Exhibit 10.1
AMENDMENT NO. 2 TO
AMENDED AND RESTATED CREDIT AGREEMENT
This AMENDMENT NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENT (this Amendment) is dated as
of April 29, 2011, and is entered into by and among LIBBEY GLASS INC., a Delaware corporation (US
Borrower), LIBBEY EUROPE B.V., a limited liability company incorporated in The Netherlands
(Netherlands Borrower; together with US Borrower, each a Borrower and collectively the
Borrowers), the other Loan Parties party hereto, JPMORGAN CHASE BANK, N.A., as Administrative
Agent for the Lenders (as defined below) with respect to the US Loans (as defined in the Credit
Agreement referred to below), J.P. MORGAN EUROPE LIMITED, as Administrative Agent for the Lenders
with respect to the Netherlands Loans (as such term is defined in the Credit Agreement referred to
below), and the Lenders party hereto.
W I T N E S S E T H:
WHEREAS, Borrowers, the other Loan Parties party thereto, the lenders from time to time party
thereto (the Lenders), and the Administrative Agent are parties to that certain Amended and
Restated Credit Agreement dated as of February 8, 2010 (as amended, restated, supplemented or
otherwise modified from time to time, the Credit Agreement; capitalized terms not otherwise
defined herein have the definitions provided therefore in the Credit Agreement);
WHEREAS, Borrowers have requested that Administrative Agent and Lenders agree to amend the
Credit Agreement in certain respects, as more particularly set forth herein;
NOW THEREFORE, in consideration of the mutual conditions and agreements set forth in the
Credit Agreement and this Amendment, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.
Amendments
. Subject to the satisfaction of the conditions set forth in Section 2
below, and in reliance on the representations set forth in Section 3 below, the Credit Agreement is
hereby amended as follows:
(a) New definitions of the terms
EBITDA
,
Capital Expenditure
,
Fixed
Charge Coverage Ratio
,
Fixed Charges
,
Interest Expense
,
Level 1
Availability Amount
,
Level 2 Availability Amount
,
Level 3 Availability
Amount
,
Net Income
,
Second Amendment
,
Second Amendment Effective
Date
,
Specified Sale Net Proceeds
and
Refinancing Senior Note Indebtedness
Extension
are hereby inserted into Section 1.01 of the Credit Agreement in appropriate
alphabetical order, as follows:
EBITDA
means, for any period, Net Income for such period
plus
(a) without duplication and to the extent deducted in determining Net Income for
such period, the sum of (i) Interest Expense for such period, (ii) income Tax
expense for such period, (iii) all amounts attributable to depreciation and
amortization expense for such period, (iv) any extraordinary cash or non-cash
charges or non-recurring non-cash charges for such period, (v) any other non-cash
charges for such period, and (vi) costs and expenses related to the transactions
contemplated by the Second Amendment not to exceed $300,000 in the aggregate,
minus
(b) without duplication and to the extent included in Net Income, (i)
any cash payments made during such period in respect of non-cash charges described
in clause (a)(v) taken in a prior period and (ii) any extraordinary gains and any
non-cash items of income for such period, all calculated for Holdings and its
Subsidiaries on a consolidated basis in accordance with GAAP.
Capital Expenditures
means, without duplication, any cash expenditure
for any purchase or other acquisition of any asset which would be classified as a
fixed or capital asset on a consolidated balance sheet of Holdings and its
Subsidiaries prepared in accordance with GAAP;
provided
that Capital
Expenditures shall exclude (i) the purchase price paid in connection with any
acquisition of a Person or of all or substantially all of the assets of any Person
or a division of any Person, (ii) expenditures made with insurance proceeds, (iii)
capitalized interest in respect of operating or capital leases, (iv) the book value
of any asset owned to the extent such book value is included as a capital
expenditure as a result of reusing or beginning to reuse such asset during such
period without a corresponding expenditure actually having been made in such period
or expected to be made in any future period, (v) the purchase price of property
acquired in ordinary course trade-ins or concurrent sales of used or surplus
property to the extent no cash is paid, (vi) any non-cash amounts reflected as
additions to property, plant or equipment on the Holdings consolidated balance
sheet and (vii) expenditures that are accounted for as capital expenditures by
Holdings and its Subsidiaries and that actually are paid for or reimbursed by a
Person other than Holdings or any Subsidiary and for which neither Holdings nor any
Subsidiary has provided or is required to provide or incur, directly or indirectly,
any consideration or obligation to such Person or any other Person (whether before,
during or after such period).
Fixed Charge Coverage Ratio
means, the ratio, determined as of the
end of each of fiscal quarter of Holdings for the most-recently ended four fiscal
quarters, of (a) EBITDA
minus
the unfinanced portion of Capital Expenditures
to (b) Fixed Charges, all calculated for Holdings and its Subsidiaries on a
consolidated basis in accordance with GAAP.
Fixed Charges
means, with reference to any period, without
duplication, cash Interest Expense,
plus
(i) scheduled principal payments on
Indebtedness made during such period,
plus
(ii) expense for Taxes paid in
cash,
plus
(iii) dividends or distributions paid by Holdings in cash,
plus
(iv) Capital Lease Obligation payments,
plus
(v) cash
contributions to any Plan in excess of expenses (provided that for any period the
aggregate amount of such cash contributions shall not be reduced to an amount less
than $0).
Interest Expense
means, with reference to any period, total interest
expense (including that attributable to Capital Lease Obligations) of Holdings and
its Subsidiaries for such period with respect to all outstanding Indebtedness of
Holdings and its Subsidiaries (including all commissions, discounts and other fees
and charges owed with respect to letters of credit and bankers acceptance financing
and net expenses under Swap Agreements in respect of interest rates to the extent
such net expenses are allocable to such period in accordance with GAAP), calculated
on a consolidated basis for Holdings and its Subsidiaries for such period in
accordance with GAAP.
Level 1 Availability Amount
means an amount at any time equal to the
sum of (a) $10,000,000
plus
(b) 10% of the aggregate increase of the
Revolving Commitment effected as of such time pursuant to Section 2.09(e).
Level 2 Availability Amount
means an amount at any time equal to the
sum of (a) $12,500,000
plus
(b) 12.5% of the aggregate increase of the
Revolving Commitment effected as of such time pursuant to Section 2.09(e).
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Level 3 Availability Amount
means an amount at any time equal to the
sum of (a) $15,000,000
plus
(b) 15% of the aggregate increase of the
Revolving Commitment effected as of such time pursuant to Section 2.09(e).
Net Income
means, for any period, the consolidated net income (or
loss) of Holdings and its Subsidiaries, determined on a consolidated basis in
accordance with GAAP;
provided
that there shall be excluded (a) the income
(or deficit) of any Person accrued prior to the date it becomes a Subsidiary or is
merged into or consolidated with Holdings or any of its Subsidiaries, (b) the income
(or deficit) of any Person (other than a Subsidiary) in which Holdings or any of its
Subsidiaries has an ownership interest, except to the extent that any such income is
actually received by Holdings or such Subsidiary in the form of dividends or similar
distributions and (c) the undistributed earnings of any Subsidiary to the extent
that the declaration or payment of dividends or similar distributions by such
Subsidiary is not at the time permitted by the terms of any contractual obligation
(other than under any Loan Document) or Requirement of Law applicable to such
Subsidiary.
Second Amendment
means that Amendment No. 2 to Amended and Restated
Credit Agreement, dated as of the Second Amendment Effective Date, by and among
Borrowers, the other Loan Parties party thereto, the Lenders party thereto and
Administrative Agent.
Second Amendment Effective Date
means April 29, 2011.
Refinancing Senior Note Indebtedness Extension
means that the Loan
Parties shall have completed a Refinancing of all of the Indebtedness in respect of
Senior Note Obligations with such Refinanced Indebtedness constituting Refinancing
Senior Note Indebtedness in accordance with the terms of this Agreement, except that
the maturity date for such Refinanced Indebtedness shall be no earlier than
September 29, 2016.
(b) The definition of the term
Applicable Rate
set forth in Section 1.01 of the
Credit Agreement is hereby amended and restated in its entirety as follows:
Applicable Rate
means, for any day, with respect to any CBFR or
Eurocurrency Loan, or with respect to the commitment fees payable hereunder, as the
case may be, the applicable rate per annum set forth below under the caption CBFR
Spread, Eurocurrency Spread or Commitment Fee Rate, as the case may be, based
upon the Aggregate Availability as of the most recent determination date,
provided
that commencing on the Second Amendment Effective Date and until
the applicable Reset Date (determined in accordance with the clause (b) below) with
respect to the delivery to the Administrative Agent, pursuant to Section 5.01, of an
Aggregate Borrowing Base Certificate and a Borrowing Base Certificate for each
Borrower for the fiscal quarter ended June 30, 2011, the Applicable Rate shall be
the applicable rate per annum set forth below in Category 1:
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Eurocurrency
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CBFR
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Commitment
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Aggregate Availability
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Spread
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Spread
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Fee Rate
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Category 1
³
$60,000,000
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1.75
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%
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0.75
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%
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0.375
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%
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Category 2
<
$60,000,000 but
³
$35,000,000
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1.875
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%
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0.875
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%
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0.375
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%
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Category 3
<
$35,000,000
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2.00
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%
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1.00
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%
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0.375
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%
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For purposes of the foregoing, (a) the Applicable Rate shall be determined as
of the end of each fiscal quarter based upon the most recent Aggregate Borrowing
Base Certificate and Borrowing Base Certificates delivered pursuant to Section 5.01
and (b) each change in the Applicable Rate resulting from a change in the Aggregate
Availability shall be effective during the period commencing on and including the
Reset Date immediately succeeding the end of the last month of such fiscal quarter
for which the Aggregate Borrowing Base Certificate and Borrowing Base Certificates
received indicate such change and ending on the date immediately preceding the
effective date of the next such change, provided that the Aggregate Availability
shall be deemed to be in Category 3 at the option of the Administrative Agent or at
the request of the Required Lenders (a) if the Borrowers fail to deliver the
Aggregate Borrowing Base Certificate and Borrowing Base Certificates required to be
delivered pursuant to Section 5.01 and (b) such failure shall have continued
unremedied for three (3) consecutive days following notice of such actual failure
from the Administrative Agent (provided, that no such notice shall be required
during the existence of an Event of Default of the type described in paragraphs (h)
or (i) in Article VII), and shall continue to be so deemed in Category 3 during the
period from the Reset Date immediately succeeding the end of such fiscal quarter for
which such Aggregate Borrowing Base Certificate and Borrowing Base Certificates were
required to be delivered until the later of (x) five days after and (y) the Reset
Date immediately succeeding, in each case, the date on which such Aggregate
Borrowing Base Certificate and Borrowing Base Certificates have been delivered in
accordance with Section 5.01 in all respects other than the original due date
therefore.
(c) The defined term
Availability Block
set forth in Section 1.01 of the Credit
Agreement is hereby deleted in its entirety. Each reference to Availability Block in the Credit
Agreement (or any other Loan Document, as applicable) is hereby amended by inserting
[
Intentionally Omitted
] in lieu thereof in each place such reference appears in the Credit
Agreement (or such other Loan Document). The phrase (without giving effect to the Availability
Block) is hereby deleted in its entirety from the Credit Agreement (and each other Loan Document,
as applicable) in each place it appears. The phrase decrease the Availability Block without the
written consent of each Lender is hereby deleted in its entirety from Section 9.02(b) of the
Credit Agreement.
(d) The definition of the term
Maturity Date
set forth in Section 1.01 of the Credit
Agreement is hereby amended and restated in its entirety as follows:
Maturity Date
means April 29, 2016, or any earlier date on which the
Commitments are permanently reduced to zero or otherwise terminated pursuant to the
terms hereof;
provided
, that if (i) the Refinancing Senior Note Indebtedness
Extension has not occurred prior to November 17, 2014 or (ii) the aggregate
principal amount of Indebtedness in respect of the Senior Notes Obligations is
greater than $50,000,000 on November 17, 2014, then as of (and after) November 17,
2014 Maturity Date shall mean November 17, 2014.
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(e) The definition of the term
Revolving Commitment
set forth in Section 1.01 of the
Credit Agreement is hereby amended and restated in its entirety as follows:
Revolving Commitment
means, with respect to each Lender, the
commitment, if any, of such Lender to make Revolving Loans and to acquire
participations in Letters of Credit and Swingline Loans hereunder, expressed as an
amount representing the maximum possible aggregate amount of such Lenders Revolving
Exposure hereunder, as such commitment may be (a) reduced or increased from time to
time pursuant to Section 2.09 and (b) reduced or increased from time to time
pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial
amount of each Lenders Commitment is set forth on the Commitment Schedule, or in
the Assignment and Assumption pursuant to which such Lender shall have assumed its
Revolving Commitment. The aggregate amount of the Lenders Revolving Commitments as
of the Second Amendment Effective Date is $100,000,000.
(f) The definition of the term
Restriction Period Grid
set forth in Section 1.01 of
the Credit Agreement is hereby amended and restated in its entirety as follows:
Restriction Period Grid
means the table set forth below setting forth
the applicable Restriction Trigger Amounts and Restriction Release Amounts with
respect to each provision of the Loan Documents wherein the term Restriction
Period is used:
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Relevant Provision
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Restriction Trigger Amount
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Restriction Release Amount
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Section 5.01(g) and
(k) of this Agreement
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Level 2 Availability Amount
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Level 3 Availability Amount
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Section 6.08(a) of
this Agreement
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$25,000,000
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$40,000,000
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Section 6.14 of this Agreement
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Level 1 Availability Amount
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Level 2 Availability Amount
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Article VII of the
US Security Agreement
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Level 2 Availability Amount
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Level 3 Availability Amount
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Provisions of the
Netherlands
Collateral
Documents referring
to Netherlands Trigger Event
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Level 2 Availability Amount
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Level 3 Availability Amount
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Provisions of the
Netherlands
Collateral
Documents referring
to Netherlands
Bank Account
Establishment
Trigger Event
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$20,000,000
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$30,000,000
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(g) Section 2.09 of the Credit Agreement is hereby amended by inserting a new clause (e) at
the end thereof as follows:
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(e) The Borrowers shall have the right to increase the Revolving Commitment by
obtaining additional Revolving Commitments, either from one or more
of the Lenders or another lending institution approved by Administrative Agent
(such approval not to be unreasonably withheld) provided that (A) the Borrowers may
make only one such request for an increase and such increase shall be in the amount
of $10,000,000, (B) such request shall be furnished in writing to the Administrative
Agent and each Lender party to this Agreement at the time of such request, (C) each
such Lender shall have the right of first refusal to participate in such increase on
a pro rata basis for ten (10) days following receipt of such request, but no Lender
shall have any obligation or commitment to participate in such increase, (D) if,
after ten (10) days following receipt of such request, any Lender has not confirmed
to Administrative Agent and Borrowers in writing that it will participate in such
increase, such non-participating Lenders pro rata share of such increase may be
allocated to another Lender or lending institution by Administrative Agent in its
sole discretion, (E) any such new Lender assumes all of the rights and obligations
of a Lender hereunder, and (F) the procedure described in this Section 2.09(e) has
been satisfied. Any amendment hereto for such an increase or addition shall be in
form and substance satisfactory to the Administrative Agent and shall only require
the written signatures of the Administrative Agent, the Borrowers and the Lender(s)
being added or increasing their Commitment. As a condition precedent to such an
increase, Borrower Representative shall deliver to the Administrative Agent, in form
and substance reasonably acceptable to Administrative Agent, (1) a certificate of
each Loan Party (in sufficient copies for each Lender) signed by an authorized
officer of such Loan Party (i) certifying and attaching the resolutions adopted by
such Loan Party approving or consenting to such increase, and (ii) in the case of
the Borrowers, certifying that, before and after giving effect to such increase, (A)
the representations and warranties contained in Article III and the other Loan
Documents that are qualified by materiality are true and correct and the
representations and warranties that are not qualified by materiality are true and
correct in all material respects on and as of the date of such increase except to
the extent that such representation or warranty expressly relates to an earlier
date, in which case it shall be true and correct as of such date, and (B) no Default
exists, (2) legal opinions of (i) the Loan Parties special New York and Dutch
Counsel and (ii) the Administrative Agents special Dutch counsel, in each case,
addressed to the Administrative Agent, the Issuing Bank and the Lenders, and (3)
such other certificates, documents, instruments and agreements as the Administrative
Agent shall reasonably request in connection with such increase. Within a
reasonable time after the effective date of any increase, the Administrative Agent
shall, and is hereby authorized and directed to, revise the Commitment Schedule to
reflect such increase and shall distribute such revised Commitment Schedule to each
of the Lenders and the Borrowers, whereupon such revised Commitment Schedule shall
replace the old Commitment Schedule and become part of this Agreement. On the
Business Day following any such increase, all outstanding CBFR Borrowings shall be
reallocated among the Lenders (including any newly added Lenders) in accordance with
the Lenders respective revised Applicable Percentages. Eurocurrency Borrowings
shall not be reallocated among the Lenders prior to the expiration of the applicable
Interest Period in effect at the time of any such increase.
(h) Section 5.01(d) of the Credit Agreement is hereby amended and restated in its entirety as
follows:
(d) concurrently with any delivery of financial statements under clause (a),
(b) or (c) above, a certificate of a Financial Officer of the Borrower
Representative in
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substantially the form of
Exhibit G
(i) certifying, in the
case of the financial statements delivered under clause (b), as presenting fairly in
all material respects the financial
condition and results of operations of Holdings and its consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied,
subject to normal year-end audit adjustments and the absence of footnotes, (ii)
certifying as to whether a Default has occurred and, if a Default has occurred,
specifying the details thereof and any action taken or proposed to be taken with
respect thereto, (iii) in the case of financial statements delivered under clause
(a) or (b), setting forth reasonably detailed calculations demonstrating the Loan
Parties Fixed Charge Coverage Ratio for the period of twelve consecutive months
most recently ended and (iv) stating whether any change in GAAP or in the
application thereof has occurred since the date of the audited financial statements
referred to in Section 3.04 that would affect the financial statements accompanying
such certificate and specifying the effect of such change on the financial
statements accompanying such certificate;
(i) Section 5.01(h) of the Credit Agreement is hereby amended by deleting the phrase (and,
during any Restriction Period, each calendar week) set forth therein.
(j) Section 5.06 of the Credit Agreement is hereby amended and restated in its entirety as
follows:
Section 5.06
Books and Records; Inspection Rights
. Each Loan
Party will, and will cause each Subsidiary to, (i) keep proper books of record and
account in which full, true and correct entries in all material respects in
conformity with GAAP, are made of all dealings and transactions in relation to its
business and activities and (ii) permit any representatives designated by the
Administrative Agent or any Lender (including employees of the Administrative Agent,
any Lender or any consultants, accountants, lawyers and appraisers retained by the
Administrative Agent), upon reasonable prior notice during normal business hours, to
visit and inspect its properties, to conduct field examinations, to examine and make
extracts from its books and records, including environmental assessment reports and
Phase I or Phase II studies, and to discuss its affairs, finances and condition with
its officers and independent accountants, all at such reasonable times and as often
as reasonably requested;
provided
, however that Financial Officers of the
Borrowers shall be entitled to participate in any discussion or meeting with the
accountants and, absent the continuance of an Event of Default, Borrowers shall not
be required to reimburse the Administrative Agent or the Lenders for more than one
visit (increased to two such visits in the event that at least 180 days have passed
since the last field examination and Aggregate Availability is less than the Level 3
Availability Amount at any time since the last field examination) (and if there is
more than one such visit in a fiscal year due to the immediately preceding
parenthetical or due to the occurrence and continuance of an Event of Default, the
Administrative Agent shall be reimbursed for its visits before any Lender is so
reimbursed for its visits) in any fiscal year (it being understood without
limitation of the foregoing that there shall be no limitation on the frequency of
such visits and inspections (x) if an Event of Default shall have occurred and be
continuing or (y) such visit and/or inspection is paid for by the relevant Lender).
After the occurrence and during the continuance of any Event of Default, each Loan
Party shall provide the Administrative Agent and each Lender with contact
information relating to its suppliers. The Loan Parties acknowledge that the
Administrative Agent, after exercising its rights of inspection, may prepare and
distribute to the Lenders certain Reports pertaining to the Loan Parties assets for
internal use by the Administrative Agent and the Lenders.
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(k) Section 5.11 of the Credit Agreement is hereby amended and restated in its entirety as
follows:
Section 5.11
Appraisals
. At any time that the Administrative
Agent requests, each of the Borrowers will, and will cause each Subsidiary to,
provide the Administrative Agent with appraisals or updates thereof of their
Inventory from an appraiser selected and engaged by the Administrative Agent, and
prepared on a basis satisfactory to the Administrative Agent, such appraisals and
updates to include, without limitation, information required by applicable law and
regulations;
provided
, however, that if no Event of Default has occurred and
is continuing, not more than one such appraisal per calendar year (increased to two
such appraisals in the event that at least 180 days have passed since the last such
appraisal and Aggregate Availability is less than the Level 3 Availability Amount at
any time since the last appraisal) shall be at the sole expense of the Loan Parties.
(l) Article VI of the Credit Agreement is hereby amended by inserting new Sections 6.14 and
6.15 at the end thereof as follows:
Section 6.14
Fixed Charge Coverage Ratio
. At any time during
an applicable Restriction Period, neither Holdings nor any other Loan Party will,
nor will it permit any Subsidiary to, permit the Fixed Charge Coverage Ratio,
determined as of then most-recent previously ended fiscal quarter and on the last
day of each subsequent fiscal quarter during such Restriction Period (in each case
determined in accordance with financial statements delivered pursuant to Section
5.01(a) or (b)), to be less than 1.10:1.00.
Section 6.15
Senior Notes Obligations
. To the extent that the
Refinancing Senior Note Indebtedness Extension has not occurred prior to November
17, 2014, then, commencing on November 17, 2014, no Loan Party will, nor will it
permit any Subsidiary to, permit (a) the sum of (i) the Aggregate Availability
plus
(ii) the aggregate amount of cash or Permitted Investments of the Loan
Parties subject to a first priority perfected security interest in favor of the
Administrative Agent pursuant to the Loan Documents to be less than (b) the sum of
(i) the then outstanding aggregate amount of Indebtedness in respect of Senior Notes
Obligations plus (ii) $45,000,000.
(m) The Commitment Schedule attached to the Credit Agreement is hereby amended and restated in
its entirety as the Commitment Schedule attached hereto.
(n) Exhibit G to the Credit Agreement is hereby amended and restated in its entirety in the
form attached hereto as
Annex I
.
2.
Conditions to Effectiveness
. The effectiveness of this Amendment is subject to the
following conditions precedent (unless specifically waived in writing by Administrative Agent),
each to be in form and substance reasonably satisfactory to Administrative Agent:
(a) Administrative Agent shall have received a fully executed copy of this Amendment executed
by all of the Lenders, Borrowers and the other Loan Parties party hereto;
(b) Administrative Agent shall have received each of the additional documents, instruments and
agreements listed on the Closing Checklist attached hereto as
Annex II
, each in form and
substance reasonably satisfactory to Administrative Agent;
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(c) Administrative Agent shall have been reimbursed for all reasonable out-of-pocket costs,
fees and expenses incurred by Agent in connection with the preparation, execution, administration
or enforcement of this Amendment to the extent invoiced;
(d) all proceedings taken in connection with the transactions contemplated by this Amendment
and all documents, instruments and other legal matters incident thereto shall be satisfactory to
Administrative Agent and its legal counsel; and
(e) no Default or Event of Default shall have occurred and be continuing or shall be caused by
the transactions contemplated by, or after giving effect to, this Amendment.
3.
Representations and Warranties
. To induce Administrative Agent and Lenders to
enter into this Amendment, each Borrower and each other Loan Party represents and warrants to
Administrative Agent and Lenders that:
(a) the execution, delivery and performance of this Amendment has been duly authorized by all
requisite corporate action on the part of each Borrower and each other Loan Party and that this
Amendment has been duly executed and delivered by each Borrower and each other Loan Party;
(b) immediately before and after giving effect to the consummation of the transactions
contemplated by this Amendment, each of the representations and warranties of the Borrowers and
each of the other Loan Parties set forth in the Credit Agreement and each of the other Loan
Documents, are true and correct in all material respects as of the date hereof (except to the
extent they relate to an earlier date, in which case they shall have been true and correct in all
material respects as of such earlier date);
(c) immediately before and after giving effect to the consummation of the transactions
contemplated by this Amendment, after giving effect to this Amendment, no Default or Event of
Default has occurred and is continuing;
(d) this Amendment constitutes the legal, valid and binding obligation of each Borrower and
each other Loan Party and is enforceable against each Borrower and each other Loan Party in
accordance with its terms, subject to bankruptcy, insolvency and similar laws affecting the
enforceability of creditors rights generally and to general principles of equity; and
(e) the execution and delivery by each Borrower and each other Loan Party of this Amendment,
does not conflict with, and is permitted by, the Senior Notes Indenture.
4.
Severability
. Any provision of this Amendment held by a court of competent
jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this
Amendment and the effect thereof shall be confined to the provision so held to be invalid or
unenforceable.
5.
References
. Any reference to the Credit Agreement contained in any Loan Document
or any other document, instrument or agreement executed in connection with the Credit Agreement
shall be deemed to be a reference to the Credit Agreement as modified by this Amendment.
6.
Counterparts
. This Amendment may be executed in one or more counterparts, each of
which shall constitute an original, but all of which taken together shall be one and the same
instrument. Delivery by telecopy or electronic portable document format (
i.e.
, pdf)
transmission of executed signature pages hereof from one party hereto to another party hereto shall
be deemed to constitute due execution and delivery by such party.
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7.
Ratification
. The terms and provisions set forth in this Amendment shall modify
and supersede all inconsistent terms and provisions of the Credit Agreement and shall not be deemed
to be a consent to the modification or waiver of any other term or condition of the Credit
Agreement. Except as expressly modified and superseded by this Amendment, the terms and provisions
of the Credit
Agreement and each of the other Loan Documents are ratified and confirmed and shall continue
in full force and effect. Each Loan Party hereby acknowledges and agrees that, unless otherwise
expressly agreed to in writing by the Administrative Agent, all Liens on the Collateral created
under Loan Documents in favor of Administrative Agent shall continue in full force and effect after
giving effect to this Amendment.
8.
Confirmation by Netherlands Loan Parties
. Each Netherlands Loan Party hereby
confirms that (a) all Obligations of such Netherlands Loan Party under the Credit Agreement after
giving effect to this Amendment shall continue to constitute (i) Netherlands Secured Obligations
and (ii) Parallel Debt (as defined in the Netherlands Security Documents) of such Netherlands
Loan Party, (b) nothing contained in this Amendment shall affect any security right under any
Netherlands Security Document and, after giving effect to this Amendment, all of such security
rights shall continue in full force and effect, and (c) the Netherlands Security Documents shall
continue to secure the relevant Netherlands Secured Obligations included in each Netherlands
Security Document as such Netherlands Secured Obligations may have been or may be amended,
restated, supplemented, increased, varied or otherwise altered, under this Amendment.
9.
Governing Law
. This Amendment shall be a contract made under and governed by the
laws of the State of New York, without regard to conflict of laws principles that would require the
application of laws other than those of the State of New York. Whenever possible each provision of
this Amendment shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Amendment shall be prohibited by or invalid under such law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this Amendment.
[Signature Page Follows]
-10-
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed
under seal and delivered by their respective duly authorized officers on the date first written
above.
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BORROWERS:
LIBBEY GLASS INC.
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By:
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/s/ Kenneth A. Boerger
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Name:
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Kenneth A. Boerger
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Title:
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Vice President
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LIBBEY EUROPE B.V.
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By:
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/s/ Kenneth A. Boerger
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Name:
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Kenneth A. Boerger
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Title:
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Authorized Signatory
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Signature Page to Amendment No. 2 to Amended and Restated Credit Agreement
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OTHER LOAN PARTIES:
LIBBEY INC.
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By:
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/s/ Kenneth A. Boerger
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Name:
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Kenneth A. Boerger
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Title:
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Vice President
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LGA3 CORP.
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By:
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/s/ Kenneth A. Boerger
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Name:
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Kenneth A. Boerger
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Title:
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Vice President
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THE DRUMMOND GLASS COMPANY
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By:
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/s/ Kenneth A. Boerger
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Name:
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Kenneth A. Boerger
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Title:
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Vice President
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LGA4 CORP.
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By:
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/s/ Kenneth A. Boerger
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Name:
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Kenneth A. Boerger
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Title:
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Vice President
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SYRACUSE CHINA COMPANY
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By:
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/s/ Kenneth A. Boerger
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Name:
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Kenneth A. Boerger
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Title:
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Vice President
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LGFS INC.
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By:
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/s/ Kenneth A. Boerger
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Name:
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Kenneth A. Boerger
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Title:
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Vice President
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Signature Page to Amendment No. 2 to Amended and Restated Credit Agreement
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WORLD TABLEWARE INC.
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By:
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/s/ Kenneth A. Boerger
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Name:
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Kenneth A. Boerger
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Title:
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Vice President
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LGC CORP.
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By:
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/s/ Kenneth A. Boerger
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Name:
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Kenneth A. Boerger
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Title:
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Vice President
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LGAC LLC
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By:
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/s/ Kenneth A. Boerger
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Name:
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Kenneth A. Boerger
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Title:
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Vice President
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LIBBEY.COM LLC
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By:
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/s/ Kenneth A. Boerger
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Name:
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Kenneth A. Boerger
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Title:
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Vice President
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LIBBEY INTERNATIONAL C.V.
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By:
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/s/ Susan Allene Kovach
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Name:
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Susan Allene Kovach
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Title:
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Authorized Signatory
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Signature Page to Amendment No. 2 to Amended and Restated Credit Agreement
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B.V. KONINKLIJKE NEDERLANDSE GLASFABRIEK LEERDAM
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By:
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/s/ Kenneth A. Boerger
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Name:
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Kenneth A. Boerger
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Title:
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Authorized Signatory
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LIBBEY EUROPE FINANCE COMPANY B.V.
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By:
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/s/ Kenneth A. Boerger
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Name:
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Kenneth A. Boerger
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Title:
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Authorized Signatory
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LIBBEY MEXICO HOLDINGS B.V.
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By:
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/s/ Kenneth A. Boerger
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Name:
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Kenneth A. Boerger
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Title:
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Authorized Signatory
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Signature Page to Amendment No. 2 to Amended and Restated Credit Agreement
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JPMORGAN CHASE BANK, N.A., as a Lender and as
Administrative Agent with respect to the US Loans
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By:
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/s/ Matthew A. Brewer
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Name:
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Matthew A. Brewer
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Title:
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Vice President
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J.P. MORGAN EUROPE LIMITED., as a Lender and as
Administrative Agent with respect to the Netherlands
Loans
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By:
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/s/ Tim Jacob
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Name:
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Tim Jacob
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Title:
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Senior Vice President
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Signature Page to Amendment No. 2 to Amended and Restated Credit Agreement
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BANK OF AMERICA, N.A.,
as a Lender
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By:
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/s/ Marina Kheylik
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Name:
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Marina Kheylik
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Title:
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AVP, AB Portfolio Specialist
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Signature Page to Amendment No. 2 to Amended and Restated Credit Agreement
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BARCLAYS BANK PLC,
as a Lender
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By:
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/s/ Noam Azachi
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Name:
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Noam Azachi
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Title:
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Assistant Vice President
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Signature Page to Amendment No. 2 to Amended and Restated Credit Agreement
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WELLS FARGO CAPITAL FINANCE, LLC,
as a Lender
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By:
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/s/ Kevin Michael Cox
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Name:
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Kevin Michael Cox
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Title:
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Vice President
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Signature Page to Amendment No. 2 to Amended and Restated Credit Agreement
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FIFTH THIRD BANK,
as a Lender
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By:
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/s/ James Conklin
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Name:
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James Conklin
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Title:
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Assistant Vice President
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Signature Page to Amendment No. 2 to Amended and Restated Credit Agreement
Commitment Schedule
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Revolving
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Lender
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Commitment
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Netherlands Sublimit
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JPMorgan Chase Bank, N.A.
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US$
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25,000,000.00
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US$
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5,000,000.00
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Bank of America, N.A.
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US$
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21,600,000.00
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US$
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4,320,000.00
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Barclays Bank PLC
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US$
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18,200,000.00
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US$
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3,640,000.00
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Wells Fargo Capital Finance, LLC
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US$
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21,600,000.00
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US$
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4,320,000.00
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Fifth Third Bank
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US$
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13,600,000.00
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US$
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2,720,000.00
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Total
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US$
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100,000,000.00
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US$
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20,000,000.00
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ANNEX I
Exhibit G to Credit Agreement
(see attached)
EXHIBIT G
COMPLIANCE CERTIFICATE
To:
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The Lenders parties to the
Credit Agreement Described Below
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This Compliance Certificate (this Certificate) is furnished pursuant to that certain Amended
and Restated Credit Agreement dated as of February 8, 2010 (as amended, modified, renewed or
extended from time to time, the Agreement) among LIBBEY GLASS, INC. and LIBBEY EUROPE, B.V.
(collectively, the Borrowers), LIBBEY INC., as a Loan Guarantor (Holdings), the other Loan
Parties party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative
Agent for the Lenders with respect to the US Loans, and J.P. Morgan Europe Limited, as
Administrative Agent for the Lenders with respect to the Netherlands Loans. Unless otherwise
defined herein, capitalized terms used in this Compliance Certificate have the meanings ascribed
thereto in the Agreement.
THE UNDERSIGNED HEREBY CERTIFIES, ON ITS BEHALF AND ON BEHALF OF THE BORROWERS, THAT:
1. I am the duly elected ___________________ of the Borrower Representative;
2. [
I have reviewed the terms of the Agreement and I have made, or have caused to be made
under my supervision, a detailed review of the transactions and conditions of Holdings and its
consolidated Subsidiaries during the accounting period covered by the attached financial statements
and such quarterly financial statements present fairly in all material respects the financial
condition and results of operations of Holdings and its consolidated Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments
and the absence of footnotes;
][
To be included only in the case of quarterly financial statements
]
3. [
Schedule I
attached hereto sets forth financial data and computations evidencing
the Loan Parties Fixed Charge Coverage Ratio for the period of four consecutive fiscal quarters
most recently ended, all of which data and computations are true and correct in all material
respects on and as of the date of this Compliance Certificate;
][
To be included only in the case of
quarterly financial statements
]
4. [
I hereby certify that Aggregate Availability has exceeded the Level 1 Availability Amount
at all times since delivery of the last Compliance Certificate.
][
To be included unless a
Restriction Period is in effect with respect to Section 6.14 of the Credit Agreement
]
5. Except as set forth below, I have no knowledge of (i) the existence of any condition or
event which constitutes a Default during or at the end of the accounting period covered by the
attached financial statements or as of the date of this Certificate or (ii) any change in GAAP or
in the application thereof that has occurred since the date of the audited financial statements
referred to in Section 3.04 of the Agreement that would affect the financial statements
accompanying this Compliance Certificate;
6. I hereby certify that no Loan Party has changed (i) its name, (ii) its chief executive
office, (iii) principal place of business, (iv) the type of entity it is or (v) its state of
incorporation or organization without having given the Administrative Agent the notice required by
Section 4.15 of the U.S. Security Agreement and [applicable Section of applicable Netherlands
Security Agreement]; and
Described below are the exceptions, if any, to paragraph [
5
] by listing, in detail, the (i)
nature of the condition or event, the period during which it has existed and the action which the
Borrowers have taken, are taking, or propose to take with respect to each such condition or event
or (i) the change in GAAP or the application thereof and the effect of such change on the attached
financial statements:
The foregoing certifications and the financial statements delivered with this Compliance
Certificate in support hereof, are made and delivered this
day of
,
.
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|
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LIBBEY GLASS INC., as
Borrower Representative
|
|
|
By:
|
|
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|
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Name:
|
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Title:
|
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ANNEX II
Closing Checklist
(see attached)