EXHIBIT 10.1
EXECUTION COPY
AMENDMENT NO. 2
TO AMENDED AND RESTATED CREDIT AGREEMENT
THIS AMENDMENT NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENT, effective as
of September 30, 2005 (the "Agreement") relating to the Credit Agreement
referenced below, is by and among WOLVERINE TUBE, INC., a Delaware corporation
(the "Company"), certain of its Subsidiaries identified as Subsidiary Borrowers
on the signature pages hereto and any additional Subsidiaries of the Company
which become parties to the Credit Agreement in accordance with the terms
thereof (collectively referred to as the "Subsidiary Borrowers" and individually
referred to as a "Subsidiary Borrower") (hereinafter, the Company and the
Subsidiary Borrowers are collectively referred to as the "Borrowers" or referred
to individually as a "Borrower"), each of the financial institutions identified
as Lenders on the signature pages hereto (the "Lenders" and each individually, a
"Lender"), and WACHOVIA BANK, NATIONAL ASSOCIATION, ("Wachovia"), acting in the
manner and to the extent described in Article XIII of the Credit Agreement (in
such capacity, the "Administrative Agent"). Terms used but not otherwise defined
herein shall have the meanings provided in the Credit Agreement and the
provisions of Sections 1.2 and 1.3 of the Credit Agreement related to the
definitions shall apply herein.
W I T N E S S E T H
WHEREAS, a $35,000,000 credit facility has been extended to the Borrowers
pursuant to the terms of that certain Amended and Restated Credit Agreement
dated as of April 28, 2005 (as amended, modified or otherwise supplemented from
time to time, the "Credit Agreement") among the Borrowers, the Lenders, and the
Administrative Agent;
WHEREAS, the Borrowers have requested that certain covenants be adjusted
and certain other amendments be made as contemplated herein; and
WHEREAS, the undersigned Lenders have agreed to amend the Credit Agreement
on the terms and conditions as set forth herein and;
NOW, THEREFORE, in consideration of these premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
(A) AMENDMENTS.
1. Section 8.3(b) of the Credit Agreement is hereby deleted and
replaced in its entirety with "[Intentionally Omitted]" and, without
limiting the foregoing, the parties hereto confirm that the requirements
previously contained therein shall not be applicable for the Production
Month of the Consolidated Parties ending closest to September 30, 2005.
2. Section 8.3(c) of the Credit Agreement is hereby amended and
replaced in its entirety as follows:
"(c) Commencing with the fiscal quarter of the Consolidated Parties
ending closest to June 30, 2007, and for each fiscal quarter thereafter,
Consolidated EBITDA for the Consolidated Parties shall be greater than or
equal to $32,000,000, calculated on a rolling four quarter basis."
3. Each of the Schedules attached to the Credit Agreement is hereby
deleted and replaced by the corresponding Schedule attached to this
Agreement.
(B) REPRESENTATIONS AND WARRANTIES. Each Credit Party hereby represents and
warrants that (i) the representations and warranties contained in Article VI of
the Credit Agreement are true and correct in all material respects on and as of
the date hereof as though made on and as of such date (except for those
representations and warranties which by their terms relate solely to an earlier
date) and after giving effect to the transactions contemplated herein, (ii) no
Default or Event of Default exists under the Credit Agreement on and as of the
date hereof and after giving effect to the transactions contemplated herein,
(iii) it has the corporate, limited liability company or limited partnership
power and authority to execute and deliver this Agreement and to perform its
obligations hereunder and has taken all necessary organizational action to
authorize the execution, delivery and performance by it of this Agreement; (iv)
it has duly executed and delivered this Agreement, and this Agreement
constitutes its legal, valid and binding obligation enforceable in accordance
with its terms except as the enforceability thereof may be limited by
bankruptcy, insolvency or other similar laws affecting the rights of creditors
generally or by general principles of equity and (v) neither the execution and
delivery of this Agreement, nor the consummation of the transactions
contemplated therein, nor performance of and compliance with the terms and
provisions thereof will violate or conflict in any material respect with any
material provision of its articles or certificate of incorporation or
certificate of limited partnership or certificate of formation, bylaws,
agreement of limited partnership or limited liability company agreement or
violate, contravene or conflict in any material respect with contractual
provisions of, or cause an event of default under, any indenture, including
without limitation the 2008 Senior Note Indenture and 2009 Senior Note
Indenture, loan agreement, mortgage, deed of trust, contract or other agreement
or instrument to which it is a party or by which it may be bound.
(C) EFFECTIVENESS. This Agreement shall become effective upon satisfaction
of all of the following conditions precedent:
1. Executed Agreement. The Administrative Agent shall have received a
fully executed counterpart of this Agreement from each party hereto.
2. Amendment Fee. The Administrative Agent shall have received an
amendment fee of $25,000.
3. Permitted Securitization Amendment. The Administrative Agent shall
have received a copy of an original fully executed amendment to the
Receivables Purchase Agreement dated as of April 28, 2005, which evidences
the Permitted Securitization, upon terms reasonably satisfactory to the
Administrative Agent, which amendment shall be in full force and effect and
not subject to any unsatisfied conditions precedent.
4. Other Conditions Precedent. The Borrowers shall have completed all
proceedings taken in connection with the transactions contemplated by this
Agreement
2
and delivered to the Administrative Agent all other documentation and
other items incident thereto, and each shall be satisfactory to the
Administrative Agent and its legal counsel, Mayer, Brown, Xxxx & Maw, LLP.
(D) NO OTHER MODIFICATION. Except to the extent specifically provided to
the contrary in this Agreement, all terms and conditions of the Credit Agreement
(including Exhibits and Schedules thereto) and the other Credit Documents shall
remain in full force and effect, without modification or limitation. This
Agreement shall not operate as a consent to any other action or inaction by the
Borrowers or any other Credit Party, or as a waiver or amendment of any right,
power, or remedy of any Lender or the Administrative Agent under the Credit
Agreement or any other Credit Document nor constitute a consent to any such
action or inaction, or a waiver or amendment of any provision contained in the
Credit Agreement or any other Credit Document except as specifically provided
herein. Each of the Credit Parties acknowledges, confirms and agrees that the
Credit Documents to which it is a party remain in full force and effect as of
the date hereof and continue to secure all Obligations of each such Credit Party
to any Lender or the Administrative Agent, and novation of any kind is hereby
expressly disclaimed.
(E) RELEASE. In consideration of entering into this Agreement, each Credit
Party (a) represents and warrants to each Agent and each Lender that as of the
date hereof there are no causes of action, claims, actions, proceedings,
judgments, suits, demands, damages or offsets against or defenses or
counterclaims to its Obligations or Secured Obligations under the Credit
Documents and furthermore, such Credit Party waives any and all such causes of
action, claims, actions, proceedings, judgments, suits, demands, damages,
offsets, defenses or counterclaims whether known or unknown, arising prior to
the date of this Agreement and (b) releases each Agent and each Lender and each
of their respective Affiliates, Subsidiaries, officers, employees,
representatives, agents, counsel and directors from any and all actions, causes
of action, claims, actions, proceedings, judgments, suits, demands, damages and
liabilities of whatever kind or nature, in law or in equity, now known or
unknown, suspected or unsuspected to the extent that any of the foregoing arises
from any action or failure to act with respect to any Credit Document, on or
prior to the date hereof.
(F) GOVERNING LAW. This Agreement shall be governed by and construed and
interpreted in accordance with the laws of the State of North Carolina, without
regard to the principles governing conflicts of laws thereof.
(G) INCORPORATION BY REFERENCE OF CERTAIN PROVISIONS. THE PROVISIONS IN
SECTIONS 14.5, 14.6, 14.8, 14.9, 14.10, 14.12, 14.13, 14.14, 14.15, 14.19 AND
14.24 OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED BY REFERENCE HEREIN,
MUTATIS MUTANDIS.
3
Each of the parties hereto has caused a counterpart of this Agreement to be
duly executed and delivered effective as of the date first above written.
COMPANY:
WOLVERINE TUBE, INC.
By: /s/ Xxxxxx X. Xxxxx
Name: Xxxxxx X. Xxxxx
Title: SR. V.P., CFO & Secretary
SUBSIDIARY BORROWERS:
TF INVESTOR, INC.
By: /s/ Xxxxxx X. Xxxxx
Name: Xxxxxx X. Xxxxx
Title: VP & Treasurer
TUBE FORMING HOLDINGS, INC.
By: /s/ Xxxxxx X. Xxxxx
Name: Xxxxxx X. Xxxxx
Title: VP & Treasurer
TUBE FORMING, L.P.
By: Tube Forming Holdings, Inc.,
its General Partner
By: /s/ Xxxxxx X. Xxxxx
Name: Xxxxxx X. Xxxxx
Title: VP & Treasurer
WOLVERINE FINANCE, LLC
By: /s/ Xxxxxx X Xxxxx
Name: Xxxxxx X. Xxxxx
Title: Vice Manager & Treasurer
SMALL TUBE MANUFACTURING, LLC
By: /s/ Xxxxxx X. Xxxxx
Name: Xxxxxx X. Xxxxx
Title: VP & Treasurer
WOLVERINE JOINING TECHNOLOGIES, LLC
By: /s/ Xxxxxx X. Xxxxx
Name: Xxxxxx X. Xxxxx
Title: VP & Treasurer
WOLVERINE CHINA INVESTMENTS, LLC
By: Wolverine Tube, Inc.,
its Managing Member
By: /s/ Xxxxxx X. Xxxxx
Name: Xxxxxx X. Xxxxx
Title: SR. V.P., CFO & Secretary
WT HOLDING COMPANY, INC.
By: /s/ Xxxxxx X. Xxxxx
Name: Xxxxxx X. Xxxxx
Title: V.P. & Treasurer
LENDERS:
WACHOVIA BANK,
NATIONAL ASSOCIATION, in its capacity
as Administrative Agent and as a Lender
By: /s/ Xxxxxx X. X'Xxxxxx
Name: Xxxxxx X. X'Xxxxxx
Title: Director
(signature pages end)
