EXHIBIT 10.1
EXECUTION COPY
AMENDED AND RESTATED 364-DAY CREDIT AGREEMENT
Dated as of November 26, 2002
HERSHEY FOODS CORPORATION, a Delaware corporation (the
"COMPANY"), the banks, financial institutions and other institutional lenders
(collectively, the "INITIAL LENDERS") party hereto, CITIBANK, N.A., as
administrative agent (together with any successor thereto appointed pursuant to
Article VII of the Existing Credit Agreement referred to below, the "AGENT") for
the Lenders (as defined in the Existing Credit Agreement referred to below),
BANK OF AMERICA, N.A., as syndication agent, and XXXXXXX XXXXX XXXXXX INC. and
BANC OF AMERICA SECURITIES LLC, as joint lead arrangers and joint book managers,
hereby agree as follows:
PRELIMINARY STATEMENTS
(1) The Company is party to an Amended and Restated 364-Day
Credit Agreement dated as of November 27, 2001 (as amended, supplemented or
otherwise modified from time to time to (but not including) the date of this
Amendment and Restatement, the "EXISTING CREDIT AGREEMENT") with the banks,
financial institutions and other institutional lenders party thereto and
Citibank, N.A., as Agent for the Lenders and such other lenders. Capitalized
terms not otherwise defined in this Amendment and Restatement shall have the
same meanings as specified in the Existing Credit Agreement.
(2) The parties to this Amendment and Restatement desire to
amend the Existing Credit Agreement as set forth herein and to restate the
Existing Credit Agreement in its entirety to read as set forth in the Existing
Credit Agreement with the following amendments.
(3) The Company has requested that the Lenders agree to extend
credit to it from time to time in an aggregate principal amount of up to
$200,000,000 for general corporate purposes of the Company and its Subsidiaries
not otherwise prohibited under the terms of this Amendment and Restatement. The
Lenders have indicated their willingness to agree to extend credit to the
Company from time to time in such amount on the terms and conditions of this
Amendment and Restatement.
SECTION 1. AMENDMENTS TO THE EXISTING CREDIT AGREEMENT. The
Existing Credit Agreement is, effective as of the date of this Amendment and
Restatement and subject to the satisfaction of the conditions precedent set
forth in Section 2, hereby amended as follows:
(a) Section 1.01 is hereby amended by deleting the definitions
of "Applicable Margin", "Lenders" and "Termination Date" set forth therein and
replacing them, respectively, with the following new definitions thereof:
"APPLICABLE MARGIN" means (a) for Base Rate Advances, 0% per
annum and (b) for Eurodollar Rate Advances, as of any date, a percentage per
annum determined by reference to the Level in effect on such date as set forth
below:
-------------------- ----------------------------- -----------------------------
Level Applicable Applicable
Margin for Eurodollar Rate Margin for Eurodollar Rate
Advances Prior to the Advances On and After the
Termination Date Termination Date
-------------------- ----------------------------- -----------------------------
2
Xxxxx 0 0.150% 0.400%
-------------------- ----------------------------- -----------------------------
Xxxxx 0 0.190% 0.440%
-------------------- ----------------------------- -----------------------------
Xxxxx 0 0.280% 0.530%
-------------------- ----------------------------- -----------------------------
Xxxxx 0 0.370% 0.620%
-------------------- ----------------------------- -----------------------------
Xxxxx 0 0.445% 0.695%
-------------------- ----------------------------- -----------------------------
Xxxxx 0 0.600% 0.850%
-------------------- ----------------------------- -----------------------------
"LENDERS" means, collectively, each of the banks, financial
institutions and other institutional lenders listed on Schedule I
hereto, each Assuming Lender that shall become a party hereto pursuant
to Section 2.05(c) and each Eligible Assignee that shall become a party
hereto pursuant to Section 9.07.
"TERMINATION DATE" means the earlier of (a) November 25, 2003
or, if the Termination Date is extended pursuant to Section 2.18(a),
the date to which the Termination Date is extended pursuant to Section
2.18(a), and (b) the date of termination in whole of the Commitments
pursuant to Section 2.05(a), 2.05(b) or 6.01.
(b) Section 2.01(a) is amended by replacing the words "the
signature pages hereof" with the words "Schedule I hereto".
(c) Section 4.01(e) is amended (i) by replacing the date
"December 31, 2000" with the date "December 31, 2001" and (ii) by replacing the
date "July 1, 2001" with the date "June 30, 2002".
(d) Schedule I is deleted in its entirety and replaced with
Schedule I to this Amendment and Restatement.
SECTION 2. CONDITIONS OF EFFECTIVENESS OF THIS AMENDMENT AND
RESTATEMENT. This Amendment and Restatement shall become effective as of the
date first above written (the "RESTATEMENT EFFECTIVE DATE") when and only if:
(a) The Agent shall have received counterparts of this
Amendment and Restatement executed by the Company and all of the
Initial Lenders or, as to any of the Initial Lenders, advice
satisfactory to the Agent that such Initial Lender has executed this
Amendment and Restatement.
(b) On the Restatement Effective Date, the following
statements shall be true and the Agent shall have received for the
account of each Lender a certificate signed by a duly authorized
officer of the Company, dated the Restatement Effective Date, stating
that:
(i) The representations and warranties of the
Company contained in Section 4.01 of the Existing Credit
Agreement, as amended hereby, are correct on and as of the
Restatement Effective Date, and
(ii) No event has occurred and is continuing that
constitutes a Default.
(c) The Agent shall have received on or before the Restatement
Effective Date the following, each dated such date and (unless
otherwise specified below) in form and substance satisfactory to the
Agent and in sufficient copies for each Initial Lender:
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(i) The Revolving Credit Notes of the Company to the
order of the Lenders, respectively, to the extent requested by
any Lender pursuant to Section 2.19 of the Existing Credit
Agreement.
(ii) Certified copies of the resolutions of the Board
of Directors of the Company approving this Amendment and
Restatement (including the Commitment Increase contemplated by
Section 2.05(c) of the Existing Credit Agreement) and the
Notes of the Company, and of all documents evidencing other
necessary corporate action and governmental approvals, if any,
with respect to this Amendment and Restatement and such Notes.
(iii) A certificate of the Secretary or an Assistant
Secretary of the Company certifying the names and true
signatures of the officers of the Company authorized to sign
this Amendment and Restatement and the Notes of the Company
and the other documents to be delivered hereunder.
(iv) A favorable opinion of Xxxxxx X. Xxxxxx, Senior
Vice President and General Counsel of the Company,
substantially in the form of Exhibit H to the Existing Credit
Agreement but with such modifications as are required to
address the Existing Credit Agreement, as amended by this
Amendment and Restatement in form and substance reasonably
satisfactory to the Initial Lenders.
(v) A favorable opinion of Shearman & Sterling,
counsel for the Agent, in form and substance satisfactory
to the Agent.
(vi) Such other approvals, opinions or documents as
any Lender, through the Agent, may reasonably request prior to
the Effective Date.
SECTION 3. REFERENCE TO AND EFFECT ON THE EXISTING CREDIT
AGREEMENT AND THE NOTES. (a) On and after the effectiveness of this Amendment
and Restatement, each reference in the Existing Credit Agreement to "this
Agreement", "hereunder", "hereof" or words of like import referring to the
Existing Credit Agreement, and each reference in the Notes to "the Credit
Agreement", "thereunder", "thereof" or words of like import referring to the
Existing Credit Agreement, shall mean and be a reference to the Existing Credit
Agreement, as amended by this Amendment and Restatement.
(b) The Existing Credit Agreement and the Notes, as
specifically amended by this Amendment and Restatement, are and shall continue
to be in full force and effect and are hereby in all respects ratified and
confirmed.
(c) Without limiting any of the other provisions of the
Existing Credit Agreement, as amended by this Amendment and Restatement, any
references in the Existing Credit Agreement to the phrases "on the date hereof",
"on the date of this Agreement" or words of similar import shall mean and be a
reference to the Restatement Effective Date.
SECTION 4. COSTS AND EXPENSES. The Company agrees to pay on
demand all reasonable out-of-pocket costs and expenses of the Agent in
connection with the preparation, execution, delivery and administration,
modification and amendment of this Amendment and Restatement, the Notes and the
other documents to be delivered hereunder (including, without limitation, the
reasonable and documented fees and expenses of counsel for the Agent with
respect hereto and thereto) in accordance with the terms of Section 9.04 of the
Existing Credit Agreement.
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SECTION 5. EXECUTION IN COUNTERPARTS. This Amendment and
Restatement 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 counterpart of a signature page
to this Amendment and Restatement by telecopier shall be effective as delivery
of a manually executed counterpart of this Amendment and Restatement.
SECTION 6. GOVERNING LAW. This Amendment and Restatement
shall be governed by, and construed in accordance with, the laws of the State of
New York.
IN WITNESS WHEREOF, the parties hereto have caused this
Amendment and Restatement to be executed by their respective officers thereunto
duly authorized, as of the date first above written.
HERSHEY FOODS CORPORATION
By: /s/ Xxxxx Xxxxxxxxx
---------------------
Title: Senior Vice President, Chief
Financial Officer
By: /s/ X. Xxxxxxxxxx Xxxxxxxxxx
--------------------------------
Title: Vice President and Treasurer
CITIBANK, N.A.,
as Administrative Agent
By: /s/ Xxxxxx X. Xxxx
--------------------
Title: Director and Vice President
LENDERS
CITIBANK, N.A.
By: /s/ Xxxxxx X. Xxxx
--------------------
Title: Director and Vice President
BANK OF AMERICA, N.A.
By: /s/ Xxxx Xxxxxxx
------------------
Title: Managing Director
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UBS AG, STAMFORD BRANCH
By: /s/ Xxxx Xxxxxxxxxxx
--------------------
Title: Associate Director
By: /s/ Xxxxxxx X. Saint
--------------------
Title: Associate Director
MELLON BANK, N.A.
By: /s/ Xxxxxx Xxxxxxx
--------------------
Title: Senior Vice President
PNC BANK, NATIONAL ASSOCIATION
By: /s/ Xxxxxx X. Xxxxxxxx
-----------------------
Title: Vice President
DEUTSCHE BANK AG NEW YORK BRANCH
By: /s/ Xxxxxxx X. XxXxxxx
----------------------
Title: Director
By: /s/ Xxxxxx X. Xxxxx
--------------------
Title: Vice President
CIBC, INC.
By: /s/ Xxxxxxx X. Xxxxxxxx
-----------------------
Title: Executive Director
WACHOVIA BANK, NATIONAL ASSOCIATION
By: /s/ Xxxxxx X. Xxxxx
--------------------
Title: Vice President
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BANCO POPULAR DE PUERTO RICO
By: /s/ Xxxxxx X. Xxxxxxxx
----------------------
Title: Vice President
SUMITOMO MITSUI BANKING CORPORATION
By: /s/ Xxx X. Xxxxxxxxx
--------------------
Title: Senior Vice President
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SCHEDULE I TO THE AMENDMENT AND RESTATEMENT
COMMITMENTS AND APPLICABLE LENDING OFFICES
------------------------------ ----------------------- ---------------------------------- -------------------------------
Name of Initial Lender Commitment Domestic Lending Office Eurodollar Lending Office
------------------------------ ----------------------- ---------------------------------- -------------------------------
------------------------------ ----------------------- ---------------------------------- -------------------------------
BANCO POPULAR DE PUERTO $10,000,000 0 Xxxx 00xx - 0xx Xxxxx 7 West 51st - 2nd Floor
RICO, NEW YORK BRANCH Xxx Xxxx, XX 00000 Xxx Xxxx, XX 00000
Attn: Xxxxxx X. Xxxxxxxx Attn: Xxxxxx X. Xxxxxxxx
T: (000) 000-0000 T: (000) 000-0000
F: (000) 000-0000 F: (000) 000-0000
------------------------------ ----------------------- ---------------------------------- -------------------------------
------------------------------ ----------------------- ---------------------------------- -------------------------------
BANK OF AMERICA, N.A. $40,000,000 000 Xxxx Xxxxxx, 00xx Xxxxx 000 Xxxx Xxxxxx, 00xx Xxxxx
Xxxxxx, XX 00000 Xxxxxx, XX 00000
Attn: Xxx Xxxxx Attn: Xxx Xxxxx
T: (000) 000-0000 T: (000) 000-0000
F: (000) 000-0000 F: (000) 000-0000
------------------------------ ----------------------- ---------------------------------- -------------------------------
------------------------------ ----------------------- ---------------------------------- -------------------------------
CIBC, Inc. $10,000,000 000 Xxxxxxxxx Xxxxxx 00 Xxxxxxx Xxxxxx
Xxx Xxxx, XX 00000 20th Floor
Attn: Xxxxxxx Xxxxxxxx Xxx Xxxx, XX 00000
T: (000) 000-0000 Attn: Xxxx Dornkowski
F: (000) 000-0000 T: (000) 000-0000
F: (000) 000-0000
------------------------------ ----------------------- ---------------------------------- -------------------------------
------------------------------ ----------------------- ---------------------------------- -------------------------------
CITIBANK, N.A. $40,000,000 Two Penns Way Xxx Xxxxx Xxx
Xxx Xxxxxx, XX 00000 Xxx Xxxxxx, XX 00000
Attn: Attn:
T: (302) T: (302)
F: (302) F: (302)
------------------------------ ----------------------- ---------------------------------- -------------------------------
------------------------------ ----------------------- ---------------------------------- -------------------------------
DEUTSCHE BANK AG, NEW YORK $10,000,000 00 Xxxxxx Xxxxxx, Xxxxxxxx 00 Xxxxxx Xxxxxx, Xxxxxxxx
XXXXXX XXX00-0000 JCY05-0511
Xxxxxx Xxxx, XX 00000 Xxxxxx Xxxx, XX 00000
Attn: Xxxxxx X. Xxxxxxxx Attn: Xxxxxx X. Xxxxxxxx
T: (000) 000-0000 T: (000) 000-0000
F: (000)-000-0000/2314 F: (000)-000-0000/2314
------------------------------ ----------------------- ---------------------------------- -------------------------------
------------------------------ ----------------------- ---------------------------------- -------------------------------
MELLON BANK, N.A. $25,000,000 3 Mellon Bank Center, 12th Floor 3 Mellon Bank Center, 12th
Xxxxxxxxxx, XX 00000 Floor
Attn: Xxxxxxxx X. Xxxxxxxx Xxxxxxxxxx, XX 00000
T: 000-000-0000 Attn: Xxxxxxxx X. Xxxxxxxx
F: 000-000-0000 T: 412-234-8285
F: 000-000-0000
------------------------------ ----------------------- ---------------------------------- -------------------------------
------------------------------ ----------------------- ---------------------------------- -------------------------------
PNC BANK, NATIONAL $10,000,000 0000 Xxxxxx Xxxxxx 1600 Market Street
ASSOCIATION MS F2 F07021 5 XX X0 X00000 0
Xxxxxxxxxxxx, XX 00000 Xxxxxxxxxxxx, XX 00000
Attn: Xxxxxx X. Xxxxxxxx Attn: Xxxxxx X. Xxxxxxxx
T: (000) 000-0000 T: (000) 000-0000
F: (000) 000-0000 F: (000) 000-0000
------------------------------ ----------------------- ---------------------------------- -------------------------------
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------------------------ ----------------------- ---------------------------------- -------------------------------
SUMITOMO MITSUI BANKING $10,000,000 000 Xxxx Xxxxxx 000 Xxxx Xxxxxx
XXXXXXXXXXX Xxx Xxxx, XX 00000 Xxx Xxxx, XX 00000
Attn: Xxxxxx Xxxxxx Attn: Xxxxxx Xxxxxx
T: (000) 000-0000 T: (000) 000-0000
F: (000) 000-0000 F: (000) 000-0000
------------------------------ ----------------------- ---------------------------------- -------------------------------
------------------------------ ----------------------- ---------------------------------- -------------------------------
UBS AG, STAMFORD BRANCH $35,000,000 000 Xxxxxxxxxx Xxxx. 000 Xxxxxxxxxx Xxxx.
Xxxxxxxx, XX 00000 Xxxxxxxx, XX 00000
Attn: Xxxxx Xxxxxxx Attn: Xxxxx Xxxxxxx
T: (000) 000-0000 T: (000) 000-0000
F: (000) 000-0000 F: (000) 000-0000
------------------------------ ----------------------- ---------------------------------- -------------------------------
------------------------------ ----------------------- ---------------------------------- -------------------------------
WACHOVIA BANK, NATIONAL $10,000,000 000 Xxxxx Xxxxxxx Xxxxxx, 000 Xxxxx Xxxxxxx Xxxxxx,
ASSOCIATION XX-00 XX-00
Xxxxxxxxx, XX 00000-0000 Xxxxxxxxx, XX 00000-0000
Attn: Xxxxxx Xxxxxx Attn: Xxxxxx Xxxxxx
T: 704-715-1876 T: 704-715-1876
F: 704-383-7999 F: 704-383-7999
------------------------------ ----------------------- ---------------------------------- -------------------------------
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TOTAL OF $200,000,000
COMMITMENTS
