UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): August 10, 2012

 

COOPER TIRE & RUBBER COMPANY
(Exact Name of Registrant as Specified in Charter)

 

Delaware 001-04329 344297750
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)

 

701 Lima Avenue, Findlay, Ohio 45840
(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s telephone number, including area code: (419) 423-1321

 

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 

 

Item 1.01. Entry into a Material Definitive Agreement.

 

On August 10, 2012, under a Fifth Amendment to Amended and Restated Receivables Purchase Agreement, Cooper Tire & Rubber Company, a Delaware corporation (the “Company”), Cooper Receivables LLC, a Delaware limited liability company and wholly-owned subsidiary of the Company (“CRLLC”), Market Street Funding LLC and PNC Bank, National Association amended the Company’s accounts receivable securitization facility to extend the maturity date of the accounts receivable securitization facility from June 2, 2014 to June 30, 2015.

 

As reported in the Current Report on Form 8-K filed on August 31, 2006, the accounts receivable securitization facility was established by a Purchase and Sale Agreement, dated as of August 30, 2006 (the “Purchase and Sale Agreement”), by and among the Company, Oliver Rubber Company, at the time, a California corporation and wholly-owned subsidiary of the Company (“Oliver”), and CRLLC, under which the Company agreed to sell certain of its and Oliver’s domestic trade receivables, on a continuous basis, to CRLLC in exchange for cash or a short-term note. In turn, CRLLC agreed to sell from time to time senior undivided ownership interests in the purchased trade receivables, without recourse, to PNC Bank, National Association pursuant to a Receivables Purchase Agreement, dated as of August 30, 2006 (the “Receivables Purchase Agreement”), for the benefit of the purchasers named in the Receivables Purchase Agreement. Oliver was sold by the Company in October 2007 and as a result is no longer a party to the Purchase and Sale Agreement. The transaction was amended several times prior to the current amendment as reported in each of the Current Reports on Form 8-K filed on December 1, 2006, March 13, 2007, September 20, 2007, August 10, 2010 and August 2, 2011.

 

The summary of the amendment to the accounts receivable securitization facility described above is qualified in its entirety by reference to the Fifth Amendment to Amended and Restated Receivables Purchase Agreement attached hereto as Exhibit 10.1 and incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit    
Number   Exhibit Description
     
10.1   Fifth Amendment to Amended and Restated Receivables Purchase Agreement dated as of August 10, 2012 by and among Cooper Receivables LLC, Cooper Tire & Rubber Company, Market Street Funding LLC and PNC Bank, National Association

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    COOPER TIRE & RUBBER COMPANY
       
  By: /s/ Jack Jay McCracken
    Name: Jack Jay McCracken
    Title: Assistant Secretary

 

Date: August 13, 2012

 

 
 

 

EXHIBIT INDEX

 

Exhibit No.   Description
     
10.1   Fifth Amendment to Amended and Restated Receivables Purchase Agreement dated as of August 10, 2012 by and among Cooper Receivables LLC, Cooper Tire & Rubber Company, Market Street Funding LLC and PNC Bank, National Association

 

 

 

EXECUTION COPY

 

[COOPER]

 

FIFTH AMENDMENT TO

AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT

 

THIS FIFTH AMENDMENT TO AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT (this “ Amendment ”), dated as of August 10, 2012, is entered into among COOPER RECEIVABLES LLC (the “ Seller ”), COOPER TIRE & RUBBER COMPANY (the “ Servicer ”), MARKET STREET FUNDING LLC (“ Market Street ”), as Related Committed Purchaser and as Conduit Purchaser and PNC BANK, NATIONAL ASSOCIATION (“ PNC ”), as Administrator, as LC Participant, as LC Bank and as Purchaser Agent.

 

RECITALS

 

1.          The parties hereto are parties to the Amended and Restated Receivables Purchase Agreement, dated as of September 14, 2007 (as amended, restated, supplemented or otherwise modified through the date hereof, the “ Agreement ”); and

 

2.          The parties hereto desire to amend the Agreement as hereinafter set forth.

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

SECTION 1.           Certain Defined Terms . Capitalized terms that are used but not defined herein shall have the meanings set forth in the Agreement.

 

SECTION 2.           Amendment to the Agreement . The definition of “ Facility Termination Date ” set forth in Exhibit I to the Agreement is amended by replacing each reference to the date “June 2, 2014” where it appears therein with “June 30, 2015”.

 

SECTION 3.           Representations and Warranties . Each of the Seller and the Servicer hereby represents and warrants to the Administrator, each Purchaser and the Purchaser Agent as follows:

 

(a)           Representations and Warranties . The representations and warranties made by it in the Transaction Documents are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations or warranties were true and correct as of such earlier date).

 

(b)           Enforceability . The execution and delivery by such Person of this Amendment, and the performance of each of its obligations under this Amendment and the Agreement, as amended hereby, are within each of its organizational powers and have been duly authorized by all necessary organizational action on its part. This Amendment and the Agreement, as amended hereby, are such Person’s valid and legally binding obligations, enforceable in accordance with its terms.

 

 
 

 

(c)           No Termination Event . Both before and immediately after giving effect to this Amendment and the transactions contemplated hereby, no Termination Event or Unmatured Termination Event exists or shall exist.

 

SECTION 4.           Effect of Amendment . All provisions of the Agreement, as expressly amended and modified by this Amendment, shall remain in full force and effect. After this Amendment becomes effective, all references in the Agreement (or in any other Transaction Document) to “this Agreement”, “hereof”, “herein” or words of similar effect referring to the Agreement shall be deemed to be references to the Agreement as amended by this Amendment. This Amendment shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision of the Agreement other than as set forth herein.

 

SECTION 5.           Effectiveness . This Amendment shall become effective as of the date hereof upon receipt by the Administrator of each of the following, each in form and substance satisfactory to the Administrator:

 

(a)          duly executed counterparts of this Amendment;

 

(b)          duly executed counterparts of that certain Structuring Fee Letter, dated as of the date hereof, by and among the Administrator, PNC Capital Markets, LLC, Market Street Funding LLC, the Seller and the Servicer;

 

(c)          confirmation that the “Structuring Fee” payable pursuant to the above-described Structuring Fee Letter has been paid in full in accordance with the terms of such Structuring Fee Letter;

 

(d)          certificates of the Secretary or Assistant Secretary of the Seller and the Servicer certifying as to: (i) its articles of incorporation, limited liability company agreement, operating agreement or similar organizational documents, as applicable; (ii) its bylaws, if any; (iii) the resolutions or unanimous written consents of its Board of Directors authorizing its execution, delivery and performance of this Amendment and the other Transaction Documents to which it is a party (as amended hereby); and (iv) the names and true signatures of its officers who are authorized to sign this Amendment and the other Transaction Documents to which it is a party; and

 

(e)          good standing certificates with respect to the Seller and the Servicer issued by the Secretary of State (or similar official) of its state of organization or incorporation.

 

SECTION 6.           Counterparts . This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument. Delivery by facsimile or email of an executed signature page of this Amendment shall be effective as delivery of an originally executed counterpart hereof.

 

SECTION 7.           Governing Law . This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York.

 

- 2 -
 

 

SECTION 8.           Section Headings . The various headings of this Amendment are included for convenience only and shall not affect the meaning or interpretation of this Amendment, the Agreement or any provision hereof or thereof.

 

[Signatures begin on next page]

 

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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

 

  COOPER RECEIVABLES LLC, as Seller
   
  By: /s/ Stephen O. Schroeder
  Name: Stephen O. Schroeder
  Title: President and Treasurer
     
  By: /s/ Jerry A. Long
  Name: Jerry A. Long
  Title: Assistant Treasurer
     
  COOPER TIRE & RUBBER COMPANY, as Servicer
   
  By: /s/ Bradley E. Hughes
  Name: Bradley E. Hughes
  Title: Vice President and Chief Financial Officer
     
  By: /s/ Stephen O. Schroeder
  Name: Stephen O. Schroeder
  Title: Vice President and Treasurer

 

  S- 1 Fifth Amendment to A&R RPA (Cooper)
 

 

  PNC BANK, NATIONAL ASSOCIATION,
  as Administrator
       
  By: /s/ William Falcon
    Name: William Falcon
    Title: Vice President
       
  PNC BANK, NATIONAL ASSOCIATION,
  as Purchaser Agent
       
  By: /s/ Mark S Falcione
    Name: Mark S Falcione
    Title: Senior Vice President
       
  PNC BANK, NATIONAL ASSOCIATION,
  as the LC Bank and as an LC Participant
       
  By: /s/ Mark S Falcione
    Name: Mark S Falcione
    Title: Senior Vice President

 

  S- 2 Fifth Amendment to A&R RPA (Cooper)
 

 

  MARKET STREET FUNDING LLC,
  as a Related Committed Purchaser and as Conduit Purchaser
       
  By: /s/ Karla L. Boyd
    Name: Karla L. Boyd
    Title: Vice President

 

  S- 3 Fifth Amendment to A&R RPA (Cooper)