PGIM, Inc. and the Noteholders signatory hereto c/o Prudential Capital Group Los Angeles, CA 90067
PGIM, Inc. and the Noteholders signatory hereto
c/o Prudential Capital Group
0000 Xxxxxxx Xxxx Xxxx, Xxxxx 000
Xxx Xxxxxxx, XX 00000
As of February 23, 2018
WD-40 Company
0000 Xxxxxxxxxxxx Xxxxxx
Xxx Xxxxx, XX 00000
Re:First Amendment to Note Purchase and Private Shelf Agreement
Ladies and Gentlemen:
Reference is made to that certain Note Purchase and Private Shelf Agreement, dated as of November 15, 2017 (as amended or otherwise modified from time to time, the “Agreement”), by and between WD-40 Company, a Delaware corporation, on the one hand, and PGIM, Inc. and the other Purchasers, on the other hand. Capitalized terms used and not otherwise defined herein shall have the meanings provided in the Agreement.
1.Amendment to Agreement. Pursuant to the provisions of Section 17 of the Agreement, and subject to the terms and conditions of this letter agreement, the undersigned holders of Notes (the “Noteholders”) and the Company hereby agree that Section 10.15 of the Agreement is hereby amended (i) to delete the “and” at the end of clause (a) thereof, (ii) to delete the period at the end of clause (b) thereof and to replace such period with “; and”, and (iii) to insert a new clause (c) thereto, as follows:
“(c)up to $15,000,000 of expenditures for the purchase and improvement of a building in the United Kingdom will not be applied to reduce the annual amount of permitted Consolidated Capital Expenditures pursuant to this Section 10.15 so long as such expenditures are made during fiscal year 2018 and/or fiscal year 2019.”
2.Limitation of Modifications. The modifications effected in this letter agreement shall be limited precisely as written and shall not be deemed to be (a) an amendment, consent, waiver or other modification of any other terms or conditions of the Agreement or any other document related to the Agreement, or (b) a consent to any future amendment, consent, waiver or other modification. Except as expressly set forth in this letter agreement, each of the Agreement and the documents related to the Agreement shall continue in full force and effect. The parties hereto acknowledge and agree that this letter agreement constitutes a Transaction Document.
3.Representations and Warranties. The Company hereby represents and warrants as follows: (i) No Default or Event of Default has occurred and is continuing (both immediately before and immediately after giving effect to the effectiveness of this letter agreement); (ii) the Company’s entering into and performance of the Agreement, as modified by this letter agreement, has been duly authorized by all necessary corporate and other action and do not and will not require any registration with, consent or approval of, or notice to or action by, any Person (including any Governmental Authority) in order to be effective and enforceable; (iii) the Agreement, as modified by this letter agreement, constitutes the legal, valid and binding obligation of the Company,
enforceable against the Company in accordance with its respective terms except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws of general application relating to or affecting the enforcement of creditors’ rights or by general principles of equity; and (iv) immediately after giving effect to this letter agreement, each of the representations and warranties of the Company set forth in the Agreement is true and correct as of the date hereof (except to the extent such representations and warranties expressly relate to another date, in which case such representations and warranties are true and correct as of such other date).
4.Effectiveness.This letter agreement shall become effective, as of the date hereof, on the date on which (i) the Noteholders shall have received a fully executed counterpart of this letter agreement from each Credit Party, (ii) the Noteholders shall have received a copy of a fully executed amendment to the Bank Credit Agreement in form and substance reasonably satisfactory to the Required Holders, and (iii) the Company shall have paid, by wire transfer of immediately available funds, all reasonable fees, charges and disbursements of counsel to the Noteholders in connection with this letter agreement.
5.Miscellaneous.
(a)This document may be executed in multiple counterparts, which together shall constitute a single document. Delivery of executed counterparts of this letter agreement by telefacsimile or other secure electronic format (pdf) shall be effective as an original.
(b)This letter agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the internal laws of New York, excluding choice-of-law principles of the law of such state that would permit the application of the laws of a jurisdiction other than such state.
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If you are in agreement with the foregoing, please sign this letter agreement in the space indicated below whereupon, subject to the conditions expressed herein, it shall become a binding agreement among each party named as a signatory hereto.
Sincerely,
PGIM, INC.
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By: |
/s/ XXXX XXXXXXXX |
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Vice President |
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
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By: |
/s/ XXXX XXXXXXXX |
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Vice President |
FARMERS INSURANCE EXCHANGE
By:Prudential Private Placement Investors, L.P. (as Investment Advisor)
as Investment Manager
By:Prudential Private Placement Investors, Inc. (as its General Partner)
as Sub-Advisor
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By: |
/s/ XXXX XXXXXXXX |
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Vice President |
MID CENTURY INSURANCE COMPANY
By:Prudential Private Placement Investors, L.P. (as Investment Advisor)
as Investment Manager
By:Prudential Private Placement Investors, Inc. (as its General Partner)
as Sub-Advisor
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By: |
/s/ XXXX XXXXXXXX |
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Vice President |
Accepted and agreed to as of the date first appearing above:
WD-40 COMPANY, a Delaware corporation
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By: |
/s/ XXX X. XXXXXXX |
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Name: |
Xxx X. Xxxxxxx |
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Title: |
Chief Financial Officer |
Each of the Guarantors hereby (a) consents to the amendments and other modification effected by this letter agreement and the other transactions contemplated hereby, (b) reaffirms its obligations under the Multiparty Guaranty and its waivers, as set forth in the Multiparty Guaranty, of each and every one of the possible defenses to such obligations, and (c) reaffirms that its obligations under the Multiparty Guaranty are separate and distinct from the obligations of the Company under the Agreement and the Notes.
WD-40 MANUFACTURING COMPANY, a California corporation
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By: |
/s/ XXX X. XXXXXXX |
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Name: |
Xxx X. Xxxxxxx |
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Title: |
Chief Financial Officer |
HPD LABORATORIES INC., a Delaware corporation
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By: |
/s/ XXX X. XXXXXXX |
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Name: |
Xxx X. Xxxxxxx |
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Title: |
Chief Financial Officer |
HEARTLAND CORPORATION, a Kansas corporation
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By: |
/s/ XXX X. XXXXXXX |
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Name: |
Xxx X. Xxxxxxx |
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Title: |
Chief Financial Officer |
