EXHIBIT 10.10
SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT
SECOND AMENDMENT, dated as of March 5, 2002 (this "AMENDMENT"), to the
Revolving Credit Agreement, dated as of March 15, 1999, as amended by the
Amendment dated as of May 12, 2000 (such Revolving Credit Agreement, as amended,
supplemented or otherwise modified from time to time, the "REVOLVING CREDIT
AGREEMENT"), among B&G FOODS HOLDINGS CORP., a Delaware corporation
("HOLDINGS"), B&G FOODS, INC., a Delaware corporation (the "BORROWER"), the
several banks and other financial institutions or entities from time to time
parties to the Revolving Credit Agreement (the "LENDERS"), XXXXXX BROTHERS INC.,
as advisor, lead arranger and book manager (in such capacity, the "ARRANGER"),
THE BANK OF NEW YORK, as documentation agent (in such capacity, the
"DOCUMENTATION AGENT"), XXXXXX FINANCIAL, INC., as co-documentation agent (in
such capacity, the "CO-DOCUMENTATION AGENT"), XXXXXX COMMERCIAL PAPER INC., as
syndication agent (in such capacity, the "SYNDICATION AGENT"), and XXXXXX
COMMERCIAL PAPER INC., as administrative agent (in such capacity, the
"ADMINISTRATIVE AGENT").
W I T N E S S E T H:
WHEREAS, Holdings and the Borrower have requested that the Lenders
amend, and the Lenders have agreed to amend, certain of the provisions of the
Revolving Credit Agreement, upon the terms and subject to the conditions set
forth below;
NOW, THEREFORE, in consideration of the premises and mutual agreements
contained herein, and for other valuable consideration the receipt of which is
hereby acknowledged, Holdings, the Borrower, the Lenders and the Administrative
Agent hereby agree as follows:
1. DEFINITIONS. All terms defined in the Revolving Credit Agreement
shall have such defined meanings when used herein unless otherwise defined
herein.
2. AMENDMENT OF SECTION 1.1 (DEFINED TERMS). Section 1.1 of the
Revolving Credit Agreement is hereby amended by deleting the definition of
"Senior Subordinated Notes" in its entirety and inserting, in proper
alphabetical order, the following defined terms and related definitions:
"'SENIOR SUBORDINATED NOTES': the collective reference to Senior
Subordinated Notes I and Senior Subordinated Notes II.
'SENIOR SUBORDINATED NOTES I': the subordinated notes of the Borrower
issued in 1997 pursuant to the Senior Subordinated Note Indenture in the
original aggregate principal amount of $120,000,000.
2
'SENIOR SUBORDINATED NOTES II': the subordinated notes of the Borrower
issued in 2002 pursuant to the Senior Subordinated Note Indenture in the
aggregate principal amount of $100,000,000."
3. AMENDMENT OF SECTION 6.2 (LIMITATIONS ON INDEBTEDNESS). Section
6.2(g)(i) of the Revolving Credit Agreement is amended by replacing
"$120,000,000" with "$220,000,000"
4. REPRESENTATIONS; NO DEFAULT. On and as of the date hereof, and
after giving effect to this Amendment, (i) each of Holdings and the Borrower
certifies that no Default or Event of Default has occurred or is continuing, and
(ii) each of Holdings and the Borrower confirms, reaffirms and restates that the
representations and warranties set forth in Section 3 of the Revolving Credit
Agreement and in the other Loan Documents are true and correct in all material
respects, PROVIDED that the references to the Revolving Credit Agreement therein
shall be deemed to be references to this Amendment and to the Revolving Credit
Agreement as amended by this Amendment.
5. CONDITIONS TO EFFECTIVENESS. This Amendment shall become effective
on and as of the date that:
(a) the Administrative Agent shall have received counterparts of this
Amendment, duly executed and delivered by a duly authorized officer of each of
Holdings and the Borrower;
(b) the Administrative Agent shall have received executed Lender
Consent Letters, substantially in the form of Exhibit A hereto ("LENDER CONSENT
LETTERS"), from Lenders whose consent is required pursuant to Section 9.1 of the
Revolving Credit Agreement;
(c) the Administrative Agent shall have received an executed
Acknowledgment and Consent, in the form set forth at the end of this Amendment,
from each Loan Party other than the Borrower and Holdings;
(d) the Administrative Agent shall have received an executed
certificate of an officer of each of Holdings and the Borrower in form
satisfactory to the Administrative Agent as to the accuracy of the
representations and warranties set forth in Section 3 of the Revolving Credit
Agreement and in the other Loan Documents, the absence of any Default or Event
of Default after giving effect to this Amendment, and as to such other customary
matters as the Administrative Agent may reasonably request;
(e) the Administrative Agent shall have received for the account of
each Lender executing and delivering this Amendment by March 5, 2002 a fee of
1/10 of 1% of the aggregate principal amount of such Lenders' total Commitments
under the Revolving Credit Agreement; and
(f) the Administrative Agent shall be satisfied that amendments to the
Term Loan Agreement consistent with the amendments effected hereby have become
effective.
3
6. LIMITED CONSENT AND AMENDMENT. Except as expressly amended herein,
the Revolving Credit Agreement shall continue to be, and shall remain, in full
force and effect. This Amendment shall not be deemed to be a waiver of, or
consent to, or a modification or amendment of, any other term or condition of
the Revolving Credit Agreement or any other Loan Document or to prejudice any
other right or rights which the Lenders may now have or may have in the future
under or in connection with the Revolving Credit Agreement or any of the
instruments or agreements referred to therein, as the same may be amended from
time to time.
7. COUNTERPARTS. This Amendment may be executed by one or more of the
parties hereto in any number of separate counterparts and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.
8. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed and delivered by their respective duly authorized officers as of the
date first above written.
B&G FOODS HOLDINGS CORP.
By: /s/ Xxxxxx Xxxxxxxx
-------------------------------------
Name: Xxxxxx X. Xxxxxxxx
Title: Executive Vice President Finance
B&G FOODS, INC.
By: /s/ Xxxxxx Xxxxxxxx
------------------------------------
Name: Xxxxxx X. Xxxxxxxx
Title: Executive Vice President Finance
XXXXXX BROTHERS INC.,
as Arranger
By: /s/ G. Xxxxxx Xxxxx
-------------------------------------
Name:
Title:
XXXXXX COMMERCIAL PAPER INC.,
as Syndication Agent, and as
Administrative Agent
By: /s/ G. Xxxxxx Xxxxx
-------------------------------------
Name:
Title:
THE BANK OF NEW YORK, as
Documentation Agent
By: /s/ Xxxxx Xxx Xxxxx
-------------------------------------
Name:
Title:
XXXXXX FINANCIAL, INC., as
Co-Documentation Agent
By: /s/ Xxxxx X. Xxxxxxxx
-------------------------------------
Name:
Title:
ACKNOWLEDGMENT AND CONSENT
Each of the undersigned parties to the Guarantee and Collateral Agreement,
dated as of March 15, 1999 and as amended, supplemented or otherwise modified
from time to time, made by the undersigned in favor of Xxxxxx Commercial Paper
Inc., as Administrative Agent, for the benefit of the Lenders, hereby (a)
consents to the transactions contemplated by the Second Amendment to the Term
Loan Agreement, (b) consents to the transactions contemplated by the Second
Amendment to the Revolving Credit Agreement and (c) acknowledges and agrees that
the guarantees and grants of security interests contained in the Guarantee and
Collateral Agreement and in the other Security Documents are, and shall remain,
in full force and effect after giving effect to such Second Amendments and all
prior modifications to the Term Loan Agreement and the Revolving Credit
Agreement.
BGH HOLDINGS, INC.
By: /s/ Xxxxxx Xxxxxxxx
-------------------------------------
Title: Executive Vice President Finance
XXXXX & XXXXXXXXXXXX, INC.
By: /s/ Xxxxxx Xxxxxxxx
-------------------------------------
Title: Executive Vice President Finance
POLANER, INC.
By: /s/ Xxxxxx Xxxxxxxx
-------------------------------------
Title: Executive Vice President Finance
RWBV ACQUISITION CORP.
By: /s/ Xxxxxx Xxxxxxxx
-------------------------------------
Title: Vice President Finance
TRAPPEY'S FINE FOODS, INC.
By: /s/ Xxxxxx Xxxxxxxx
------------------------------------
Title: Executive Vice President Finance
MAPLE GROVE FARMS OF VERMONT, INC.
By: /s/ Xxxxxx Xxxxxxxx
------------------------------------
Title: Executive Vice President Finance
HERITAGE ACQUISITION CORP.
By: /s/ Xxxxxx Xxxxxxxx
------------------------------------
Title: Vice President Finance
XXXXXXX XXXXXXXXX COMPANY
By: /s/ Xxxxxx Xxxxxxxx
------------------------------------
Title: Vice President Finance
