SIXTH AMENDMENT TO THE CREDIT AGREEMENT

Contract Categories: Business Finance - Credit Agreements
EX-10.3 4 a12-18364_1ex10d3.htm EX-10.3

Exhibit 10.3

 

SIXTH AMENDMENT TO THE CREDIT AGREEMENT

 

SIXTH AMENDMENT (this “Amendment”), dated as of November 2, 2012, to the Credit Agreement dated as of December 10, 2010 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”), among Thompson Creek Metals Company Inc. (the “Borrower”), the several banks and other financial institutions or entities from time to time party thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent  (in such capacity, the “Administrative Agent”), and the other agents party thereto.

 

W I T N E S S E T H :

 

WHEREAS, the parties hereto are parties to the Credit Agreement;

 

WHEREAS, the Borrower has requested that the Lenders agree to make certain amendments to the Credit Agreement as set forth herein; and

 

WHEREAS, the Required Lenders are willing to agree to such amendments and other matters, subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the premises herein contained and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows:

 

SECTION 1.      DEFINITIONS.

 

1.1          Unless otherwise defined herein, capitalized terms which are defined in the Credit Agreement are used herein as therein defined.

 

SECTION 2.      AMENDMENTS.

 

(a)           Amendment to Section 7.2 of the Credit Agreement.  Section 7.2 of the Credit Agreement is hereby amended by (i) deleting the “and” at the end of clause (n) thereof, (ii) replacing the “.” at the end of clause (o) thereof with “; and” and (iii) adding the following immediately after clause (o) thereof:

 

“(p)   Indebtedness in an aggregate amount not to exceed $50,000,000 that arises from any transaction permitted pursuant to Section 7.3(t).”

 

(a)           Amendment to Section 7.3 of the Credit Agreement.  Section 7.3 of the Credit Agreement is hereby amended by (i) deleting the “and” at the end of clause (r) thereof, (ii) replacing the “.” at the end of clause (s) thereof with “; and” and (iii) adding the following immediately after clause (s) thereof:

 

“(t)   Liens on cash and Cash Equivalents to secure letters of credit not issued under this Agreement in an aggregate amount not to exceed $50,000,000.”

 

SECTION 3.      CONDITIONS PRECEDENT.  This Amendment shall become effective on the date (the “Effective Date”) on which all of the following conditions have been satisfied or waived:

 

(a)           Execution and Delivery.  The Administrative Agent shall have received counterparts of this Amendment duly executed by (i) the Borrower, (ii) the Required Lenders and (iii) the Administrative Agent.

 



 

(b)           No Default.  Both prior to and after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing on the Effective Date.

 

(c)           Representations and Warranties.  As of the Effective Date (both prior to and after giving effect to this Amendment) all representations and warranties contained in Section 4 shall be true and correct in all material respects.

 

(d)           Fees and Expenses.  The Administrative Agent shall have received the fees and expenses required to be paid by the Borrower pursuant to Section 5 of this Amendment.

 

For the purpose of determining compliance with the conditions specified in this Section 3, each Lender that has signed this Amendment shall be deemed to have accepted, and to be satisfied with, each document or other matter required under this Section 3.

 

SECTION 4.      REPRESENTATIONS AND WARRANTIES.  In order to induce the Administrative Agent and the Lenders to enter into this Amendment, the Borrower hereby represents and warrants to the Administrative Agent and the Lenders that:

 

(a)           the representations and warranties of the Borrower and the other Loan Parties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects on and as of the Effective Date as if made on and as of the Effective Date both prior to, and after giving effect to, this Amendment, except where such representations and warranties expressly relate to an earlier date in which case such representations and warranties were true and correct in all material respects as of such earlier date; and

 

(b)           both prior to and after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing on the Effective Date.

 

SECTION 5.      FEES AND EXPENSES.  The Borrower agrees to pay all invoiced fees and accrued expenses of the Administrative Agent, including without limitation, the reasonable fees and expenses of legal counsel.

 

SECTION 6.      CONTINUING EFFECT.  Except as expressly amended, waived or modified hereby, the Loan Documents shall continue to be and shall remain in full force and effect in accordance with their respective terms.  This Amendment shall not constitute an amendment, waiver or modification of any provision of any Loan Document not expressly referred to herein and shall not be construed as an amendment, waiver or modification of any action on the part of the Borrower or the other Loan Parties that would require an amendment, waiver or consent of the Administrative Agent or the Lenders except as expressly stated herein, or be construed to indicate the willingness of the Administrative Agent or the Lenders to further amend, waive or modify any provision of any Loan Document amended, waived or modified hereby for any other period, circumstance or event.  Except as expressly modified by this Amendment, the Credit Agreement and the other Loan Documents are ratified and confirmed and are, and shall continue to be, in full force and effect in accordance with their respective terms.  Except as expressly set forth herein, each Lender and the Administrative Agent reserves all of its rights, remedies, powers and privileges under the Credit Agreement, the other Loan Documents, applicable law and/or equity.  Any reference to the “Credit Agreement” in any Loan Document or any related documents shall be deemed to be a reference to the Credit Agreement as amended by this Amendment and the term “Loan Documents” in the Credit Agreement and the other Loan Documents shall include, without limitation, this Amendment and any agreements, instruments and other documents executed and/or delivered in connection herewith.

 

SECTION 7.      CONSENT OF GUARANTORS.  Each of the Guarantors hereby consents to this Amendment, and to the amendments and modifications to the Credit Agreement pursuant hereto and acknowledges the effectiveness and continuing validity of its obligations under or with respect to the Credit Agreement and any Security

 

2



 

Document, as applicable, and its liability for the Obligations, pursuant to the terms thereof and that such obligations are without defense, setoff and counterclaim.

 

SECTION 8.      GOVERNING LAW.  THIS AMENDMENT, AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 9.      SUCCESSORS AND ASSIGNS.  This Amendment shall be binding upon and inure to the benefit of the Borrower, the other Loan Parties, the Administrative Agent, the other Agents and the Lenders, and each of their respective successors and assigns, and shall not inure to the benefit of any third parties.  The execution and delivery of this Amendment by the Lenders prior to the Effective Date shall be binding upon its successors and assigns and shall be effective as to any Loans or Commitments assigned to it after such execution and delivery.

 

SECTION 10.   ENTIRE AGREEMENT.  This Amendment, the Credit Agreement and the other Loan Documents represent the entire agreement of the Loan Parties, the Administrative Agent, the Agents, the Lenders and the Lenders, as applicable, with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent, any other Agent or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the Credit Agreement or the other Loan Documents.

 

SECTION 11.   LOAN DOCUMENT.  This Amendment is a Loan Document executed pursuant to the Credit Agreement and shall (unless otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions of the Credit Agreement.

 

SECTION 12.   COUNTERPARTS.  This Amendment may be executed by the parties hereto in any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  An executed signature page of this Amendment may be delivered by facsimile transmission or electronic PDF of the relevant signature page hereof.

 

SECTION 13.   HEADINGS.  Section headings used in this Amendment are for convenience of reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment.

 

3



 

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

 

 

THOMPSON CREEK METALS COMPANY INC.

 

 

 

 

 

 

By:

/s/ Pamela L. Saxton

 

 

Name:

Pamela L. Saxton

 

 

Title:

Executive Vice President and Chief Financial Officer

 



 

 

JPMORGAN CHASE BANK, N.A., as

 

Administrative Agent and Lender

 

 

 

 

 

 

By:

/s/ Peter S. Predun

 

 

Name:

Peter S. Predun

 

 

Title:

Executive Director

 



 

 

SOCIÉTÉ GÉNÉRALE (CANADA BRANCH), as

 

Lender

 

 

 

 

 

 

By:

/s/ Simona Lungu

 

 

Name:

Simona Lungu

 

 

Title:

Director

 

 

 

 

 

 

 

 

 

By:

/s/ Michael C. Manion

 

 

Name:

Michael C. Manion

 

 

Title:

Director

 



 

 

ROYAL BANK OF CANADA, as Lender

 

 

 

 

 

 

By:

/s/ Stam Fountoulakis

 

 

Name:

Stam Fountoulakis

 

 

Title:

Authorized Signatory

 



 

 

STANDARD BANK PLC, as Lender

 

 

 

 

 

 

By:

/s/ Mick Mullen

 

 

Name:

Mick Mullen

 

 

Title:

Executive

 

 

 

 

 

 

 

 

 

By:

/s/ Paul Stevens

 

 

Name:

Paul Stevens

 

 

Title:

Executive

 



 

 

COMPASS BANK, as Lender

 

 

 

 

 

 

By:

/s/ Joseph W. Nimmons

 

 

Name:

Joseph W. Nimmons

 

 

Title:

Vice President

 



 

 

DEUTSCHE BANK AG CANADA BRANCH, as

 

Lender

 

 

 

 

 

 

By:

/s/ David Gynn

 

 

Name:

David Gynn

 

 

Title:

Chief Financial Officer

 

 

 

 

 

 

 

 

 

By:

/s/ Marcellus Leung

 

 

Name:

Marcellus Leung

 

 

Title:

Assistant Vice President

 



 

 

UBS LOAN FINANCE LLC, as Lender

 

 

 

 

 

 

By:

/s/ Irja R. Otsa

 

 

Name:

Irja R. Otsa

 

 

Title:

Associate Director

 

 

 

 

 

 

 

 

 

By:

/s/ Joselin Fernandes

 

 

Name:

Joselin Fernandes

 

 

Title:

Associate Director