Repricing Amendment No. 3 to Amended and Restated Credit Agreement, dated as of December 22, 2017, by and among Zayo Group, LLC, Zayo Capital, Inc., Morgan Stanley Senior Funding, Inc., as term facility administrative agent, SunTrust Bank, as revolving facility administrative agent, and the other lenders signatory thereto
Exhibit 10.1
EXECUTION VERSION
REPRICING AMENDMENT NO. 3
TO AMENDED AND RESTATED CREDIT AGREEMENT
REPRICING AMENDMENT NO. 3 TO AMENDED AND RESTATED CREDIT AGREEMENT, dated as of December 22, 2017 (this Amendment), is entered into by and among Zayo Group, LLC, a Delaware limited liability company (Zayo Group), Zayo Capital, Inc., a Delaware corporation (Zayo Capital; and together with Zayo Group, the Borrowers), Morgan Stanley Senior Funding, Inc., as term facility administrative agent (the Term Facility Administrative Agent), SunTrust Bank, as revolving facility administrative agent (the Revolving Facility Administrative Agent and, together with the Term Facility Administrative Agent, the Administrative Agents) and the undersigned Revolving Facility Lenders (the Lenders).
PRELIMINARY STATEMENTS:
WHEREAS, the Borrowers, certain subsidiaries thereof, the Administrative Agents and the Lenders entered into that certain Amendment and Restatement Agreement, dated as of May 6, 2015, whereby that certain Credit Agreement, dated as of July 2, 2012 (as amended by that certain Amendment No. 1 to Credit Agreement, dated as of July 17, 2012, that certain Amendment No. 2 to Credit Agreement, dated as of October 5, 2012, that certain Amendment No. 3 to Credit Agreement, dated as of February 1, 2013, that certain Amendment No. 4 to Credit Agreement, dated as of February 27, 2013, that certain Amendment No. 5 to Credit Agreement, dated as of November 26, 2013, that certain Amendment No. 6 to Credit Agreement, dated as of May 16, 2014, and that certain Amendment No. 7 to Credit Agreement, dated as of April 17, 2015) was amended and restated in its entirety in the form of that certain Amended and Restated Credit Agreement, dated as of May 6, 2015 (as amended by that certain Incremental Amendment to Amended and Restated Credit Agreement, dated as of January 15, 2016, that certain Repricing Amendment to Amended and Restated Credit Agreement, dated as of July 22, 2016, that certain Incremental Amendment No. 2 to Amended and Restated Credit Agreement, dated as of January 19, 2017, and that certain Repricing Amendment No. 2 to Amended and Restated Credit Agreement, dated as of July 20, 2017, the Credit Agreement; capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Credit Agreement);
WHEREAS, the Borrowers, the undersigned Lenders and the Administrative Agents have agreed to amend the Credit Agreement as hereinafter set forth;
WHEREAS, SunTrust Robinson Humphrey, Inc. is acting as sole lead arranger and bookrunner for this Amendment;
NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto hereby agree as follows:
SECTION 1. Amendments to Credit Agreement. The Credit Agreement is, effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 3, hereby amended as follows:
(a) Section 1.1 of the Credit Agreement is hereby amended by restating the
table in clause (b) of the definition of Applicable Margin as follows:
Level |
| Total Leverage Ratio |
| Applicable Margin |
| Applicable Margin for |
|
I |
| Greater than 3.50:1.00 |
| 1.75 | % | 0.75 | % |
II |
| Less than or equal to 3.50:1.00 but greater than 3.00:1.00 |
| 1.50 | % | 0.50 | % |
III |
| Less than or equal to 3.00:1.00 but greater than 2.50:1.00 |
| 1.25 | % | 0.25 | % |
IV |
| Less than or equal to 2.50:1.00 |
| 1.00 | % | 0.00 | % |
SECTION 2. Reference to and Effect on the Loan Documents. (a) On and after the Effective Date, each reference in the Credit Agreement to this Agreement, hereunder, hereof or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the Credit Agreement, thereunder, thereof or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment.
(b) The Credit Agreement, as specifically amended by this Amendment, and the other Loan Documents are, and shall continue to be, in full force and effect, and are hereby in all respects ratified and confirmed.
(c) Except as expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender or the Administrative Agents under the Credit Agreement or any other Loan Document, nor shall it constitute a waiver of any provision of the Credit Agreement or any Loan Document.
(d) This Amendment shall be deemed a Loan Document for all purposes under the Credit Agreement.
SECTION 3. Conditions of Effectiveness. This Amendment shall become effective on the date on which the following conditions shall have been satisfied (or waived) (the Effective Date):
(a) The Administrative Agents shall have received counterparts of this Amendment executed by the Borrowers and the Lenders on, or prior to, 5:00 p.m., New York City time on December 21, 2017 (the Consent Deadline);
(b) After giving effect to this Amendment and the transactions contemplated hereby, the representations and warranties set forth in Article 5 of the Credit Agreement (as amended by this Amendment) are true and correct in all material respects as of the Effective Date, with the same effect as though made on and as of such date, except to the extent such
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representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date) and immediately prior to and after giving effect to the Effective Date, no Default or Event of Default shall have occurred and be continuing;
(c) The Administrative Agents shall have received a certificate of the secretary or an assistant secretary of the Administrative Borrower confirming compliance with the conditions precedent set forth in clause (b) of this Section 3; and
(d) The Borrowers shall have paid all reasonable and documented costs and expenses of the Administrative Agents in connection with this Amendment (including the reasonable and documented fees, disbursements and other charges of Shearman & Sterling LLP as counsel to the Administrative Agents).
SECTION 4. Representations and Warranties. Each of the Borrowers hereby represents and warrants to the Administrative Agents that:
(a) on and as of the date hereof (i) it has all requisite corporate or other power and authority to enter into and perform its obligations under this Amendment, the Credit Agreement as amended hereby and the other Loan Documents to which it is a party, and (ii) this Amendment has been duly authorized, executed and delivered by it; and
(b) this Amendment, and the Credit Agreement as amended hereby, constitute legal, valid and binding obligations of such party, enforceable against it in accordance with their respective terms, subject only to any limitation under Laws relating to (i) bankruptcy, insolvency, reorganization, moratorium or creditors rights generally; and (ii) general equitable principles including the discretion that a court may exercise in the granting of equitable remedies.
SECTION 5. Costs and Expenses. The Borrowers agree that all reasonable out-of-pocket expenses incurred by the Administrative Agents in connection with the preparation, execution, delivery and administration, modification and amendment of this Amendment and the other instruments and documents to be delivered hereunder or in connection herewith (including, without limitation, the reasonable fees, charges and disbursements of counsel for the Administrative Agents), are expenses that the Borrowers are required to pay or reimburse pursuant to Section 11.2 of the Credit Agreement.
SECTION 6. Execution in Counterparts. This Amendment may be executed in one or more counterparts (and by different parties hereto in different counterparts), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by telecopier or other electronic transmission of an executed counterpart of a signature page to this Amendment, including by email with a pdf copy hereof attached, shall be effective as delivery of an original executed counterpart of this Amendment.
SECTION 7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
SECTION 8. WAIVER OF RIGHT OF TRIAL BY JURY. EACH PARTY TO
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THIS AMENDMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AMENDMENT, OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THE CREDIT AGREEMENT AS AMENDED HEREBY, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 8 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.
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IN WITNESS WHEREOF, the parties have caused this Repricing Amendment No. 3 to Amended and Restated Credit Agreement to be executed by their respective authorized officers as of the date first above written.
| ZAYO GROUP, LLC, | |
| as a Borrower | |
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| By: | /s/ Wendy Cassity |
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| Name: Wendy Cassity |
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| Title: Secretary |
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| ZAYO CAPITAL, INC., | |
| as a Borrower | |
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| By: | /s/ Wendy Cassity |
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| Name: Wendy Cassity |
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| Title: Secretary |
Signature Page to Repricing Amendment No. 3 to Amended and Restated Credit Agreement
| MORGAN STANLEY SENIOR FUNDING, INC., | |
| as Term Facility Administrative Agent | |
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| By: | /s/ Lisa Hanson |
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| Name: Lisa Hanson |
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| Title: Authorized Signatory |
Signature Page to Repricing Amendment No. 3 to Amended and Restated Credit Agreement
| SUNTRUST BANK, | |
| as Revolving Facility Administrative Agent | |
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| By: | /s/ Samantha Sanford |
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| Name: Samantha Sanford |
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| Title: Vice President |
Signature Page to Repricing Amendment No. 3 to Amended and Restated Credit Agreement
Lender Signature Pages On File with the Revolving Facility Administrative Agent
Signature Page to Repricing Amendment No. 3 to Amended and Restated Credit Agreement