AMENDMENT NO. 1 TO CREDIT AGREEMENT
Exhibit 4.5(a)
EXECUTION COPY
AMENDMENT
NO. 1 TO CREDIT AGREEMENT
AMENDMENT
dated as of April 30, 2008 to the CREDIT AGREEMENT dated as of December 20, 2007
(the “Credit Agreement”)
among LYONDELL CHEMICAL COMPANY (which is the surviving entity following its
merger with BIL ACQUISITION HOLDINGS LIMITED), a Delaware corporation, EQUISTAR
CHEMICALS, LP, a Delaware limited partnership, HOUSTON REFINING LP, a Delaware
limited partnership, BASELL USA INC., a Delaware corporation, and the
Subsidiaries of LYONDELLBASELL INDUSTRIES AF S.C.A. (formerly known as BASELL AF
S.C.A.) from time to time party thereto as Borrowers; the LENDERS party thereto
and CITIBANK, N.A., as Administrative Agent, Co-Collateral Agent and Fronting
Bank.
The
parties hereto agree as follows:
SECTION
1 . Defined Terms;
References. Unless otherwise specifically defined herein, each
term used herein which is defined in the Credit Agreement has the meaning
assigned to such term in the Credit Agreement. Each reference to “hereof”,
“hereunder”, “herein” and “hereby” and each other similar reference and each
reference to “this Agreement” and each other similar reference contained in the
Credit Agreement shall, after this Amendment becomes effective, refer to the
Credit Agreement as amended hereby.
SECTION
2 . Amendment to Available
Inventory. The figure “$100,000,000” appearing in clause (ii)
of the proviso to the
definition of Available Inventory in Section 1.01 of the Credit Agreement is
changed to “$250,000,000.”
SECTION
3 . Lyondell
Collateral. If as contemplated by Section 1.05 of the Credit
Agreement, Lyondell exercises its election to satisfy the Collateral Requirement
as to itself, the Borrowers may, at any time on or after the date such election
becomes effective in accordance with Section 1.05 of the Credit Agreement and
prior to the next scheduled delivery of a Borrowing Base Certificate pursuant to
Section 5.12 of the Credit Agreement, deliver an updated Borrowing Base
Certificate reflecting such effectiveness, and such updated Borrowing Base
Certificate shall be deemed to have been delivered pursuant to Section 5.12 of
the Credit Agreement for purposes of determination of the Borrowing
Base.
SECTION
4 . Accordion
Increase. The figure “$600,000,000” appearing in Section
2.21(c) of the Credit Agreement is changed to “$1,100,000,000.”
SECTION
5 . Amendment To
Indebtedness Limitation. The phrase “(i) $750,000,000 and (ii)
3% of Consolidated Net Tangible Assets” appearing in Section 6.03(l) of the
Credit Agreement is changed to “(i) $1,000,000,000 and (ii) 4% of Consolidated
Net Tangible Assets.”
SECTION
6 . Technical
Corrections. The Credit Agreement is further amended as
follows:
(a) Clause
(2)(g) of the definition of Consolidated EBITDA is redesignated clause (3), the
reference to “clause (i)” therein is changed to “clause (3)”, the “and” at the
end of clause (2)(f) is deleted, and the following new clause (2)(g) is
added:
(g) nonrecurring costs and expenses
paid that are related to any expense or cost reductions that have occurred or
are associated with the good faith projected cost savings described in clause
(3) below; and
(b) The
definition of Restricted Subsidiary is amended to read as follows:
“Restricted Subsidiary” shall
mean any Subsidiary which is a “Restricted Subsidiary” as defined in the Senior
Facility Credit Agreement.
(c) The
phrase “Consolidated Fixed Charge Coverage Ratio required by” in Section
6.02(g)(C)(iii) is amended to read “First Lien Senior Secured Leverage Ratio (as
defined in the Senior Facility Credit Agreement) and the Consolidated Debt
Service Ratio required by Section 7.11 of.”
(d) Section
6.03(g) is amended by the addition of the phrase “the Senior Facility Credit
Agreement,” immediately preceding the reference to “the Senior Second Lien
Debt.”
(e) The
phrase “Permitted Acquisition” in Section 6.03(r) is changed to “an
acquisition.”
(f) The
reference to “the Company or any Guarantor” in Section 6.03(s)(i) is changed to
“a Restricted Party.”
(g) The text
of Section 6.03(t) is deleted, and “[Reserved]” is substituted
therefor.
(h) The
phrase “such merger, consolidation or amalgamation involves a Borrower and” is
added to Section 6.04(d)(ii) immediately following the word “if.”
(i) Section
6.05(j)(ii) is amended as follows:
(x) the words “provided
hereunder” are added immediately following the phrase “most recent balance
sheet,”
(y) the phrase “such
Restricted Party” is changed to “the Company or a Restricted Subsidiary”
and
(z) the phrase “each
Restricted Party” is changed to “the Company and all of the Restricted
Subsidiaries.”
(j) the
figure “$25,000,000” is added to Section 6.06(m) immediately following
“(x).”
(k) The
phrase “, any Permanent Financing or any Permitted Refinancing thereof” is added
to Section 6.09(xi) immediately following the phrase “the Senior Second Lien
Debt Documentation and the phrase “Securitization Transactions” in Section
6.09(xi) is changed to “under any Receivables Financings (including
Securitization Transactions)”.
(l) The
phrase “Indebtedness other than the” in Section 6.13(a) is deleted.
SECTION
7 . Correction Of Typographical And
Similar Errors. The Credit Agreement is further amended as
follows:
(a) The
cross-reference to “Section 6.02(n)” appearing in Section 6.01(l) is changed to
“Section 6.02(o).”
(b) An open
parenthesis (“(”) is inserted immediately before the phrase “or proceeds” in
Section 6.01(aa)(a).
(c) The cross
reference to “Schedule 7.02(e)” appearing in Section 6.02(e) is changed to
“Schedule 6.02(e).”
(d) The
phrase “Senior Facility Agreement” appearing in Section 6.02(k) is changed to
“Senior Facility Credit Agreement.”
(e) The word
“though” in Section 6.02(o) is changed to “through.”
(f) The
phrase “Senior Facility Agreement” in Section 6.03(g) is changed to “Senior
Facility Credit Agreement.”
(g) The word
“form” in Section 6.03(w) is changed to “from.”
(h) The
phrase “and (i)” appearing in the proviso to Section
6.05 is deleted.
(i) The cross
reference to “Section 7.13(a)(iv)” appearing in Section 6.13(a) is changed to
“Section 7.13(a)(v).”
(j) The cross
reference to “Section 7.01(n)” appearing in Section 10.02(b)(v) is changed to
“Section 7.01(o).”
(k) The
phrase “10⅝% Senior Unsecured Notes due 2008 of Equistar, the 101/8% Senior Unsecured Notes due
2011 of Equistar” in the definition of “Existing Notes” in Section 1.01 is
changed to “101/8% Senior Unsecured Notes due
2008 of Equistar, the 10⅝% Senior Unsecured Notes due 2011 of
Equistar.”
SECTION
8 . Representations of
Borrowers. The Borrowers represent and warrant that (i) the
representations and warranties of the Borrowers set forth in Article 3 of the
Credit Agreement are true in all material respects on and as of the date hereof
with the same effect as though made on and as of such date, except to the extent
such representations and warranties expressly relate to an earlier date (which
representations and warranties were true and correct in all material respects on
and as of such earlier date) and (ii) no Default has occurred and is continuing
on the date hereof.
SECTION
9 . Governing
Law. This Amendment shall be governed by and construed in accordance
with the laws of the State of New York.
SECTION
10 . Counterparts. This
Amendment may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon
the same instrument.
SECTION
11 . Effectiveness. The
amendments of the Credit Agreement pursuant to this Amendment shall become
effective on the date when the Administrative Agent shall have received
counterparts hereof signed by the Borrowers' Agent on behalf of the Borrowers
and by (i) with respect to Section 2 hereof, Lenders having Credit Exposures in
an aggregate amount of not less than 66 2/3% of the aggregate amount of all
Credit Exposures, (ii) with respect to Sections 3, 4, 5 and 6 hereof,
Lenders comprising the Required Lenders and (iii) with respect to Section 7
hereof, the Administrative Agent (or, in the case of any of the foregoing
parties as to which an executed counterpart shall not have been received, the
Administrative Agent shall have received in form satisfactory to it facsimile or
other written confirmation from such party of execution of a counterpart hereof
by such party).
(NY)
05491/013/CA.AMEND/amend.1.doc
IN WITNESS WHEREOF, the parties hereto
have caused this
Amendment
to be duly executed as of the date first above written.
LYONDELL
CHEMICAL COMPANY,
as
Borrowers’ Agent on behalf of the Borrowers
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By:
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/s/ Xxxxx X. Xxxxxxxxx |
Name: Xxxxx X.
Xxxxxxxxx
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Title: Authorized
Representative
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[Amendment
No.1 to Credit Agreement]
CITIBANK,
N.A.,
as
Administrative Agent
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By:
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/s/ Xxxxx Xxxxx |
Name: Xxxxx
Xxxxx
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Title: Director/Vice
President
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[Amendment
No.1 to Credit Agreement]
ABN
AMRO Bank, N.V.
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By:
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/s/ Xxxxx Xx Xxxx /s/ Xxxxx Xxxxxx |
Name: Xxxxx Xx
Xxxx
Xxxxx Xxxxxx
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Title: E.D. A.D.
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[Amendment
No.1 to Credit Agreement]
XXXXXXX
XXXXX CREDIT
PARTNERS L.P.
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By:
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/s/ Xxxxx X. Xxxxxxxxxx |
Name: Xxxxx X.
Xxxxxxxxxx
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Title: Authorized
Signatory
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[Amendment
No.1 to Credit Agreement]
XXXXXXX
XXXXX CAPITAL CORP.
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By:
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/s/ Xxxxx Xxxxxxx |
Name: Xxxxx
Xxxxxxx
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Title: Vice
President
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[Amendment
No.1 to Credit Agreement]
UBS
LOAN FINANCE LLC
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By:
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/s/ Xxxx X. Xxxxx /s/ Xxxx X. Xxxx |
Name: Xxxx X.
Xxxxx
Xxxx X. Xxxx
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Title: Associate
Director Associate
Director
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[Amendment
No.1 to Credit Agreement]