate amount of all assets of the Company and its Subsidiaries at such time, as determined on a consolidated basis in accordance with GAAP, excluding the book value at such time of an amount of undivided percentage interests in accounts receivable sold by special purpose Subsidiaries under Receivables Securitization Programs permitted pursuant to Section 10.1(g) and 10.2(e) that is equal to the amount of Indebtedness of such Subsidiaries in respect of such programs at such time.
Section 3. Representations and Warranties. The Company represents and warrants to each Noteholder on the date hereof that (a) the representations and warranties of the Company set forth in the Note Agreement and of the Company and each of the Subsidiary Guarantors in each of the other Financing Documents to which it is a party, are true and correct in all material respects on and as of the date hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date), (b) this Amendment has been duly authorized, executed and delivered by the Company and this Amendment, the Note Agreement and the Notes each constitute the legal, valid and binding obligation, contract and agreement of the Company enforceable against the Company in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors rights generally, (c) the execution, delivery and performance by the Company of this Amendment (i) does not require the consent or approval of any governmental or regulatory body or agency, and (ii) will not (A) violate (1) any provision of law, statute, rule or regulation or the certificate of incorporation, bylaws or other constitutive document of the Company, (2) any order of any court or any rule, regulation or order of any other agency or government binding upon the Company, or (3) any provision of any material indenture, agreement or other instrument to which the Company is a party or by which its properties or assets are or may be bound, including, without limitation, the Bank Credit Agreement, or (B) result in a breach or constitute (alone or with due notice or lapse of time or both) a default under any indenture, agreement or other instrument referred to in clause (ii)(A)(3) of this Section 3(c), (d) immediately prior to, and immediately after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing under the Note Agreement and (e) neither the Company nor any of its Affiliates has paid or agreed to pay any fees or other consideration to any creditor in connection with the obtaining of the amendments described in Section 4(c) below.
Section 4. Conditions to Effectiveness. The amendments set forth in Section 2 hereof shall become effective, as of the date hereof, upon the satisfaction of the following
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conditions precedent:
(a) the execution and delivery hereof by the Company and the Required Holders;
(b) the payment by the Company of all reasonable fees and expenses of the Noteholders relating to this Amendment, including, but not limited to, the reasonable fees and disbursements of Bingham McCutchen LLP, special counsel to the Noteholders;
(c) the delivery to the Noteholders of executed amendments to the Note Purchase Agreement dated as of October 1, 2007 to which the Company is a party and the Bank Credit Agreement, in each case corresponding to the amendments provided for herein, in form and substance satisfactory to the Required Holders; and
(d) the representations and warranties set forth in Section 3 above shall be true and correct.
Section 5. Miscellaneous.
5.1 Ratification; Agreement Unchanged. The Existing Note Agreement and the Existing Notes are in all respects ratified and confirmed, and the terms, covenants and agreements thereof shall remain unchanged and in full force and effect except as amended hereby.
5.2 References to Note Agreement and Notes. From and after the effective date of this Amendment, all references to this Agreement in the Existing Note Agreement and in the Existing Notes shall be deemed to be references to the Note Agreement.
5.3 Execution in Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile transmission or electronic mail shall be effective as delivery of a manually executed counterpart of this Amendment.
5.4 Governing Law. This Amendment shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit or require the application of the laws of a jurisdiction other than such State.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be duly executed and delivered as of the day and year first written above.
TELEFLEX INCORPORATED | ||||
By: | /s/ C. Jeffrey Jacobs | |||
Name: | C. Jeffrey Jacobs | |||
Title: | Treasurer | |||
CONNECTICUT GENERAL LIFE INSURANCE COMPANY By: CIGNA Investments, Inc. (authorized agent) | ||||
By: | /s/ Lori E. Hopkins | |||
Name: | Lori E. Hopkins | |||
Title: | Managing Director | |||
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY By: Babson Capital Management LLC as Investment Adviser | ||||
By: | /s/ Emeka Onukwugha | |||
Name: | Emeka Onukwugha | |||
Title: | Managing Director | |||
C.M. LIFE INSURANCE COMPANY By: Babson Capital Management LLC as Investment Sub-Adviser | ||||
By: | /s/ Emeka Onukwugha | |||
Name: | Emeka Onukwugha | |||
Title: | Managing Director | |||
MML BAY STATE LIFE INSURANCE COMPANY By: Babson Capital Management LLC as Investment Sub-Adviser | ||||
By: | /s/ Emeka Onukwugha | |||
Name: | Emeka Onukwugha | |||
Title: | Managing Director |
MASSMUTUAL ASIA LIMITED By: Babson Capital Management LLC as Investment Adviser | ||||
By: | /s/ Emeka Onukwugha | |||
Name: | Emeka Onukwugha | |||
Title: | Managing Director | |||
PRINCIPAL LIFE INSURANCE COMPANY By: Principal Global Investors, LLC a Delaware limited liability company, its authorized signatory | ||||
By: | /s/ Alan P. Kress | |||
Name: | Alan P. Kress | |||
Title: | Counsel | |||
By: | /s/ Colin Pennycooke | |||
Name: | Colin Pennycooke | |||
Title: | Counsel | |||
COUNTRY LIFE INSURANCE COMPANY | ||||
By: | /s/ John Jacobs | |||
Name: | John Jacobs | |||
Title: | Director Fixed Income | |||
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY By: Hartford Investment Management Company Its Agent and Attorney-in-Fact | ||||
By: | /s/ Ralph D. Witt | |||
Name: | Ralph D. Witt | |||
Title: | Vice President | |||
HARTFORD LIFE INSURANCE COMPANY By: Hartford Investment Management Company Its Agent and Attorney-in-Fact | ||||
By: | /s/ Ralph D. Witt | |||
Name: | Ralph D. Witt | |||
Title: | Vice President |
PHYSICIANS LIFE INSURANCE COMPANY By: Hartford Investment Management Company Its Investment Manager | ||||
By: | /s/ Ralph D. Witt | |||
Name: | Ralph D. Witt | |||
Title: | Vice President | |||
MODERN WOODMEN OF AMERICA | ||||
By: | /s/ Douglas A. Parnier | |||
Name: | Douglas A. Parnier | |||
Title: | Portfolio Manager Private Placements | |||
STATE FARM LIFE INSURANCE COMPANY | ||||
By: | /s/ Julie Hoyer | |||
Name: | Julie Hoyer | |||
Title: | Senior Investment Officer | |||
By: | /s/ Jeffrey T. Attwood | |||
Name: | Jeffrey T. Attwood | |||
Title: | Investment Officer | |||
AMERICAN GENERAL LIFE INSURANCE COMPANY AIG LIFE INSURANCE COMPANY AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY OF NEW YORK | ||||
By: | /s/ Gerald F. Herman | |||
Name: | Gerald F. Herman | |||
Title: | Vice President | |||
NEW YORK LIFE INSURANCE COMPANY | ||||
By: | /s/ Kathleen A. Haberkern | |||
Name: | Kathleen A. Haberkern | |||
Title: | Corporate Vice President |
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION By: New York Life Investment Management, LLC, Its Investment Manager |
By: | /s/ Kathleen A. Haberkern | |||
Name: | Kathleen A. Haberkern | |||
Title: | Director | |||
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION INSTITUTIONALLY OWNED LIFE INSURANCE SEPARATE ACCOUNT By: New York Life Investment Management, LLC, Its Investment Manager |
By: | /s/ Kathleen A. Haberkern | |||
Name: | Kathleen A. Haberkern | |||
Title: | Director | |||
GENWORTH LIFE INSURANCE COMPANY | ||||
By: | /s/ Stephen DeMotto | |||
Name: | Stephen DeMotto | |||
Title: | Investment Officer | |||
WESTPORT INSURANCE CORPORATION (f/k/a Employers Reinsurance Corporation) By: Conning, Inc., as Investment Manager | ||||
By: | /s/ Samuel Otchere | |||
Name: | Samuel Otchere | |||
Title: | Vice President | |||
PHOENIX LIFE INSURANCE COMPANY | ||||
By: | /s/ Christopher Wilkos | |||
Name: | Christopher Wilkos | |||
Title: | Executive Vice President | |||
THE STATE LIFE INSURANCE COMPANY By: American United Life Insurance Company, its Agent |
By: | /s/ Michael I. Bullock | |||
Name: | Michael I. Bullock | |||
Title: | V.P. Private Placements |
LAFAYETTE LIFE INSURANCE COMPANY By: American United Life Insurance Company, its Agent |
By: | /s/ Michael I. Bullock | |||
Name: | Michael I. Bullock | |||
Title: | V.P. Private Placements | |||
AMERICAN UNITED LIFE INSURANCE COMPANY | ||||
By: | /s/ Michael I. Bullock | |||
Name: | Michael I. Bullock | |||
Title: | V.P. Private Placements | |||
MONUMENTAL LIFE INSURANCE COMPANY | ||||
By: | /s/ Christopher D. Pahlke | |||
Name: | Christopher D. Pahlke | |||
Title: | Vice President | |||
TRANSAMERICA LIFE INSURANCE COMPANY Individually and as successor by merger with Transamerica Occidental Life Insurance Company | ||||
By: | /s/ Christopher D. Pahlke | |||
Name: | Christopher D. Pahlke | |||
Title: | Vice President | |||
TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA | ||||
By: | /s/ Brian K. Roelke | |||
Name: | Brian K. Roelke | |||
Title: | Director | |||
THE UNION CENTRAL LIFE INSURANCE COMPANY By: Summit Investment Advisors Inc., as Agent | ||||
By: | /s/ Andrew S. White | |||
Name: | Andrew S. White | |||
Title: | Managing Director Private Placements |
AMERITAS LIFE INSURANCE CORP. By: Summit Investment Advisors Inc., as Agent | ||||
By: | /s/ Andrew S. White | |||
Name: | Andrew S. White | |||
Title: | Managing Director Private Placements | |||
ACACIA LIFE INSURANCE COMPANY By: Summit Investment Advisors Inc., as Agent | ||||
By: | /s/ Andrew S. White | |||
Name: | Andrew S. White | |||
Title: | Managing Director Private Placements | |||
AMERICAN FAMILY LIFE INSURANCE COMPANY | ||||
By: | /s/ Phillip Hannifan | |||
Name: | Phillip Hannifan | |||
Title: | Investment Director | |||
ASSURITY LIFE INSURANCE COMPANY | ||||
By: | /s/ Victor Weber | |||
Name: | Victor Weber | |||
Title: | Senior Director Investments | |||
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA | ||||
By: | /s/ Yvonne M. Guajardo | |||
Name: | Yvonne M. Guajardo | |||
Title: | Vice President | |||
PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY By: Prudential Investment Management, Inc., as investment manager | ||||
By: | /s/ Yvonne M. Guajardo | |||
Name: | Yvonne M. Guajardo | |||
Title: | Vice President |
FARMERS NEW WORLD LIFE INSURANCE COMPANY By: Prudential Private Placement Investors, L.P. (as Investment Advisor) By: Prudential Private Placement Investors, Inc. (as its General Partner) | ||||
By: | /s/ Yvonne M. Guajardo | |||
Name: | Yvonne M. Guajardo | |||
Title: | Vice President | |||
UNITED OF OMAHA LIFE INSURANCE COMPANY By: Prudential Private Placement Investors, L.P. (as Investment Advisor) By: Prudential Private Placement Investors, Inc. (as its General Partner) | ||||
By: | /s/ Yvonne M. Guajardo | |||
Name: | Yvonne M. Guajardo | |||
Title: | Vice President | |||
BAYSTATE INVESTMENTS, LLC By: Prudential Private Placement Investors, L.P. (as Investment Advisor) By: Prudential Private Placement Investors, Inc. (as its General Partner) | ||||
By: | /s/ Yvonne M. Guajardo | |||
Name: | Yvonne M. Guajardo | |||
Title: | Vice President | |||
METROPOLITAN LIFE INSURANCE COMPANY METLIFE INSURANCE COMPANY OF CONNECTICUT By: Metropolitan Life Insurance Company, as Investment Manager | ||||
By: | /s/ Judith A. Gulotta | |||
Name: | Judith A. Gulotta | |||
Title: | Managing Director |
WOODMEN OF THE WORLD LIFE INSURANCE SOCIETY | ||||
By: | /s/ James J. Stolze | |||
Name: | James J. Stolze | |||
Title: | Assistant Vice President | |||
SUN LIFE ASSURANCE COMPANY OF CANADA | ||||
By: | /s/ David Belanger | |||
Name: | David Belanger | |||
Title: | Senior Director, Private Fixed Income | |||
By: | /s/ Ann C. King | |||
Name: | Ann C. King | |||
Title: | Assistant Vice President and Senior Counsel | |||