KINDER MORGAN ENERGY PARTNERS, L.P. AND SUBSIDIARIES FIRST AMENDMENT TO Credit Agreement DATED AS OF JUNE 23, 2010 AMONG Kinder Morgan Energy Partners, L.P., as the Company, Kinder Morgan Operating L.P. “B”, as the Subsidiary Borrower, The Lenders...
EXECUTION VERSION
XXXXXX XXXXXX ENERGY PARTNERS, L.P. AND SUBSIDIARIES
EXHIBIT 10.1
FIRST AMENDMENT
TO
DATED AS OF
JUNE 23, 2010
AMONG
Xxxxxx Xxxxxx Energy Partners, L.P.,
as the Company,
Xxxxxx Xxxxxx Operating L.P. “B”,
as the Subsidiary Borrower,
The Lenders Party Hereto,
Xxxxx Fargo Bank, National Association,
as the Administrative Agent,
Bank of America, N.A.
Citibank, N.A.
AND
JPMorgan Chase Bank, N.A.,
as the Syndication Agents
AND
DnB NOR Bank ASA, New York Branch,
as the Documentation Agent
_____________________________________________
XXXXX FARGO SECURITIES, LLC
BANC OF AMERICA SECURITIES LLC,
CITIGROUP GLOBAL MARKETS INC.
and
X.X. XXXXXX SECURITIES LLC.,
as the Joint Lead Arrangers and the Joint Book Managers
FIRST AMENDMENT
TO
THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of July 1, 2011, is among:
(a) Xxxxxx Xxxxxx Energy Partners, L.P., a Delaware limited partnership (the “Company”);
(b) Xxxxxx Xxxxxx Operating L.P. “B”, a Delaware limited partnership (the “Subsidiary Borrower”);
(c) the banks and other financial institutions listed on the signature pages hereof under the caption “Lender” (collectively, the “Lenders”); and
(d) Xxxxx Fargo Bank, National Association, a national banking association, individually as a Lender and as administrative agent for the Lenders (in such latter capacity, the “Administrative Agent”).
PRELIMINARY STATEMENTS
A. The Company, the Subsidiary Borrower, the Lenders, the Administrative Agent, and the other agents named therein, have entered into a Credit Agreement dated as of June 23, 2010 (the “Credit Agreement”).
B. All capitalized terms defined in the Credit Agreement and not otherwise defined herein shall have the same meanings herein as in the Credit Agreement.
NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the Company, the Subsidiary Borrower, the Lenders, and the Administrative Agent hereby agree as follows:
SECTION 1. Amendments to Article I of the Credit Agreement.
(a) Section l.01 of the Credit Agreement is amended to add the following defined term “First Amendment” in its proper alphabetical order:
“First Amendment” means the First Amendment to Credit Agreement dated as of July 1, 2011, among the Company, the Subsidiary Borrower, the Lenders party thereto and the Administrative Agent.
(b) The definition of the term “Applicable Margin” contained in Section 1.01 of the Credit Agreement is amended in its entirety to read as follows:
“‘Applicable Margin’ means, as to any ABR Borrowing or any LIBOR Borrowing, as the case may be, at any time and from time to time, a percentage per annum equal to the applicable percentage set forth below for the corresponding Performance Level set forth below:
|
Performance
Level
|
LIBOR Borrowings
Applicable
Margin Percentage
|
ABR Borrowings
Applicable
Margin Percentage
|
|
I
|
0.975%
|
0.00%
|
|
II
|
1.075%
|
0.075%
|
|
III
|
1.300%
|
0.300%
|
|
IV
|
1.375%
|
0.375%
|
|
V
|
1.450%
|
0.450%
|
The Applicable Margin shall be determined by reference to the Performance Level in effect from time to time, and any change in the Applicable Margin shall be effective from the effective date of the change in the applicable Performance Level giving rise thereto.”.
(c) The definition of the term “Commitment” contained in Section 1.01 of the Credit Agreement is hereby amended in its entirety to read as follows:
“‘Commitment’ means, with respect to each Lender, the commitment of such Lender to make Committed Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.09, (b) reduced in its entirety pursuant to Section 2.21, (c) increased pursuant to Section 2.01 or (d) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 10.05. The amount of each Lender’s Commitment is set forth on Annex I to the First Amendment, or in the Register maintained by the Administrative Agent pursuant to Section 10.05.”.
(d) The definition of the term “Facility Fee Rate” contained in Section 1.01 of the Credit Agreement is amended in its entirety to read as follows:
“‘Facility Fee Rate’” means at any time and from time to time, a percentage per annum equal to the applicable percentage set forth below for the corresponding Performance Level set forth below:
|
Performance Level
|
Facility Fee Rate
|
|
I
|
.150%
|
|
II
|
.175%
|
|
III
|
.200%
|
|
IV
|
.250%
|
|
V
|
.300%
|
The Facility Fee Rate shall be determined by reference to the Performance Level in effect from time to time and any change in the Facility Fee Rate shall be effective from the effective date of the change in the applicable Performance Level giving rise thereto.”.
(e) The definition of the term “Stated Maturity Date” contained in Section 1.01 of the Credit Agreement is amended in its entirety to read as follows:
“‘Stated Maturity Date’ means July 1, 2016.”.
SECTION 2. Amendments to Section II of the Credit Agreement.
(a) Section 2.01(b) of the Credit Agreement is amended by deleting the dollar amount $2,300,000,000 from clause (ii) of the proviso thereto and substituting the dollar amount $2,500,000,000 therefor.
(b) Section 2.06(d) of the Credit Agreement is amended by deleting the date June 23, 2014 from clause (ii) and substituting the date July 1, 2017 therefor.
SECTION 3. Amendment to Schedule 1.01 of the Credit Agreement.
Schedule 1.01 to the Credit Agreement is amended and restated to read in its entirety as set forth on Annex I hereto.
SECTION 4. Conditions of Effectiveness»
. This Amendment shall become effective when, and only when:
(a) the Company, the Subsidiary Borrower and all of the Lenders shall have executed a counterpart hereof and delivered the same to the Administrative Agent or, in the case of any Lender as to which an executed counterpart hereof shall not have been so delivered, the Administrative Agent shall have received written confirmation by telecopy or other similar writing from such Lender of execution of a counterpart hereof by such Lender;
(b) the Administrative Agent shall have received a certificate of an officer and of the secretary or an assistant secretary of the Delegate, certifying, inter alia (1) true and complete copies of each of the limited liability company agreement of the Delegate, the certificate of incorporation, as amended and in effect, of the General Partner, the partnership agreements, each as amended and in effect, of the Borrowers, the bylaws, as amended and in effect, of the General Partner, or alternatively certifying that there has been no amendments to or other modifications of any such document since June 23, 2010, (2) true and complete copies of the resolutions adopted by the Board of Directors of the Delegate, (i) authorizing the execution, delivery and performance by each Borrower of this Amendment and, in the case of the Company, the Borrowings to be made and the Letters of Credit to be under the Credit Agreement, as amended by this Amendment, (ii) approving the form this Amendment and (iii) authorizing officers of the Delegate to execute and deliver this Amendment, and (3) the incumbency and specimen signatures of the officers of the Delegate executing any documents on its behalf; and
(c) the Administrative Agent shall have received a favorable, signed opinion addressed to the Administrative Agent and the Lenders from Xxxxxxxxx & Xxxxxxxx LLP, counsel to the Borrowers, the General Partner and the Delegate, given upon the express instruction of such Persons.
SECTION 5. Representations and Warranties True; No Default or Event of Default»
. Each Borrower makes for itself, and the Company makes for itself and the Subsidiary Borrower, the following representations and warranties to the Administrative Agent and the Lenders: that after giving effect to the execution and delivery of this Amendment: (a) the representations and warranties set forth in Article IV of the Credit Agreement and in the other Loan Documents are true and correct in all material respects as of, and as if such representations and warranties were made on, the date hereof (unless any such representation and warranty expressly relates to an earlier date in which event such representation and warranty is true and correct as of such date); and (b) no event has occurred and is continuing that constitutes either a Default or an Event of Default.
SECTION 6. Reference to the Credit Agreement and Effect on the Notes and Other Documents Executed Pursuant to the Credit Agreement.
(a) Upon the effectiveness of this Amendment each reference in the Credit Agreement to “this Agreement,” “hereunder,” “herein,” “hereof” or words of like import shall mean and be a reference to the Credit Agreement, as amended hereby.
(b) Upon the effectiveness of this Amendment each reference in the Notes and the other documents and agreements delivered or to be delivered pursuant to the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended hereby.
(c) The Credit Agreement and the Notes and other documents and agreements delivered pursuant to the Credit Agreement, as modified by this Amendment, shall remain in full force and effect and are hereby ratified and confirmed.
SECTION 7. 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 and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument.
SECTION 8. GOVERNING LAW; BINDING EFFECT»
. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND APPLICABLE FEDERAL LAW AND SHALL BE BINDING UPON THE COMPANY, THE SUBSIDIARY BORROWER, THE ADMINISTRATIVE AGENT, THE LENDERS AND THEIR RESPECTIVE SUCCESSORS AND ASSIGNS.
SECTION 9. Headings»
. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.
SECTION 10. ENTIRE AGREEMENT»
. THIS AMENDMENT, THE CREDIT AGREEMENT (INCLUDING THE EXHIBITS AND SCHEDULES THERETO), AS AMENDED HEREBY, AND THE OTHER LOAN DOCUMENTS EMBODY THE ENTIRE AGREEMENT AND UNDERSTANDING AMONG THE COMPANY, THE SUBSIDIARY BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND SUPERSEDE ALL PRIOR PROPOSALS, AGREEMENTS AND UNDERSTANDINGS RELATING TO SUCH SUBJECT MATTER.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed effective as of the date first stated herein, by their respective officers thereunto duly authorized.
XXXXXX XXXXXX ENERGY PARTNERS, L.P., as the Company
By: Kinder Xxxxxx X.X., Inc.,
its General Partner
By: Xxxxxx Xxxxxx Management, LLC,
its Delegate
By: /s/ Xxxxxxxx X. Xxxx
Name: Xxxxxxxx X. Xxxx
Title: Vice President and Chief Financial Officer
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XXXXXX XXXXXX OPERATING L.P. “B”
as the Subsidiary Borrower
By: Kinder Xxxxxx X.X., Inc.,
its General Partner
By: Xxxxxx Xxxxxx Management, LLC,
its Delegate
By: /s/ Xxxxxxxx X. Xxxx
Name: Xxxxxxxx X. Xxxx
Title: Vice President and Chief Financial Officer
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XXXXX FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent and as a Lender
By: /s/ Xxxx Xxxxxxxxxx
Name: Xxxx Xxxxxxxxxx
Title: Vice President
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BANK OF AMERICA, N.A.,
as a Lender
By: /s/ Xxxxxxx X. Xxxxxxx
Name: Xxxxxxx X. Xxxxxxx
Title: Managing Director
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CITIBANK, N.A.,
as a Lender
By: /s/ Xxxx Xxxxx
Name: Xxxx Xxxxx
Title: Vice President
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JPMORGAN CHASE BANK, N.A.
as a Lender
By: /s/ Xxxxxxxxx Xxxxxxx
Name: Xxxxxxxxx Xxxxxxx
Title: Authorized Officer
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DnB NOR BANK ASA,
as a Lender
By: /s/ Xxxx Xxxxxx
Name: Xxxx Xxxxxx
Title: Senior Vice President
DnB NOR BANK ASA,
as a Lender
By: /s/ Xxxx Xxxxxx
Name: Xxxx Xxxxxx
Title: Vice President
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BARCLAYS BANK PLC,
as a Lender
By: /s/ Xxxxxxx Xxxxx
Name: Xxxxxxx Xxxxx
Title: Vice President
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CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
By: /s/ Xxxxx Xxxxx
Name: Xxxxx Xxxxx
Title: Vice President
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
By: /s/ Xxxxx Xxxxxx
Name: Xxxxx Xxxxxx
Title: Associate
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DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
By: /s/ Xxxxxxxx Xxxxxxxxx
Name: Xxxxxxxx Xxxxxxxxx
Title: Managing Director
By: /s/ Xxxxxx X. Xxxxx
Name: Xxxxxx X. Xxxxx
Title: Director
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XXXXXXX XXXXX LENDING PARTNERS LLC, as a Lender
By: /s/ Xxxx Xxxxxx
Name: Xxxx Xxxxxx
Title: Authorized Signatory
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XXXXXX XXXXXXX BANK, N.A.,
as a Lender
By: /s/ Xxxxxxx Xxxxx
Name: Xxxxxxx Xxxxx
Title: Authorized Signatory
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ROYAL BANK OF CANADA,
as a Lender
By: /s/ Xxxxx X. York
Name: Xxxxx X. York
Title: Authorized Signatory
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SUNTRUST BANK,
as a Lender
By: /s/ Xxxxxx Xxxxxxx
Name: Xxxxxx Xxxxxxx
Title: Director
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THE ROYAL BANK OF SCOTLAND plc,
as a Lender
By: /s/ Xxxxx Xxx
Name: Xxxxx Xxx
Title: Authorised Signatory
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UBS AG, STAMFORD BRANCH,
as a Lender
By: /s/ Xxxx X. Xxxx
Name: Xxxx X. Xxxx
Title: Associate Director
By: /s/ Xxxx X. Xxxxx
Name: Xxxx X. Xxxxx
Title: Associate Director
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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender
By: /s/ Xxxxxxx X. Xxxxxx
Name: Xxxxxxx X. Xxxxxx
Title: Authorized Signatory
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COMPASS BANK,
as a Lender
By: /s/ Xxxx Xxxxxxxxx
Name: Xxxx Xxxxxxxxx
Title: Senior Vice President
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ING CAPITAL LLC,
as a Lender
By: /s/ Xxxxx Xxxxxxxxx
Name: Xxxxx Xxxxxxxxx
Title: Director
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NATIXIS,
as a Lender
By: /s/ Xxxxx X. Xxxxxxx, III
Name: Xxxxx X. Xxxxxxx, III
Title: Managing Director
By: /s/ Xxxxxx Xxxxx
Name: Xxxxxx Xxxxx
Title: Managing Director
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REGIONS BANK,
as a Lender
By: /s/ Xxxxxxx X. Xxxxx
Name: Xxxxxxx X. Xxxxx
Title: Senior Vice President
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SUMITOMO MITSUI BANKING CORPORATION, as a Lender
By: /s/ Xxxxxxx Xxxxxx
Name: Xxxxxxx Xxxxxx
Title: Joint General Manager
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U.S. BANK NATIONAL ASSOCIATION,
as a Lender
By: /s/ Xxxxxxx X. Xxx
Name: Xxxxxxx X. Xxx
Title: Senior Vice President
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ANNEX I
Schedule 1.01
COMMITMENTS
|
Xxxxx Fargo Bank, National Association
|
$ | 160,000,000.00 | ||
|
Bank of America, N.A
|
150,000,000.00 | |||
|
Citibank, N.A
|
150,000,000.00 | |||
|
JPMorgan Chase Bank, N.A
|
150,000,000.00 | |||
|
DnB NOR Bank ASA
|
150,000,000.00 | |||
|
Barclays Bank PLC
|
150,000,000.00 | |||
|
Credit Suisse AG, Cayman Islands Branch
|
110,000,000.00 | |||
|
Deutsche Bank AG New York Branch
|
110,000,000.00 | |||
|
Xxxxxxx Xxxxx Lending Partners LLC
|
110,000,000.00 | |||
|
Xxxxxx Xxxxxxx Bank, N.A.
(Xxxxxx Xxxxxxx MUFG Loan Partners, LLC)
|
110,000,000.00 | |||
|
Royal Bank of Canada:
|
110,000,000.00 | |||
|
SunTrust Bank
|
110,000,000.00 | |||
|
The Royal Bank of Scotland plc
|
110,000,000.00 | |||
|
UBS AG, Stamford Branch
|
110,000,000.00 | |||
|
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
(Xxxxxx Xxxxxxx MUFG Loan Partners, LLC)
|
110,000,000.00 | |||
|
Compass Bank
|
50,000,000.00 | |||
|
ING Capital LLC
|
50,000,000.00 | |||
|
Natixis
|
50,000,000.00 | |||
|
Regions Bank
|
50,000,000.00 | |||
|
Sumitomo Mitsui Banking Corporation
|
50,000,000.00 | |||
|
U.S. Bank National Association
|
50,000,000.00 | |||
|
TOTAL
|
$ | 2,200,000,00.00 |
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