INCREMENTAL TRANCHE A FACILITY COMMITMENT ASSUMPTION AGREEMENT dated as of July 5, 2006, relating to the SECOND AMENDED AND RESTATED CREDIT AGREEMENT dated as of June 14, 2005, among WASHINGTON GROUP INTERNATIONAL, INC., THE LENDERS AND ISSUERS PARTY THERETO and CREDIT SUISSE, as Administrative Agent CREDIT SUISSE SECURITIES (USA) LLC, as Sole Lead Arranger and Sole Bookrunner
EXHIBIT 10.1
INCREMENTAL TRANCHE A FACILITY COMMITMENT
ASSUMPTION AGREEMENT
dated as of July 5, 2006,
relating to the
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
dated as of June 14, 2005,
among
WASHINGTON GROUP INTERNATIONAL, INC.,
THE LENDERS AND ISSUERS PARTY THERETO
and
CREDIT SUISSE,
as Administrative Agent
CREDIT SUISSE SECURITIES (USA) LLC,
as Sole Lead Arranger and Sole Bookrunner
INCREMENTAL TRANCHE A FACILITY COMMITMENT ASSUMPTION AGREEMENT dated as of July 5, 2006 (this Agreement), among WASHINGTON GROUP INTERNATIONAL, INC., a Delaware corporation (the Borrower), the Incremental Tranche A Facility Lenders party hereto (the Incremental Tranche A Facility Lenders) and CREDIT SUISSE, as administrative agent (in such capacity, the Administrative Agent).
A. Reference is made to the Second Amended and Restated Credit Agreement dated as of June 14, 2005, as amended (the Credit Agreement), among the Borrower, the Lenders and Issuers party thereto and Credit Suisse, as Administrative Agent.
B. Pursuant to Section 2.5(a) of the Credit Agreement, the Borrower has notified the Lenders under the Tranche B Facility that the Commitments thereunder (which aggregate $102,500,000 on the date hereof) will terminate on July 5, 2006 (the Increase Effective Date), subject to the concurrent effectiveness of this Agreement (the Tranche B Facility Termination).
C. Pursuant to Section 2.5(d) of the Credit Agreement, the Borrower has requested that the Incremental Tranche A Facility Lenders severally agree to provide the Borrower with additional Commitments under the Tranche A Facility (the Incremental Tranche A Facility Commitments) in the aggregate amount of $102,500,000 concurrent with the effectiveness of the Tranche B Facility Termination.
D. The Incremental Tranche A Facility Lenders are willing so to provide the Borrower with the Incremental Tranche A Facility Commitments, and the Administrative Agent is willing to consent thereto, in each case on the terms and subject to the conditions set forth herein and in the Credit Agreement.
E. Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1. Defined Terms; Terms Generally. Capitalized terms used and not defined herein shall have the meanings assigned to such terms in the Credit Agreement. The rules of construction set forth in Section 1.4 of the Credit Agreement shall apply equally to this Agreement. This Agreement shall be a Loan Document for all purposes of the Credit Agreement and the other Loan Documents.
SECTION 2. Incremental Tranche A Facility Lenders and Commitments. Schedule I attached hereto sets forth the name of each Incremental Tranche A Facility Lender and its Incremental Tranche A Facility Commitment as of the Increase Effective Date. The Incremental Tranche A Facility Commitment of each Incremental Tranche A Facility Lender shall be several and not joint. As of the Increase Effective Date, the aggregate amount of the Tranche A Facility shall be $350,000,000 and the aggregate
amount of the Tranche B Facility shall be zero. As of the Increase Effective Date, the Incremental Tranche A Facility Commitments shall be deemed to be Commitments under the Tranche A Facility for all purposes of the Credit Agreement and the other Loan Documents.
SECTION 3. Conditions Precedent. This Agreement shall become effective as of the Increase Effective Date upon the satisfaction on or prior to such date of the following conditions precedent:
(a) The Administrative Agent shall have received counterparts of this Agreement that, when taken together, bear the signatures of the Borrower, the Incremental Tranche A Facility Lenders and the Administrative Agent.
(b) On the Increase Effective Date, each of the statements set forth in clauses (b)(i) and (ii) of Section 3.2 of the Credit Agreement shall be true and correct, and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Responsible Officer of the Borrower.
(c) The Administrative Agent shall have received (on behalf of itself and the Lenders) all fees and other amounts due and payable on or prior to the Increase Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder or under any other Loan Document.
SECTION 4. Certain Agreements. For the avoidance of doubt and without limiting the application thereof, the parties hereto hereby agree that the provisions of Sections 11.3 and 11.4 of the Credit Agreement shall apply to the execution and delivery of, and the performance of the parties respective obligations under, this Agreement.
SECTION 5. Applicable Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
SECTION 6. Notices. All notices hereunder shall be given in accordance with the provisions of Section 11.8 of the Credit Agreement.
SECTION 7. Counterparts. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract, and shall become effective as provided in Section 3 hereof. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.
SECTION 8. Headings. The headings and cover page of this Agreement are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.
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SECTION 9. Amendments, etc. This Agreement may not be amended, supplemented or otherwise modified other than in a writing signed by each of the parties hereto.
SECTION 10. Acknowledgement of Subsidiary Guarantors. Each of the Subsidiary Guarantors hereby acknowledges its receipt of a copy of this Agreement and its review of the terms and conditions hereof, and each of the Subsidiary Guarantors hereby consents to the terms and conditions of this Agreement and the transactions contemplated hereby, and hereby confirms its guarantee and, as applicable, its grant of Collateral under the Guaranty and the Collateral Documents, respectively, and agrees that such guarantee and any such grant of Collateral shall continue to be in full force and effect and shall inure to the benefit of the Secured Parties, including the Incremental Tranche A Facility Lenders as such in respect of their Incremental Tranche A Facility Commitments and the other Obligations owed to them from time to time.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.
WASHINGTON GROUP INTERNATIONAL, INC., | |||
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| By | /s/ Earl L. Ward |
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| Name: Earl L. Ward |
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| Title: Vice President and Treasurer |
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| EACH OF THE SUBSIDIARY GUARANTORS LISTED ON SCHEDULE II HERETO, | ||
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| By | /s/ Earl L. Ward |
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| Name: Earl L. Ward |
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| Title: Authorized Signatory |
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| CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as Administrative Agent, | ||
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| By | /s/ Robert Hetu |
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| Name: Robert Hetu |
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| Title: Managing Director |
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| By | /s/ Cassandra Droogan |
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| Name: Cassandra Droogan |
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| Title: Vice President |
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SIGNATURE PAGE TO THE
INCREMENTAL TRANCHE A FACILITY
COMMITMENT ASSUMPTION AGREEMENT
DATED AS OF JULY 5, 2006, TO THE
WASHINGTON GROUP INTERNATIONAL, INC.
SECOND AMENDED AND RESTATED CREDIT
AGREEMENT DATED AS OF JUNE 14, 2005, AS AMENDED
Name of |
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| Commerzbank AG, New York |
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| and Grand Cayman Branches |
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| By | /s/ Christian Jagenberg |
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| Name: Christian Jagenberg |
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| Title: SVP and Manager |
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| By | /s/ Karla Wirth |
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| Name: Karla Wirth |
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| Title: AVP |
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SIGNATURE PAGE TO THE
INCREMENTAL TRANCHE A FACILITY
COMMITMENT ASSUMPTION AGREEMENT
DATED AS OF JULY 5, 2006, TO THE
WASHINGTON GROUP INTERNATIONAL, INC.
SECOND AMENDED AND RESTATED CREDIT
AGREEMENT DATED AS OF JUNE 14, 2005, AS AMENDED
Name of |
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| Fifth Third Bank |
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| By | /s/ Andrew D. Jones |
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| Name: Andrew D. Jones |
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| Title: Assistant Vice President |
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SIGNATURE PAGE TO THE
INCREMENTAL TRANCHE A FACILITY
COMMITMENT ASSUMPTION AGREEMENT
DATED AS OF JULY 5, 2006, TO THE
WASHINGTON GROUP INTERNATIONAL, INC.
SECOND AMENDED AND RESTATED CREDIT
AGREEMENT DATED AS OF JUNE 14, 2005, AS AMENDED
Name of |
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| HSBC Bank USA, National Association |
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| By | /s/ Bruce Wicks |
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| Name: Bruce Wicks |
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| Title: First Vice President |
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SIGNATURE PAGE TO THE
INCREMENTAL TRANCHE A FACILITY
COMMITMENT ASSUMPTION AGREEMENT
DATED AS OF JULY 5, 2006, TO THE
WASHINGTON GROUP INTERNATIONAL, INC.
SECOND AMENDED AND RESTATED CREDIT
AGREEMENT DATED AS OF JUNE 14, 2005, AS AMENDED
Name of |
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| KeyBank National Association |
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| By | /s/ Frank J. Jancar |
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| Name: Frank J. Jancar |
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| Title: Vice President |
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SIGNATURE PAGE TO THE
INCREMENTAL TRANCHE A FACILITY
COMMITMENT ASSUMPTION AGREEMENT
DATED AS OF JULY 5, 2006, TO THE
WASHINGTON GROUP INTERNATIONAL, INC.
SECOND AMENDED AND RESTATED CREDIT
AGREEMENT DATED AS OF JUNE 14, 2005, AS AMENDED
Name of |
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| The Bank of New York |
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| By | /s/ Lisa Y. Brown |
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| Name: Lisa Y. Brown |
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| Title: Managing Director |
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SIGNATURE PAGE TO THE
INCREMENTAL TRANCHE A FACILITY
COMMITMENT ASSUMPTION AGREEMENT
DATED AS OF JULY 5, 2006, TO THE
WASHINGTON GROUP INTERNATIONAL, INC.
SECOND AMENDED AND RESTATED CREDIT
AGREEMENT DATED AS OF JUNE 14, 2005, AS AMENDED
Name of |
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| Wachovia Bank, National Association |
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| By | /s/ John G. Taylor |
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| Name: John G. Taylor |
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| Title: Vice President |
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SIGNATURE PAGE TO THE
INCREMENTAL TRANCHE A FACILITY
COMMITMENT ASSUMPTION AGREEMENT
DATED AS OF JULY 5, 2006, TO THE
WASHINGTON GROUP INTERNATIONAL, INC.
SECOND AMENDED AND RESTATED CREDIT
AGREEMENT DATED AS OF JUNE 14, 2005, AS AMENDED
Name of |
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| Bank of America, N.A. |
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| By | /s/ Robert W. Troutman |
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| Name: Robert W. Troutman |
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| Title: Managing Director |
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SIGNATURE PAGE TO THE
INCREMENTAL TRANCHE A FACILITY
COMMITMENT ASSUMPTION AGREEMENT
DATED AS OF JULY 5, 2006, TO THE
WASHINGTON GROUP INTERNATIONAL, INC.
SECOND AMENDED AND RESTATED CREDIT
AGREEMENT DATED AS OF JUNE 14, 2005, AS AMENDED
Name of |
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| Abu Dhabi International Bank Inc. |
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| By | /s/ David J. Young |
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| Name: David J. Young |
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| Title: Vice President |
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| By | /s/ Pamela Sigda |
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| Name: Pamela Sigda |
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| Title: Sr. Vice President |
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SCHEDULE I
Incremental Tranche A Facility Lender |
| Incremental Tranche A |
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Commerzbank AG, New York and Grand Cayman Branches |
| $ | 10,000,000 |
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Fifth Third Bank |
| $ | 10,000,000 |
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HSBC Bank USA, National Association |
| $ | 15,000,000 |
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KeyBank National Association |
| $ | 10,000,000 |
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The Bank of New York |
| $ | 2,500,000 |
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Wachovia Bank, N.A. |
| $ | 10,000,000 |
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Bank of America, N.A. |
| $ | 30,000,000 |
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Abu Dhabi International Bank Inc. |
| $ | 15,000,000 |
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Total: |
| $ | 102,500,000 |
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SCHEDULE II
Subsidiary Guarantors
Name of Guarantor |
| Jurisdiction of |
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Badger Energy, Inc. |
| Delaware |
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Badger Middle East Inc. |
| Delaware |
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Ebasco International Corporation |
| Delaware |
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Energy Overseas International, Inc. |
| Delaware |
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Harbert-Yeargin Inc. |
| Delaware |
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Middle East Holdings Limited (f/k/a Raytheon Engineers & Constructors Middle East Limited) |
| Colorado |
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National Projects, Inc. |
| Nevada |
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Pomeroy Corporation |
| California |
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Raytheon-Ebasco Overseas Ltd. |
| Delaware |
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Rust Constructors Puerto Rico, Inc. |
| Nevada |
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Rust Constructors, Inc. |
| Delaware |
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The Leasing Corporation (f/k/a Morrison Knudsen Leasing Corporation) |
| Nevada |
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United Engineers Far East, Ltd. |
| Delaware |
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United Engineers International, Inc. |
| Pennsylvania |
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United Mid-East, Inc. |
| Delaware |
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Washington Architects LLC |
| Delaware |
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Washington Construction Corporation |
| Montana |
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Washington Demilitarization Company |
| Delaware |
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Washington Electrical, Inc. |
| Nevada |
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Washington Engineering Quality Services Corporation (f/k/a Raytheon Engineering Quality Services Corporation) |
| Delaware |
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Washington Group Argentina, Inc. (f/k/a MK Capital Company) |
| Nevada |
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Washington Group International, Inc. |
| Ohio |
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Washington Group Ireland Ltd. (f/k/a Raytheon Engineers and Constructors (Ireland) Ltd.) |
| Delaware |
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Name of Guarantor |
| Jurisdiction of |
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Washington Group Latin America, Inc. (f/k/a Raytheon Engineers & Constructors Latin America, Inc.) |
| Delaware |
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Washington Infrastructure Corporation (f/k/a Raytheon Infrastructure, Inc.) |
| New York |
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Washington Infrastructure Services, Inc. |
| Colorado |
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Washington International, Inc. |
| Nevada |
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Washington Midwest LLC (f/k/a Raytheon Engineers & Constructors Midwest LLC) |
| Ohio |
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Washington Ohio Services LLC |
| Nevada |
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Washington Quality Inspection Company (f/k/a Raytheon Quality Inspection Company) |
| Delaware |
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Washington Quality Programs Company |
| Delaware |
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Washington-Catalytic, Inc. |
| Delaware |
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WGCI, Inc. (f/k/a Raytheon Constructors International, Inc.) |
| Delaware |
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WGI Asia, Inc. (f/k/a Asia Badger, Inc.) |
| Delaware |
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WGI Global, Inc. (f/k/a Yampa Mining Co.) |
| Nevada |
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WGI Industrial Services, Ltd. |
| Ohio |
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WGI Middle East, Inc. (f/k/a Cia. Internacional de Ingenieria, S.A.) |
| Nevada |
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Wisconsin Power Constructors, LLC |
| Wisconsin |
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