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EXHIBIT 10.27
AMENDMENT AND WAIVER
This Amendment and Waiver (this "Amendment and Waiver"), dated as of April
16, 1998, to the Amended and Restated Credit Agreement (the "Restated Credit
Agreement"), dated as of December 17, 1997, among Del Monte Corporation, a New
York corporation (the "Company"), Bank of America National Trust and Savings
Association, an administrative agent for the Lenders (the "Administrative
Agent"), and the other financial institutions parties thereto, and to the
Amended and Restated Parent Guaranty (the "Restated Parent Guaranty"), dated as
of December 17, 1997, executed by Del Monte Foods Company, a Maryland
corporation ("Parent"), in favor of the Administrative Agent, is made by and
among the Company and the financial institutions party hereto. Capitalized terms
used herein without definition have the meanings assigned thereto in the Credit
Agreement.
W I T N E S S E T H:
WHEREAS, Parent desires to merge (the "Merger") with and into a newly
formed, wholly-owned subsidiary of Parent ("Merger Sub"), for the purpose of
changing Parent's state of incorporation from Maryland to Delaware (the
"Reincorporation");
WHEREAS, upon consummation of the Reincorporation, (i) Parent shall be
merged with and into Merger Sub and its separate corporate existence shall cease
and (ii) Merger Sub will continue as the surviving corporation (the "Surviving
Corporation") with the corporate name "Del Monte Foods Company" and, as
successor of Parent, will be bound by all terms and provisions of the Restated
Parent Guaranty and the other Loan Documents to which Parent, immediately prior
to the Merger, was a party to the same extent as if Merger Sub had originally
been bound thereby; and
WHEREAS, at the effective time of the Merger (the "Effective Time"), each
share of Series C Redeemable Preferred Stock, liquidation preference $1,000 per
share, of Parent outstanding immediately prior to the Effective Time will be
converted into one share of a newly created series of preferred stock,
liquidation value $1,000 per share, of the Surviving Corporation having terms
which are substantially the same as the terms of the Series C Preferred Stock.
NOW, THEREFORE, in consideration of the premises and the representations,
warranties, covenants and payments herein contained, the parties hereto hereby
agree as follows:
SECTION 1. Amendment to the Restated Credit Agreement. The definition of
the term "TPG Acquisition Preferred Stock" set forth in Section 1.1 of the
Restated Credit Agreement shall be amended and restated to read in its entirety
as follows:
TPG Acquisition Preferred Stock means the 14% Series C Redeemable
Preferred Stock, liquidation preference $1,000 per share, of Parent
and, upon consummation of a merger of Parent with and into a newly
formed, wholly-owned
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Subsidiary of Parent for the purpose of changing Parent's state of
incorporation from Maryland to Delaware, shall include the
corresponding class of preferred stock of the surviving corporation
having terms which are substantially the same as the terms of such
Series C Redeemable Preferred Stock of Parent.
SECTION 2. Waiver to the Restated Parent Guaranty. Notwithstanding the
covenants contained in the Restated Parent Guaranty, in order to permit Parent
to effect the Reincorporation, Parent may merge with and into Merger Sub, with
Merger Sub continuing as the surviving corporation.
SECTION 3. Assumption. For purposes of greater clarity, immediately
following the effectiveness of the Merger, Merger Sub, as survivor of the
Merger, shall execute and deliver to the Administrative Agent for the benefit of
the Lenders an instrument expressly assuming the obligations of Parent under the
Restated Parent Guaranty and all other Loan Documents to which Parent was party
immediately prior to the Merger.
SECTION 4. Miscellaneous.
(a) Other than as set forth in Section 1 and Section 2 hereof, this
Amendment and Waiver does not modify, change or delete any other term,
provision, representation, warranty of covenant relating to or contained in the
Restated Credit Agreement or the Restated Parent Guaranty, and all such terms,
provisions, representations, warranties and covenants remain in full force and
effect.
(b) This Amendment and Waiver shall be governed by, and construed in
accordance with, the laws of the State of New York, regardless of the laws that
might otherwise govern under applicable principles of conflicts of laws thereof.
This Amendment and Waiver may be executed in any number of separate
counterparts, each of which, when so executed, shall be deemed an original, and
all of which taken together shall constitute but one and the same instrument.
(c) After the effectiveness of the Merger, Merger Sub shall execute such
documents, and do such further acts and things, as the Administrative Agent or
the Required Lenders may reasonably request to maintain the validity,
effectiveness and priority of the Collateral Documents and the Liens intended to
created thereby and to assure the Administrative Agent and the Lenders the
benefits of the Loan Documents after giving effect to the Merger.
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IN WITNESS WHEREOF, the undersigned have caused this Amendment and Waiver
to be executed by their duly authorized officers as of the date and year first
above written.
DEL MONTE CORPORATION
By: /s/Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
Title:
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DEL MONTE FOODS COMPANY,
a Maryland corporation
By: /s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
Title:
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DEL MONTE FOODS COMPANY,
a Delaware corporation
By: /s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
Title:
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BANK OF AMERICA NATIONAL TRUST AND SAVINGS
ASSOCIATION, as Administrative Agent, Issuing
Lender, Swingline Lender and Lender
By: /s/ Xxxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx
Title: Vice President
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BANKERS TRUST COMPANY, as
Documentation Agent and as a Lender
By: /s/ Xxxx Xx Xxxxx
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Xxxx Xx Xxxxx
Title: Assistant Vice President
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BANKBOSTON, N.A., as Co-Agent and as a Lender
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By: /s/
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Title: Vice President
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CITICORP USA, INC., as Co-Agent and as a Lender
By: /s/
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Title:
--------------------------------
GENERAL ELECTRIC CAPITAL CORPORATION, as Co-Agent
and as a Lender
By: /s/
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Title:
--------------------------------
THE LONG-TERM CREDIT BANK OP JAPAN, LTD., LOS
ANGELES AGENCY, as Co-Agent and as a Lender
By: /s/
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Title: Deputy General Manager
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ABN AMRO BANK N.V., as a Lender
By: /s/ Xxxx X. Bysateri
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Xxxx X. Bysateri
Title: Vice President
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By: /s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx
Title: Group Vice President
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BHF-BANK AKTIENGESELLSCHAFT, as a Lender
By: /s/
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Title: Vice President
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By: /s/
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Title: Assistant Treasurer
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COMPAGNIE FINANCIERE DE CIC ET DE L'UNION
EUROPEENE, as a Lender
By: /s/Xxxxx X'Xxxxx Xxxxxxx Xxxx
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Xxxxx X'Xxxxx Xxxxxxx Xxxx
Title: Vice Presidents
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XXXXXX FINANCIAL, INC. as a Lender
By: /s/
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Title: Vice President
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IMPERIAL BANK, a California banking corporation,
as a Lender
By: /s/ Xxx Xxxxxxx
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Xxx Xxxxxxx
Title: Senior Vice President
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THE INDUSTRIAL BANK OF JAPAN, Limited, Los
Angeles Agency, as a Lender
By: /s/
---------------------------------
Title: Senior Vice President
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THE ING CAPITAL SENIOR SECURED HIGH INCOME FUND,
L.P., as a Lender
By: ING Capital Advisors, Inc., as
Investment Advisor
By: /s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
Title: Vice President & Portfolio
Manager
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MARINE MIDLAND BANK, as a lender
By: /s/
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Title: Authorized Signatory
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MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY,
as a Lender
By: /s/ Xxxxxxx X. Spruces II
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Xxxxxxx X. Spruces II
Title: Managing Director
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XXXXXX BANK LTD., NEW YORK BRANCH
as a Lender
By: /s/ Xxxxx Xxxxxx
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Xxxxx Xxxxxx
Title: Vice President
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By: /s/
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Title: Vice President
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METROPOLITAN LIFE INSURANCE COMPANY,
as a Lender
By: /s/
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Title:
--------------------------------
THE MITSUBISHI TRUST AND BANKING CORPORATION, Los
Angeles Agency, as Lender
By: /s/ Yasushi Satomi
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Yasushi Satomi
Title: Senior Vice President
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MITSUI LEASING CAPITAL CORPORATION, as a Lender
By: /s/
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Title:
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NATIONAL CITY BANK, as a Lender
By: /s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx
Title: Vice President
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OCTAGON CREDIT INVESTORS LOAN PORTFOLIO (a Unit
of The Chase Manhattan Bank), as a Lender
By: /s/ Xxxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx
Title: Managing Director
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OAK HILL SECURITIES FUND, L.P., as a Lender
By: Oak Hill Securities GenPar, L.P., its
General Partner
By: Oak Hill Securities MGP, Inc., its General
Partner
By:
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Title:
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XXXXXX XXXXXXX SENIOR FUNDING. INC.,
as a Lender
By:
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Title:
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PILGRIM AMERICA PRIME RATE TRUST, as a Lender
By: PILGRIM AMERICA INVESTMENTS, INC.,
as its Investment Manager,
By: /s/ Xxxxxx Tiffen
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Xxxxxx Tiffen
Title: Senior Vice President
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COOPERATIEVE CENTRALE RAIFFEISEN-
BOERENLEENBANK B.A., "RABOBANK NEDERLAND" NEW
YORK BRANCH, as a Lender
By: /s/ Xxxxx X. Xxxxxxxx
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Xxxxx X. Xxxxxxxx
Title: Vice President
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By: /s/ W. Xxxxxx X. Xxxxx
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W. Xxxxxx X. Xxxxx
Title: Vice President
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KZH-SOLEIL CORPORATION, as a Lender
By: /s/
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Title:
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VAN KAMPFN CLOI, LIMITED
By: XXX XXXXXX AMERICAN CAPITAL MANAGEMENT, INC.,
As Collateral Manager, as a Lender
By: /s/ Xxxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx
Title: Senior Vice President and Director
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CITY NATIONAL BANK, as a Lender
By: /s/
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Title: Vice President
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ORIX USA CORPORATION, as a Lender
By: /s/
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Title:
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UNION BANK OF CALIFORNIA, N.A., as a Lender
By: /s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
Title: Vice President
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NATEXIS BANQUE (Formerly Banque Francaise du
Commerce Exterieur), as a Lender
By: /s/ Xxxx X. Xxxxx
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Xxxx X. Xxxxx
Title: Vice President
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By: /s/ Daniule Touffu
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Daniule Touffu
Title: First Vice President and Regional Manager
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DRESDNER BANK AG, NEW YORK BRANCH and
GRAND CAYMAN BRANCH, as a Lender
By: /s/
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Title:
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By: /s/
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Title:
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SANWA BUSINESS CREDIT CORP., as a Lender
By: /s/
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Title:
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THE BANK OF NOVA SCOTIA, as a Lender
By: /s/
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Title: Senior Relationship Manager
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TCW ASSET MANAGEMENT COMPANY, as Attorney-In-Fact
for United Companies Life Insurance Company, as a
Lender
By: /s/
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Title:
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TCW ASSET MANAGEMENT COMPANY, as Attorney-In Fact
for Integon Life Insurance Corporation, as a
Lender
By: /s/
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Title:
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SENIOR DEBT PORTFOLIO
By: Boston Management and Research,
its investment adviser
By: /s/ Payson X. Xxxxxxxxx
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Payson X. Xxxxxxxxx
Title: Vice President
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SOUTHERN PACIFIC BANK
By: /s/ Xxxxx Xxxxxxxx
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Xxxxx Xxxxxxxx
Title: Vice President
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SWISS BANK CORPORATION
By: /s/
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Title:
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XXXXXXX XXXXX SENIOR FLOATING RATE FUND, INC.
By: /s/
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Title:
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PAMCO CAYMAN LTD.
By: Protective Asset Management
Company, as Collateral Manager
By:
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Title:
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SUMITOMO TRUST & BANKING COMPANY, LTD.
By: /s/ Xxxxxxx Xxxxxxxx
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Xxxxxxx Xxxxxxxx
Title: Deputy General Manager
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CANADIAN IMPERIAL BANK OF COMMERCE
By: /s/ Xxxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx
Title: Authorized Signatory
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DLJ CAPITAL FUNDING, INC.
By: /s/
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Title:
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ML CBO IV (Cayman) Ltd.
By: Protective Asset Management
Company, as Collateral Manager
By: /s/ Xxxx X. Okadn CFA
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Xxxx X. Okadn CFA
Title: Protective Asset Management Company
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IBJ XXXXXXXX BANK & TRUST COMPANY
By: /s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
Title: Director
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ROYALTON COMPANY
By: Pacific Investment Management Company, as its
invesment advisor
By: PIMCO Management Inc., a general partner
By: /s/ Xxxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx
Title: Senior Vice President
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