FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
Exhibit 10.1
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
THIS
FIRST AMENDMENT TO AMENDED AND RESTATED
CREDIT AGREEMENT (this “Amendment”),
dated as of May 3, 2006, is among SESI,
L.L.C., as Borrower, SUPERIOR ENERGY
SERVICES, INC., as Parent, JPMORGAN
CHASE BANK, N.A., as Agent (the
“Agent”), XXXXX FARGO BANK, N.A., as
Syndication Agent, WHITNEY NATIONAL
BANK, as Documentation Agent, and the
other Lenders party hereto, who agree as
follows:
RECITALS
A. The Borrower, Agent and Lenders have heretofore executed an Amended and Restated Credit
Agreement dated as of October 31, 2005 (as amended, the “Credit Agreement”).
B. The Borrower has requested that the Lenders permit the Borrower to refinance certain
existing senior unsecured Funded Indebtedness and to incur additional senior unsecured Funded
Indebtedness of up to an aggregate principal amount of $300,000,000.
C. The Agent and Lenders are willing to accept the Borrower’s request on the terms and
conditions set forth below.
D. Capitalized terms used herein, and not otherwise defined herein, shall have the meanings
defined in the Credit Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and undertakings, the parties hereby
agree as follows:
ARTICLE 1
AMENDMENTS TO THE CREDIT AGREEMENT
AMENDMENTS TO THE CREDIT AGREEMENT
1.1 Sections 6.11 (Indebtedness) of the Credit Agreement is hereby amended to substitute the
following Clause (vi) for the existing Clause (vi), to read as follows:
(vi) | Obligations represented by the Borrower’s senior notes due not sooner than December 31, 2013, with an interest rate not to exceed 9% per annum, up to the aggregate principal amount of $300,000,000. |
1.2 Except as specifically amended hereby, all of the remaining terms and conditions of the
Credit Agreement remain in full force and effect.
1.3 This Amendment shall become effective upon the Borrower’s refinancing of the Funded
Indebtedness described in existing Section 6.11 (vi) of the Credit Agreement, provided such
refinancing occurs not later than August 31, 2006. If such refinancing does not occur by August
31, 2006 (unless extended by the Lenders in writing), this Amendment shall become null and void.
ARTICLE 2
ACKNOWLEDGMENT OF COLLATERAL
ACKNOWLEDGMENT OF COLLATERAL
2.1 Borrower hereby specifically reaffirms all of the Collateral Documents.
ARTICLE 3
MISCELLANEOUS
MISCELLANEOUS
3.1 This Amendment may be executed in any number of separate counterparts, and all of said
counterparts taken together shall be deemed to constitute one in the same instrument. This
Amendment shall be effective as of the date first written above upon execution by the Borrower,
Parent and the Required Lenders.
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IN WITNESS WHEREOF, the Borrower, the Agent and the Lenders have executed this Agreement as of
the date first above written.
BORROWER: | SESI, L.L.C. | |||||||||
By: | Superior Energy Services, Inc. | |||||||||
Member Manager | ||||||||||
By: | /s/ Xxxxxx X. Xxxxxx
|
|||||||||
Name: | Xxxxxx X. Xxxxxx | |||||||||
Title: | Chief Financial Officer |
PARENT: | SUPERIOR ENERGY SERVICES, INC. | |||||
By: | /s/ Xxxxxx X. Xxxxxx
|
|||||
Title: Chief Financial Officer | ||||||
AGENT AND LENDER: | JPMORGAN CHASE BANK, N.A. | |||||
By: | /s/ Xxxxxx X. Xxxxx
|
|||||
Title: Senior Vice President | ||||||
SYNDICATION AGENT AND LENDER: | XXXXX FARGO BANK, N.A. | |||||
By: | ||||||
Title: | ||||||
DOCUMENTATION AGENT AND LENDER: | WHITNEY NATIONAL BANK | |||||
By: | /s/ Xxxxxx X. Xxxxxxxx
|
|||||
Title: Vice President |
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LENDERS: | PNC BANK, NATIONAL ASSOCIATION | |||||
By: | /s/ Xxx Xxxxxx
|
|||||
Title: Relationship Manager | ||||||
BANK OF SCOTLAND | ||||||
By: | /s/ Xxxxx Xxxxx
|
|||||
Title: Assistant Vice President | ||||||
NATEXIS BANQUES POPULAIRES | ||||||
By: | /s/ Xxxxx X. Xxxxxxx, III
|
|||||
Title: Vice President and Group Manager | ||||||
By: | /s/ Xxxxxxx X. Xxxxxxxxx
|
|||||
Title: Vice President and Group Manager | ||||||
CAPITAL ONE, NATIONAL ASSOCIATION | ||||||
(formerly known as Hibernia National Bank) | ||||||
By: | /s/ Xxxx Xxxxxxxxxx
|
|||||
Title: Senior Vice President |
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