false 0000093556 0000093556 2023-02-23 2023-02-23

 

 

 

LOGO

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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): February 23, 2023

 

 

Stanley Black & Decker, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Connecticut   1-5224   06-0548860
(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (IRS Employer
Identification No.)

 

1000 Stanley Drive, New Britain,
Connecticut
  06053
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (860) 225-5111

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))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading
Symbols

 

Name of exchange
on which registered

Common Stock - $2.50 Par Value per share   SWK   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 1.01

Entry into a Material Definitive Agreement.

Amendments to Credit Agreements

Reference is made to (i) that certain $1,500,000,000 364-Day Credit Agreement, dated as of September 7, 2022, by and among Stanley Black & Decker, Inc., a Connecticut corporation (the “Company”), the banks, financial institutions and other institutional lenders party thereto, and Citibank, N.A., as administrative agent for the lenders (the “Syndicated 364-Day Credit Agreement”), (ii) that certain $500,000,000 364-Day Credit Agreement, dated as of September 7, 2022, by and among the Company, the banks, financial institutions and other institutional lenders party thereto, and Citibank, N.A. as administrative agent for the lenders (the “Club 364-Day Credit Agreement”), and (iii) that certain Amended and Restated Five Year Credit Agreement, dated as of September 8, 2021, by and among the Company, the banks, financial institutions and other institutional lenders party thereto, and Citibank, N.A., as administrative agent for the lenders (the “5-Year Credit Agreement” and, together with the Syndicated 364-Day Credit Agreement and the Club 364-Day Credit Agreement, the “Credit Agreements”).

On February 23, 2023, the Company, the lenders identified on the signature pages thereto, and Citibank, N.A., as agent for the lenders, entered into (i) Amendment No. 1 to the $1,500,000,000 364-Day Credit Agreement, which amends the Syndicated 364-Day Credit Agreement (“Amendment No. 1 to Syndicated 364-Day Credit Agreement”), (ii) Amendment No. 1 to the $500,000,000 364-Day Credit Agreement, which amends the Club 364-Day Credit Agreement (“Amendment No. 1 to Club 364-Day Credit Agreement”), and (iii) Amendment No. 2 to the Amended and Restated Five Year Credit Agreement, which amends the 5-Year Credit Agreement (“Amendment No. 2 to 5-Year Credit Agreement” and, together with Amendment No. 1 to Syndicated 364-Day Credit Agreement and Amendment No. 1 to Club 364-Day Credit Agreement, the “Amendments”).

Each of the Amendments amends the definition of “EBITDA” in the Credit Agreement to which it relates to provide that, in calculating EBITDA for any four fiscal quarter period ending with the third fiscal quarter of fiscal year 2023, the fourth fiscal quarter of fiscal year 2023, the first fiscal quarter of fiscal year 2024 and the second fiscal quarter of fiscal year 2024 (each, an “Adjustment Period”), or for any period that includes any portion of an Adjustment Period, the Company is permitted to increase EBITDA by an amount equal to the following charges incurred during such Adjustment Period: (i) restructuring charges, (ii) charges for facility closures, (iii) acquisition and integration charges related to mergers and acquisitions, including those associated with the MTD Holdings, Inc. and Excel Industries acquisitions, (iv) charges associated with the Company’s voluntary retirement program, (v) charges associated with the Company’s global supply chain transformation, (vi) charges relating to the Russia business closure, (vii) charges relating to divested businesses, including impairment charges or losses on sale, (viii) debt extinguishment charges, (ix) charges related to legal, environmental or pension settlements, (x) asset impairment charges, and (xi) charges related to excess or obsolete inventory (collectively, the “Applicable Adjustment Addbacks”); provided that the sum of the Applicable Adjustment Addbacks for any Adjustment Period may not exceed $500,000,000 in the aggregate. In addition, each of the Amendments amends the Credit Agreement to which it relates by modifying the requirement that the Company must maintain, for each period of four consecutive fiscal quarters of the Company, an interest coverage ratio of not less than 3.50 to 1.00, to provide that the Company shall only be required to maintain an interest coverage ratio of not less than 1.50 to 1.00 for any Adjustment Period.

Pursuant to the Amendments, the Company has paid each of the lenders executing the Amendments a one-time amendment fee in an amount equal to three basis points of each such executing lender’s commitment amount under each of the Credit Agreements.

The descriptions contained herein are summaries of certain material terms of the Amendments and are qualified in their entirety by reference to the Amendments attached as Exhibit 10.1, Exhibit 10.2 and Exhibit 10.3 hereto and incorporated herein by reference.

 

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit
Number

  

Description

10.1    Amendment No. 1 to Syndicated 364-Day Credit Agreement, dated as of February 23, 2023, by and among Stanley Black & Decker, Inc., the lenders identified on the signature pages thereto, and Citibank, N.A., as agent for the lenders.
10.2    Amendment No. 1 to Club 364-Day Credit Agreement, dated as of February 23, 2023, by and among Stanley Black & Decker, Inc., the lenders identified on the signature pages thereto, and Citibank, N.A., as agent for the lenders.
10.3    Amendment No. 2 to Amended and Restated Five Year Credit Agreement, dated as of February 23, 2023, by and among Stanley Black & Decker, Inc., the lenders identified on the signature pages thereto, and Citibank, N.A., as agent for the lenders.
104    Cover Page Interactive Data File (formatted as inline XBRL).


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.

 

    Stanley Black & Decker, Inc.
Date: February 23, 2023     By:  

/s/ Janet M. Link

    Name:   Janet M. Link
    Title:   Senior Vice President, General Counsel and Secretary

Exhibit 10.1

AMENDMENT NO. 1 TO THE

$1,500,000,000 364-DAY CREDIT AGREEMENT

This AMENDMENT NO. 1 TO $1,500,000,000 364-DAY CREDIT AGREEMENT, dated as of February 23, 2023, is entered into by and among STANLEY BLACK & DECKER, INC., a Connecticut corporation (the “Company”), the Lenders (as such term is defined below) executing this Amendment on the signature pages hereto (the “Executing Lenders”) and Citibank, N.A., as agent (the “Agent”) for the Lenders.

PRELIMINARY STATEMENTS:

(1) The Company, the banks, financial institutions and other institutional lenders parties to the Credit Agreement referred to below (collectively, the “Lenders”) and the Agent have entered into a $1,500,000,000 364-Day Credit Agreement dated as of September 7, 2022 (such Credit Agreement, as so amended, the “Credit Agreement”). Capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Credit Agreement.

(2) The Company and the Required Lenders have agreed to further amend the Credit Agreement as hereinafter set forth.

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 2, hereby amended as follows:

(a) The second sentence of the definition of “EBITDA” in Section 1.01 is amended by deleting the word “and” immediately preceding “(3)” and replacing it with “,” and inserting the following language immediately prior the period in such sentence:

“and (4) in calculating EBITDA for any Adjustment Period or for any period that includes any portion of an Adjustment Period, the Company is permitted to increase EBITDA by an amount equal to the Applicable Adjustment Addbacks”

(b) Section 1.01 is further amended by adding the following definitions in the appropriate alphabetical order:

Adjustment Period” means each four fiscal quarter period ending with the third fiscal quarter of fiscal year 2023, the fourth fiscal quarter of fiscal year 2023, the first fiscal quarter of fiscal year 2024 and the second fiscal quarter of fiscal year 2024.

Applicable Adjustment Addbacks” means charges relating to any of the following: (i) restructuring charges, (ii) charges for facility closures, (iii) acquisition and integration charges related to mergers and acquisitions, including those associated with the MTD Holdings, Inc. and Excel Industries acquisitions, (iv) charges associated with the Company’s voluntary retirement program, (v) charges associated with the Company’s global supply chain transformation, (vi) charges relating to the Russia business closure, (vii) charges relating to divested businesses, including impairment charges or losses on sale, (viii) debt extinguishment charges, (ix) charges related to legal, environmental or pension settlements, (x) asset impairment charges, and (xi) charges related to excess or obsolete inventory, in each case for items (i) through (xi) incurred during an Adjustment Period; provided that the sum of the Applicable Adjustment Addbacks for any Adjustment Period will not exceed $500,000,000 in the aggregate.

 

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Stanley Black & Decker Am to $1,500,000,000 364-Day Credit Agreement


(c) Section 5.01(f) is amended in full to read as follows:

Interest Coverage Ratio. The Company shall maintain, for each period of four consecutive fiscal quarters of the Company an Interest Coverage Ratio of not less than 3.50 to 1.00, provided that the Company shall only be required to maintain an Interest Coverage Ratio of not less than 1.50 to 1.00 for any Adjustment Period.

SECTION 2. Conditions of Effectiveness. This Amendment shall become effective as of the date hereof, as of which the Administrative Agent shall confirm to the Company that it has received the following in form and substance satisfactory to the Administrative Agent:

(a) Executed Counterparts. Counterparts of this Amendment executed by the Company and the Lenders party to the Credit Agreement constituting the Required Lenders;

(b) Amendment Fee. Payment by the Company to each of the Executing Lenders a one-time amendment fee in an amount equal to three (3) basis points of such Executing Lender’s Commitment; and

(c) Fees and Expenses. Payment by the Company in full of the costs, expenses, and fees as set forth in Section 8.04(a) of the Credit Agreement.

SECTION 3. Representations and Warranties The Company represents and warrants to the Lenders and the Administrative Agent, as to itself and each of its Subsidiaries, that (a) the representations and warranties set forth in Article IV of the Credit Agreement and in each of the other Loan Documents that have been entered into by the Company or any of the Designated Borrowers are true and correct in all material respects (other than any representation or warranty qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on the date hereof as if made on and as of the date hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, such representation and warranty shall be true and correct in all material respects as of such specific date) and as if each reference in said Article IV to “this Agreement” included reference to this Amendment and (b) no Default or Event of Default has occurred and is continuing.

SECTION 4. Reference to and Effect on the Loan Documents. (a) On and after the effectiveness of this Amendment, 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 any other Loan Document 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 and the other Loan Documents, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.

 

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Stanley Black & Decker Am to $1,500,000,000 364-Day Credit Agreement


(c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under the Credit Agreement or any other Loan Document, nor constitute a waiver of any provision of the Credit Agreement or any other Loan Document.

(d) This Amendment is subject to the provisions of Section 8.01 of the Credit Agreement and shall be deemed to be a Loan Document.

SECTION 5. Costs and Expenses. The Company agrees to pay on demand all costs and expenses of the Agent in connection with the preparation, execution, delivery, administration, modification and amendment of this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses of counsel for the Agent) in accordance with the terms of Section 8.04 of the Credit Agreement.

SECTION 6. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed signature page of this Amendment by facsimile transmission or other electronic format shall be effective as delivery of a manually executed counterpart hereof. The words “execution,” “signed,” “signature,” and words of like import in this Amendment shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

SECTION 7. Applicable Law, Jury Waiver and Jurisdiction. The provisions set forth in Sections 8.11 (Governing Law; Waiver of Jury Trial) and 8.13 (Submission to Jurisdiction; Etc.) of the Credit Agreement shall apply to this Amendment and are hereby incorporated by reference, mutatis mutandis, with the same force and effect as if fully set forth in this Amendment (and as if each reference to “this Agreement” were a reference to this Amendment).

 

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Stanley Black & Decker Am to $1,500,000,000 364-Day Credit Agreement


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

 

STANLEY BLACK & DECKER, INC.
By:   /s/ Robert T. Paternostro

Name:

  Robert T. Paternostro

Title:

  Vice President & Treasurer

 

CITIBANK, N.A.,

as Administrative Agent and as Lender

By:   /s/ Daniel Boselli

Name:

  Daniel Boselli

Title:

  Vice President

 

BANK OF AMERICA, N.A.
By:   /s/ Michael Contreras

Name:

  Michael Contreras

Title:

  Director

 

JPMORGAN CHASE BANK, N.A.
By:   /s/ Jonathan Bennett

Name:

  Jonathan Bennett

Title:

  Executive Director

 

WELLS FARGO BANK, NATIONAL ASSOCIATION
By:   /s/ Kay Reedy

Name:

  Kay Reedy

Title:

  Managing Director

 

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Stanley Black & Decker Am to $1,500,000,000 364-Day Credit Agreement


BARCLAYS BANK PLC
By:   /s/ Charlene Saldanha

Name:

  Charlene Saldanha

Title:

  Vice President

 

CREDIT SUISSE AG, NEW YORK BRANCH
By:   /s/ Doreen Barr

Name:

  Doreen Barr

Title:

  Authorized Signatory
By:   /s/ Michael Dieffenbacher

Name:

  Michael Dieffenbacher

Title:

  Authorized Signatory

 

DEUTSCHE BANK AG NEW YORK BRANCH
By:   /s/ Ming K. Chu

Name:

  Ming K. Chu

Title:

  Director
By:   /s/ Marko Lukin

Name:

  Marko Lukin

Title:

  Vice President

 

GOLDMAN SACHS BANK USA
By:   /s/ Keshia Leday

Name:

  Keshia Leday

Title:

  Authorized Signatory

 

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Stanley Black & Decker Am to $1,500,000,000 364-Day Credit Agreement


MORGAN STANLEY BANK, N.A.
By:   /s/ Jack Kuhns

Name:

  Jack Kuhns

Title:

  Authorized Signatory

 

MUFG BANK, LTD.
By:   /s/ Jack Lonker

Name:

  Jack Lonker

Title:

  Authorized Signatory

 

ROYAL BANK OF CANADA
By:   /s/ Sean Hakimi

Name:

  Sean Hakimi

Title:

  Authorized Signatory

 

BNP PARIBAS
By:   /s/ David Foster

Name:

  David Foster

Title:

  Director
By:   /s/ Claudia Zarate

Name:

  Claudia Zarate

Title:

  Managing Director

 

HSBC BANK USA, NATIONAL ASSOCIATION
By:   /s/ Andrew Everett

Name:

  Andrew Everett

Title:

  Senior Vice President

 

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Stanley Black & Decker Am to $1,500,000,000 364-Day Credit Agreement


SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)
By:   /s/ Penny Neville-Park

Name:

  Penny Neville-Park

Title:

  Authorised signatory
By:   /s/ Andrew Moore

Name:

  Andrew Moore

Title:

  Authorised signatory

 

THE BANK OF NEW YORK MELLON
By:   /s/ Thomas J. Tarasovich, Jr.

Name:

  Thomas J. Tarasovich, Jr.

Title:

  Vice President

 

U.S. BANK NATIONAL ASSOCIATION
By:   /s/ Kenneth R. Fieler

Name:

  Kenneth R. Fieler

Title:

  Vice President

 

BANK OF CHINA, NEW YORK BRANCH
By:   /s/ Raymond Qiao

Name:

  Raymond Qiao

Title:

  Executive Vice President

 

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Stanley Black & Decker Am to $1,500,000,000 364-Day Credit Agreement


ING BANK N.V., DUBLIN BRANCH
By:   /s/ Cormac Langford

Name:

  Cormac Langford

Title:

  Director
By:   /s/ Sean Hassett

Name:

  Sean Hassett

Title:

  Director

 

STANDARD CHARTERED BANK
By:   /s/ Kristopher Tracy

Name:

  Kristopher Tracy

Title:

  Director, Financing Solutions

 

THE BANK OF NOVA SCOTIA
By:   /s/ Frans Braniotis

Name:

  Frans Braniotis

Title:

  Managing Director

 

THE HUNTINGTON NATIONAL BANK
By:   /s/ Tim Wiegand

Name:

  Tim Wiegand

Title:

  Managing Director

 

THE TORONTO-DOMINION BANK, NEW YORK BRANCH
By:   /s/ David Perlman

Name:

  David Perlman

Title:

  Authorized Signatory

 

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Stanley Black & Decker Am to $1,500,000,000 364-Day Credit Agreement


TRUIST BANK
By:   /s/ Jason Hembree

Name:

  Jason Hembree

Title:

  Vice President

 

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Stanley Black & Decker Am to $1,500,000,000 364-Day Credit Agreement

Exhibit 10.2

AMENDMENT NO. 1 TO THE

$500,000,000 364-DAY CREDIT AGREEMENT

This AMENDMENT NO. 1 TO $500,000,000 364-DAY CREDIT AGREEMENT, dated as of February 23, 2023, is entered into by and among STANLEY BLACK & DECKER, INC., a Connecticut corporation (the “Company”), the Lenders (as such term is defined below) executing this Amendment on the signature pages hereto (the “Executing Lenders”) and Citibank, N.A., as agent (the “Agent”) for the Lenders.

PRELIMINARY STATEMENTS:

(1) The Company, the banks, financial institutions and other institutional lenders parties to the Credit Agreement referred to below (collectively, the “Lenders”) and the Agent have entered into a $500,000,000 364-Day Credit Agreement dated as of September 7, 2022 (such Credit Agreement, as so amended, the “Credit Agreement”). Capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Credit Agreement.

(2) The Company and the Required Lenders have agreed to further amend the Credit Agreement as hereinafter set forth.

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 2, hereby amended as follows:

(a) The second sentence of the definition of “EBITDA” in Section 1.01 is amended by deleting the word “and” immediately preceding “(3)” and replacing it with “,” and inserting the following language immediately prior the period in such sentence:

“and (4) in calculating EBITDA for any Adjustment Period or for any period that includes any portion of an Adjustment Period, the Company is permitted to increase EBITDA by an amount equal to the Applicable Adjustment Addbacks”

(b) Section 1.01 is further amended by adding the following definitions in the appropriate alphabetical order:

Adjustment Period” means each four fiscal quarter period ending with the third fiscal quarter of fiscal year 2023, the fourth fiscal quarter of fiscal year 2023, the first fiscal quarter of fiscal year 2024 and the second fiscal quarter of fiscal year 2024.

Applicable Adjustment Addbacks” means charges relating to any of the following: (i) restructuring charges, (ii) charges for facility closures, (iii) acquisition and integration charges related to mergers and acquisitions, including those associated with the MTD Holdings, Inc. and Excel Industries acquisitions, (iv) charges associated with the Company’s voluntary retirement program, (v) charges associated with the Company’s global supply chain transformation, (vi) charges relating to the Russia business closure, (vii) charges relating to divested businesses, including impairment charges or losses on sale, (viii) debt extinguishment charges, (ix) charges related to legal, environmental or pension settlements, (x) asset impairment charges, and (xi) charges related to excess or obsolete inventory, in each case for items (i) through (xi) incurred during an Adjustment Period; provided that the sum of the Applicable Adjustment Addbacks for any Adjustment Period will not exceed $500,000,000 in the aggregate.

 

1

Stanley Black & Decker Am to $500,000,000 364-Day Credit Agreement


(c) Section 5.01(f) is amended in full to read as follows:

Interest Coverage Ratio. The Company shall maintain, for each period of four consecutive fiscal quarters of the Company an Interest Coverage Ratio of not less than 3.50 to 1.00, provided that the Company shall only be required to maintain an Interest Coverage Ratio of not less than 1.50 to 1.00 for any Adjustment Period.

SECTION 2. Conditions of Effectiveness. This Amendment shall become effective as of the date hereof, as of which the Administrative Agent shall confirm to the Company that it has received the following in form and substance satisfactory to the Administrative Agent:

(a) Executed Counterparts. Counterparts of this Amendment executed by the Company and the Lenders party to the Credit Agreement constituting the Required Lenders;

(b) Amendment Fee. Payment by the Company to each of the Executing Lenders a one-time amendment fee in an amount equal to three (3) basis points of such Executing Lender’s Commitment; and

(c) Fees and Expenses. Payment by the Company in full of the costs, expenses, and fees as set forth in Section 8.04(a) of the Credit Agreement.

SECTION 3. Representations and Warranties The Company represents and warrants to the Lenders and the Administrative Agent, as to itself and each of its Subsidiaries, that (a) the representations and warranties set forth in Article IV of the Credit Agreement and in each of the other Loan Documents that have been entered into by the Company or any of the Designated Borrowers are true and correct in all material respects (other than any representation or warranty qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on the date hereof as if made on and as of the date hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, such representation and warranty shall be true and correct in all material respects as of such specific date) and as if each reference in said Article IV to “this Agreement” included reference to this Amendment and (b) no Default or Event of Default has occurred and is continuing.

SECTION 4. Reference to and Effect on the Loan Documents. (a) On and after the effectiveness of this Amendment, 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 any other Loan Document 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 and the other Loan Documents, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.

 

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Stanley Black & Decker Am to $500,000,000 364-Day Credit Agreement


(c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under the Credit Agreement or any other Loan Document, nor constitute a waiver of any provision of the Credit Agreement or any other Loan Document.

(d) This Amendment is subject to the provisions of Section 8.01 of the Credit Agreement and shall be deemed to be a Loan Document.

SECTION 5. Costs and Expenses. The Company agrees to pay on demand all costs and expenses of the Agent in connection with the preparation, execution, delivery, administration, modification and amendment of this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses of counsel for the Agent) in accordance with the terms of Section 8.04 of the Credit Agreement.

SECTION 6. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed signature page of this Amendment by facsimile transmission or other electronic format shall be effective as delivery of a manually executed counterpart hereof. The words “execution,” “signed,” “signature,” and words of like import in this Amendment shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

SECTION 7. Applicable Law, Jury Waiver and Jurisdiction. The provisions set forth in Sections 8.11 (Governing Law; Waiver of Jury Trial) and 8.13 (Submission to Jurisdiction; Etc.) of the Credit Agreement shall apply to this Amendment and are hereby incorporated by reference, mutatis mutandis, with the same force and effect as if fully set forth in this Amendment (and as if each reference to “this Agreement” were a reference to this Amendment).

 

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Stanley Black & Decker Am to $500,000,000 364-Day Credit Agreement


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

 

STANLEY BLACK & DECKER, INC.
By:   /s/ Robert T. Paternostro
Name:   Robert T. Paternostro
Title:   Vice President & Treasurer

CITIBANK, N.A.,

as Administrative Agent and as Lender

By:   /s/ Daniel Boselli
Name:   Daniel Boselli
Title:   Vice President
BANK OF AMERICA, N.A.
By:   /s/ Michael Contreras
Name:   Michael Contreras
Title:   Director
JPMORGAN CHASE BANK, N.A.
By:   /s/ Jonathan Bennett
Name:   Jonathan Bennett
Title:   Executive Director
WELLS FARGO BANK, NATIONAL ASSOCIATION
By:   /s/ Kay Reedy
Name:   Kay Reedy
Title:   Managing Director

 

 

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Stanley Black & Decker Am to $500,000,000 364-Day Credit Agreement

Exhibit 10.3

AMENDMENT NO. 2 TO THE

AMENDED AND RESTATED FIVE YEAR CREDIT AGREEMENT

This AMENDMENT NO. 2 TO THE AMENDED AND RESTATED FIVE YEAR CREDIT AGREEMENT, dated as of February 23, 2023, is entered into by and among STANLEY BLACK & DECKER, INC., a Connecticut corporation (the “Company”), the Lenders (as such term is defined below) executing this Amendment on the signature pages hereto (the “Executing Lenders”) and Citibank, N.A., as agent (the “Agent”) for the Lenders.

PRELIMINARY STATEMENTS:

(1) The Company, the banks, financial institutions and other institutional lenders parties to the Credit Agreement referred to below (collectively, the “Lenders”) and the Agent have entered into an Amended and Restated Credit Agreement dated as of September 8, 2021 (such Credit Agreement, as so amended, the “Credit Agreement”). Capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Credit Agreement.

(2) The Company and the Required Lenders have agreed to further amend the Credit Agreement as hereinafter set forth.

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 2, hereby amended as follows:

(a) The second sentence of the definition of “EBITDA” in Section 1.01 is amended by deleting the word “and” immediately preceding “(3)” and replacing it with “,” and inserting the following language immediately prior the period in such sentence:

“and (4) in calculating EBITDA for any Adjustment Period or for any period that includes any portion of an Adjustment Period, the Company is permitted to increase EBITDA by an amount equal to the Applicable Adjustment Addbacks”

(b) Section 1.01 is further amended by adding the following definitions in the appropriate alphabetical order:

Adjustment Period” means each four fiscal quarter period ending with the third fiscal quarter of fiscal year 2023, the fourth fiscal quarter of fiscal year 2023, the first fiscal quarter of fiscal year 2024 and the second fiscal quarter of fiscal year 2024.

Applicable Adjustment Addbacks” means charges relating to any of the following: (i) restructuring charges, (ii) charges for facility closures, (iii) acquisition and integration charges related to mergers and acquisitions, including those associated with the MTD Holdings, Inc. and Excel Industries acquisitions, (iv) charges associated with the Company’s voluntary retirement program, (v) charges associated with the Company’s global supply chain transformation, (vi) charges relating to the Russia business closure, (vii) charges relating to divested businesses, including impairment charges or losses on sale, (viii) debt extinguishment charges, (ix) charges related to legal, environmental or pension settlements, (x) asset impairment charges, and (xi) charges related to excess or obsolete inventory, in each case for items (i) through (xi) incurred during an Adjustment Period; provided that the sum of the Applicable Adjustment Addbacks for any Adjustment Period will not exceed $500,000,000 in the aggregate.

 

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(c) Section 5.01(f) is amended in full to read as follows:

Interest Coverage Ratio. The Company shall maintain, for each period of four consecutive fiscal quarters of the Company an Interest Coverage Ratio of not less than 3.50 to 1.00, provided that the Company shall only be required to maintain an Interest Coverage Ratio of not less than 1.50 to 1.00 for any Adjustment Period.

SECTION 2. Conditions of Effectiveness. This Amendment shall become effective as of the date hereof, as of which the Administrative Agent shall confirm to the Company that it has received the following in form and substance satisfactory to the Administrative Agent:

(a) Executed Counterparts. Counterparts of this Amendment executed by the Company and the Lenders party to the Credit Agreement constituting the Required Lenders;

(b) Amendment Fee. Payment by the Company to each of the Executing Lenders a one-time amendment fee in an amount equal to three (3) basis points of such Executing Lender’s Commitment; and

(c) Fees and Expenses. Payment by the Company in full of the costs, expenses, and fees as set forth in Section 8.04(a) of the Credit Agreement.

SECTION 3. Representations and Warranties The Company represents and warrants to the Lenders and the Administrative Agent, as to itself and each of its Subsidiaries, that (a) the representations and warranties set forth in Article IV of the Credit Agreement and in each of the other Loan Documents that have been entered into by the Company or any of the Designated Borrowers are true and correct in all material respects (other than any representation or warranty qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on the date hereof as if made on and as of the date hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, such representation and warranty shall be true and correct in all material respects as of such specific date) and as if each reference in said Article IV to “this Agreement” included reference to this Amendment and (b) no Default or Event of Default has occurred and is continuing.

SECTION 4. Reference to and Effect on the Loan Documents. (a) On and after the effectiveness of this Amendment, 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 any other Loan Document 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.

 

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(b) The Credit Agreement and the other Loan Documents, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.

(c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under the Credit Agreement or any other Loan Document, nor constitute a waiver of any provision of the Credit Agreement or any other Loan Document.

(d) This Amendment is subject to the provisions of Section 8.01 of the Credit Agreement and shall be deemed to be a Loan Document.

SECTION 5. Costs and Expenses. The Company agrees to pay on demand all costs and expenses of the Agent in connection with the preparation, execution, delivery, administration, modification and amendment of this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses of counsel for the Agent) in accordance with the terms of Section 8.04 of the Credit Agreement.

SECTION 6. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed signature page of this Amendment by facsimile transmission or other electronic format shall be effective as delivery of a manually executed counterpart hereof. The words “execution,” “signed,” “signature,” and words of like import in this Amendment shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

SECTION 7. Applicable Law, Jury Waiver and Jurisdiction. The provisions set forth in Sections 8.11 (Governing Law; Waiver of Jury Trial) and 8.13 (Submission to Jurisdiction; Etc.) of the Credit Agreement shall apply to this Amendment and are hereby incorporated by reference, mutatis mutandis, with the same force and effect as if fully set forth in this Amendment (and as if each reference to “this Agreement” were a reference to this Amendment).

 

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

 

STANLEY BLACK & DECKER, INC.
By:   /s/ Robert T. Paternostro
Name:   Robert T. Paternostro
Title:   Vice President & Treasurer

CITIBANK, N.A.,

as Administrative Agent and as Lender

By:   /s/ Daniel Boselli
Name:   Daniel Boselli
Title:   Vice President
BANK OF AMERICA, N.A.
By:   /s/ Michael Contreras
Name:   Michael Contreras
Title:   Director
JPMORGAN CHASE BANK, N.A.
By:   /s/ Jonathan Bennett
Name:   Jonathan Bennett
Title:   Executive Director
WELLS FARGO BANK, NATIONAL ASSOCIATION
By:   /s/ Kay Reedy
Name:   Kay Reedy
Title:   Managing Director

 

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Stanley Black & Decker Am to 5 Year Credit Agreement


BARCLAYS BANK PLC
By:   /s/ Charlene Saldanha
Name:   Charlene Saldanha
Title:   Vice President
CREDIT SUISSE AG, NEW YORK BRANCH
By:   /s/ Doreen Barr
Name:   Doreen Barr
Title:   Authorized Signatory
By:  

/s/ Michael Dieffenbacher

Name:   Michael Dieffenbacher
Title:   Authorized Signatory
DEUTSCHE BANK AG NEW YORK BRANCH
By:   /s/ Ming K. Chu
Name:   Ming K. Chu
Title:   Director
By:   /s/ Marko Lukin
Name:   Marko Lukin
Title:   Vice President
GOLDMAN SACHS BANK USA
By:   /s/ Keshia Leday
Name:   Keshia Leday
Title:   Authorized Signatory

 

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Stanley Black & Decker Am to 5 Year Credit Agreement


MORGAN STANLEY BANK, N.A.
By:   /s/ Jack Kuhns
Name:   Jack Kuhns
Title:   Authorized Signatory
MUFG BANK, LTD.
By:   /s/ Jack Lonker
Name:   Jack Lonker
Title:   Authorized Signatory
ROYAL BANK OF CANADA
By:   /s/ Sean Hakimi
Name:   Sean Hakimi
Title:   Authorized Signatory
BNP PARIBAS
By:   /s/ David Foster
Name:   David Foster
Title:   Director
By:   /s/ Claudia Zarate
Name:   Claudia Zarate
Title:   Managing Director
HSBC BANK USA, NATIONAL ASSOCIATION
By:   /s/ Andrew Everett
Name:   Andrew Everett
Title:   Senior Vice President

 

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SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)
By:   /s/ Penny Neville-Park
Name:   Penny Neville-Park
Title:   Authorised signatory
By:   /s/ Andrew Moore
Name:   Andrew Moore
Title:   Authorised signatory
THE BANK OF NEW YORK MELLON
By:   /s/ Thomas J. Tarasovich, Jr.
Name:   Thomas J. Tarasovich, Jr.
Title:   Vice President
U.S. BANK NATIONAL ASSOCIATION
By:   /s/ Kenneth R. Fieler
Name:   Kenneth R. Fieler
Title:   Vice President
BANK OF CHINA, NEW YORK BRANCH
By:   /s/ Raymond Qiao
Name:   Raymond Qiao
Title:   Executive Vice President

 

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Stanley Black & Decker Am to 5 Year Credit Agreement


ING BANK N.V., DUBLIN BRANCH
By:   /s/ Cormac Langford
Name:   Cormac Langford
Title:   Director
By:   /s/ Sean Hassett
Name:   Sean Hassett
Title:   Director
STANDARD CHARTERED BANK
By:   /s/ Kristopher Tracy
Name:   Kristopher Tracy
Title:   Director, Financing Solutions
THE BANK OF NOVA SCOTIA
By:   /s/ Frans Braniotis
Name:   Frans Braniotis
Title:   Managing Director
THE HUNTINGTON NATIONAL BANK
By:   /s/ Tim Wiegand
Name:   Tim Wiegand
Title:   Managing Director
THE TORONTO-DOMINION BANK, NEW YORK BRANCH
By:   /s/ David Perlman
Name:   David Perlman
Title:   Authorized Signatory

 

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Stanley Black & Decker Am to 5 Year Credit Agreement


TRUIST BANK
By:   /s/ Jason Hembree
Name:   Jason Hembree
Title:   Vice President

 

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Stanley Black & Decker Am to 5 Year Credit Agreement