EXHIBIT 4.3 (b)
FIRST AMENDMENT
THIS FIRST AMENDMENT dated as of March 8, 2002 (this "Amendment")
amends the Five-Year Revolving Credit Agreement dated as of October 6, 2000
among Anixter Inc. ("Anixter"), various subsidiaries of Anixter (the "Borrowing
Subsidiaries"), various financial institutions (the "Lenders") and Bank of
America, N.A., as administrative agent (the "Administrative Agent"). Terms
defined in the Credit Agreement are, unless otherwise defined herein or the
context otherwise requires, used herein as defined therein.
WHEREAS, Anixter, the Borrowing Subsidiaries, the Lenders and the
Administrative Agent have entered into the Credit Agreement; and
WHEREAS, the parties hereto desire to amend the Credit Agreement in
certain respects as more fully set forth herein;
NOW, THEREFORE, the parties hereto agree as follows:
SECTION 1.Amendments. Subject to the satisfaction of the conditions precedent
set forth in Section 3, the Credit Agreement shall be amended as follows.
1.1 ______ Amendment to Definition of "Consolidated Fixed Charge Expense". The
definition of "Consolidated Fixed Charge Expense" is amended by deleting the
phrase "cash interest expense (including the interest component of capital
leases, the interest component of Synthetic Lease Obligations, facility fees,
and fees for standby letters of credit, but excluding the interest accretion
relating to the Subordinated XXXXx Note)" therein and substituting therefor "net
interest expense of the Consolidated Group (including the interest component of
capital leases, the interest component of Synthetic Lease Obligations, facility
fees, and fees for standby letters of credit, but excluding the interest
accretion relating to the Subordinated XXXXx Note and excluding amortization of
deferred financing fees)".
1.2 ______ Amendment to Definition of "Restricted Payment". The definition of
"Restricted Payment" is amended by (a) deleting the word "and" at the end of
clause (v) and (b) inserting "and" and the following new clause (vii) in the
appropriate numerical position prior to the proviso:
"and (vii) any payment, redemption or purchase made by Anixter in
respect of the Subordinated XXXXx Note or the zero coupon senior Liquid
Yield Option Notes due 2020 issued by AXE".
1.3 Amendment to Section 7.18. Section 7.18 is amended in its entirety to
read as follows:
"7.18 ____ Minimum Consolidated Fixed Charge Coverage Ratio.
No Borrower shall permit the Consolidated Fixed Charge Coverage Ratio
calculated at the end of each Fiscal Quarter for the period of the
immediately preceding four Fiscal Quarters to be less than (a) 2.00 to
1 for any period ending prior to September 30, 2002, (b) 2.25 to 1 for
any period ending on or after September 30, 2002 but prior to December
31, 2002, (c) 2.50 to 1 for any period ending on or after December 31,
2002 but prior to June 30, 2003 and (d) 3.0 to 1 for any period ending
on or after June 30, 2003."
SECTION 2. ________ Warranties. Each Borrower represents and warrants to the
Administrative Agent and the Lenders that, after giving effect to the
effectiveness hereof, (a) each warranty set forth in Article V of the Credit
Agreement is true and correct in all material respects, except to the extent
that such warranty specifically refers to an earlier date, and (b) no Default or
Event of Default exists.
SECTION 3. ________ Effectiveness. The amendments set forth in Section 1 above
shall become effective when the Administrative Agent shall have received
counterparts of this Amendment executed by Anixter, the Borrowing Subsidiaries
and the Required Lenders.
SECTION 4. Miscellaneous.
4.1 ______ Continuing Effectiveness, etc. As herein amended, the Credit
Agreement shall remain in full force and effect and is hereby ratified and
confirmed in all respects. After the effectiveness of this Amendment, all
references in the Credit Agreement and the other Loan Documents to "Credit
Agreement" or similar terms shall refer to the Credit Agreement as amended
hereby.
4.2 ______ Counterparts. This Amendment may be executed in any number of
counterparts and by the different parties on separate counterparts, and each
such counterpart shall be deemed to be an original but all such counterparts
shall together constitute one and the same Amendment.
4.3 Governing Law. This Amendment shall be a contract made under and governed
by the laws of the State of Illinois.
4.4 ______ Successors and Assigns. This Amendment shall be binding upon Anixter,
the Borrowing Subsidiaries, the Lenders and the Administrative Agent and their
respective successors and assigns, and shall inure to the benefit of Anixter,
the Borrowing Subsidiaries, the Lenders and the Administrative Agent and the
respective successors and assigns of the Lenders and the Administrative Agent.
1125896 00662759 S-22
Delivered as of the day and year first above written.
ANIXTER INC., as Borrower
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
ANIXTER INTERNATIONAL N.V./S.A., as a Borrowing Subsidiary
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
ANIXTER U.K. LTD., as a Borrowing Subsidiary
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
BANK OF AMERICA, N.A., as Administrative Agent
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
BANK OF AMERICA, N.A., as a Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
BANK ONE, NA, as Syndication Agent and Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
THE BANK OF NOVA SCOTIA, as Documentation Agent and Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
SUNTRUST BANK, as Managing Agent and as a Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
CREDIT LYONNAIS CHICAGO BRANCH, as Managing Agent and as a Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
INTESABCI, as a Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
BANCA NAZIONALE DEL LAVORO S.P.A. - NEW YORK BRANCH, as a Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
BANK AUSTRIA CREDITANSTALT CORPORATE FINANCE, INC., as a Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
THE BANK OF NEW YORK, as a Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
THE DAI-ICHI KANGYO BANK, LTD., as a Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
U.S. BANK NATIONAL ASSOCIATION,
(fka FIRSTAR BANK, N.A.), as a Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
THE FUJI BANK, LIMITED, as a Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
NATIONAL CITY BANK, as a Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
NATIONAL WESTMINSTER BANK, PLC NEW YORK AND/OR NASSAU
BRANCHES, as a Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
THE NORTHERN TRUST COMPANY, as a Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
PNC BANK, N.A., as a Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
SUMITOMO MITSUI BANKING CORPORATION, as a Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
U.S. BANK NATIONAL ASSOCIATION, as a Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
WACHOVIA BANK, N.A., as a Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
XXXXX FARGO BANK, NATIONAL ASSOCIATION, as a Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________
COMERICA BANK, as a Lender
By: _______________________________________________________
Name: _____________________________________________________
Title:______________________________________________________