SIXTH AMENDMENT TO CREDIT AGREEMENT
Exhibit 10.44
Execution Version
SIXTH AMENDMENT TO CREDIT AGREEMENT
This SIXTH AMENDMENT to the Credit Agreement referred to below, dated as of April 28, 2023 (this “Sixth Amendment”) by and among HLF Financing SaRL, LLC, a Delaware limited liability company (the “Term Loan Borrower”), Herbalife Ltd. (f/k/a Herbalife Nutrition Ltd.), a Cayman Islands exempted company incorporated with limited liability with company number 116838 and with its registered office at Xxxxxx Corporate Services Limited, P.O. Box 309, Xxxxxx House, Xxxxxx Town, Grand Cayman, KY1-1104, Cayman Islands (“Parent”), Herbalife International Luxembourg S.à X.X., a Luxembourg private limited liability company (société à responsabilité limitée), existing and organized under the laws of Luxembourg, having its registered office at 00, Xxxxxx xx xx Xxxx, X-0000 Xxxxxxxxxx, Xxxxx Duchy of Luxembourg and registered with the Luxembourg Register of Commerce and Companies (R.C.S. Luxembourg) under number B 88006 (“HIL”), Herbalife International, Inc., a Nevada corporation (“HII” and, together with Parent, the Term Loan Borrower and HIL, the “Revolver Borrowers”; the Revolver Borrowers, together with the Term Loan Borrower, are referred to herein as the “Borrowers”), certain subsidiaries of the Borrowers as Subsidiary Guarantors, the Term Loan A Lenders and the Revolving Credit Lenders under the Credit Agreement party hereto (consisting of at least the Required Pro Rata Facility Lenders (as defined in the Credit Agreement)) and Coöperatieve Rabobank U.A., New York Branch (“Rabobank”) as Term Loan A Agent and Revolver Administrative Agent (each as defined in the Credit Agreement; RaboBank, in such capacities, the “Pro Rata Agent”). Capitalized terms not otherwise defined in this Sixth Amendment have the same meanings as specified in the Credit Agreement.
RECITALS
WHEREAS, the Borrowers, the Subsidiary Guarantors, the several Lenders (as defined in the Credit Agreement) from time to time party thereto, Rabobank as the Term Loan A Agent and Revolver Administrative Agent and Xxxxxxxxx Finance LLC, as the administrative agent for the Term Loan B Lenders and the Collateral Agent have entered into that certain Credit Agreement, dated as of August 16, 2018 (together with all exhibits and schedules attached thereto, as amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”);
WHEREAS, the Borrowers have requested that the Required Pro Rata Facility Lenders agree to amend certain provisions of the Credit Agreement as provided for herein;
WHEREAS, subject to certain conditions, the Required Pro Rata Facility Lenders are willing to agree to such amendment relating to the Credit Agreement;
WHEREAS, each Loan Party party hereto (collectively, the “Reaffirming Parties”, and each, a “Reaffirming Party”) expects to realize substantial direct and indirect benefits as a result of this Sixth Amendment becoming effective and agrees to reaffirm its obligations, guaranties and any security interests granted by it pursuant to the Credit Agreement, the Collateral Documents, and the other Loan Documents to which it is a party; and
NOW, THEREFORE, in consideration of the covenants and agreements contained herein, as well as other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Effective as of the Sixth Amendment Effective Date (as defined below), (for the avoidance of doubt, the amendments set forth herein shall not be superseded by Exhibit A to the Fifth Amendment to Credit Agreement, dated as of April 3, 2023, notwithstanding that such changes shall become effective after the Sixth Amendment Effective Date) and subject to the satisfaction of the conditions precedent set forth in SECTION 2 below, the Credit Agreement is hereby amended by deleting the maximum Total Leverage Ratio table in Section 6.14 of the Credit Agreement and replacing it with the following:
Period |
Ratio |
September 30, 2018 to September 30, 2021 |
4.00:1.00 |
December 31, 2021 to December 31, 2022 |
3.75: 1.00 |
March 31, 2023 to December 31, 2023 |
4.50:1.00 |
March 31, 2024 |
4.25:1.00 |
June 30, 2024 and thereafter |
4.00:1.00 |
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IN WITNESS WHEREOF, the parties hereto have caused this Sixth Amendment to be duly executed and delivered by their respective proper and duly authorized officers and managers as of the day and year first above written.
BORROWERS: |
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HLF FINANCING SaRL, LLC |
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By: |
/s/ Xxxxx Xxxxxxxx |
Name: |
Xxxxx Xxxxxxxx |
Title: |
Manager |
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By: |
/s/ Xxxxx Xxxxxxxx |
Name: |
Xxxxx Xxxxxxxx |
Title: |
Treasurer |
HERBALIFE INTERNATIONAL |
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LUXEMBOURG S.À X.X. |
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By: |
/s/ Xxxxxx Xxxxxx |
Name: |
Xxxxxx Xxxxxx |
Title: |
Class A Manager and authorized signatory |
HERBALIFE INTERNATIONAL, INC. |
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By: |
/s/ Xxxxx Xxxxxxxx |
Name: |
Xxxxx Xxxxxxxx |
Title: |
Treasurer |
[Signature Page to Sixth Amendment]
SUBSIDIARY GUARANTORS: |
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HERBALIFE INTERNATIONAL OF AMERICA, INC. |
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By: |
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/s/ Xxxxx Xxxxxxxx |
Name: |
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Xxxxx Xxxxxxxx |
Title: |
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Treasurer |
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HERBALIFE INTERNATIONAL OF EUROPE, INC. |
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By: |
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/s/ Xxxxx Xxxxxxxx |
Name: |
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Xxxxx Xxxxxxxx |
Title: |
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Treasurer |
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HERBALIFE TAIWAN, INC. |
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By: |
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/s/ Xxxxx Xxxxxxxx |
Name: |
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Xxxxx Xxxxxxxx |
Title: |
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Treasurer |
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HERBALIFE INTERNATIONAL DO BRASIL LTDA. |
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By: |
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/s/ Xxxxx Xxxxxxxx |
Name: |
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Xxxxx Xxxxxxxx |
Title: |
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Treasurer |
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HERBALIFE KOREA CO., LTD. |
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By: |
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/s/ Xxxxx Xxxxxxxx |
Name: |
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Xxxxx Xxxxxxxx |
Title: |
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Treasurer |
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[Signature Page to Sixth Amendment]
HERBALIFE VENEZUELA HOLDINGS, LLC |
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By: |
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/s/ Xxxxx Xxxxxxxx |
Name: |
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Xxxxx Xxxxxxxx |
Title: |
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Treasurer |
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HERBALIFE MANUFACTURING LLC |
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By: |
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/s/ Xxxxx Xxxxxxxx |
Name: |
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Xxxxx Xxxxxxxx |
Title: |
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Treasurer |
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WH LUXEMBOURG INTERMEDIATE HOLDINGS S.À X.X. LLC |
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By: |
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/s/ Xxxxx Xxxxxxxx |
Name: |
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Xxxxx Xxxxxxxx |
Title: |
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Treasurer |
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HERBALIFE INTERNATIONAL (THAILAND), LTD. |
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By: |
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/s/ Xxxxx Xxxxxxxx |
Name: |
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Xxxxx Xxxxxxxx |
Title: |
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Treasurer |
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HERBALIFE VH INTERMEDIATE INTERNATIONAL, LLC |
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By: |
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VHSA LLC |
By: |
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Herbalife International, Inc. |
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By: |
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/s/ Xxxxx Xxxxxxxx |
Name: |
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Xxxxx Xxxxxxxx |
Title: |
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Treasurer |
[Signature Page to Sixth Amendment]
HERBALIFE VH INTERNATIONAL LLC |
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By: |
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Herbalife VH Intermediate International, LLC |
By: |
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VHSA LLC |
By: |
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Herbalife International, Inc. |
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By: |
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/s/ Xxxxx Xxxxxxxx |
Name: |
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Xxxxx Xxxxxxxx |
Title: |
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Treasurer |
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WH CAPITAL, LLC |
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By: |
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HLF Financing SaRL, LLC |
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By: |
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/s/ Xxxxx Xxxxxxxx |
Name: |
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Xxxxx Xxxxxxxx |
Title: |
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Manager |
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[Signature Page to Sixth Amendment]
HBL LUXEMBOURG HOLDINGS S.À X.X. |
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By: |
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/s/ Xxxxxx Xxxxxx |
Name: |
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Xxxxxx Xxxxxx |
Title: |
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Class A Manager and authorized signatory |
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By: |
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/s/ Xxxxx Xxxxxxxxx |
Name: |
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Xxxxx Xxxxxxxxx |
Title: |
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Class B Manager and authorized signatory |
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WH LUXEMBOURG HOLDINGS S.À X.X. |
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By: |
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/s/ Xxxxxx Xxxxxx |
Name: |
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Xxxxxx Xxxxxx |
Title: |
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Class A Manager and authorized signatory |
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By: |
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/s/ Xxxxx Xxxxxxx |
Name: |
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Xxxxx Xxxxxxx |
Title: |
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Class B Manager and authorized signatory |
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HV HOLDINGS LTD. |
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By: |
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/s/ Xxxxx Xxxxx |
Name: |
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Xxxxx Xxxxx |
Title: |
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President and Treasurer |
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WH INTERMEDIATE HOLDINGS LTD. |
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By: |
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/s/ Xxxxx Xxxxx |
Name: |
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Xxxxx Xxxxx |
Title: |
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President and Treasurer |
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[Signature Page to Sixth Amendment]
HBL LUXEMBOURG SERVICES S.À X.X. |
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By: |
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/s/ Xxxxxx Xxxxxx |
Name: |
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Xxxxxx Xxxxxx |
Title: |
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Class A Manager and authorized signatory |
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By: |
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/s/ Xxxxx Xxxxxxxxx |
Name: |
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Xxxxx Xxxxxxxxx |
Title: |
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Class B Manager and authorized signatory |
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HLF FINANCING, INC. |
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By: |
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/s/ Xxxxx Xxxxxxxx |
Name: |
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Xxxxx Xxxxxxxx |
Title: |
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Treasurer |
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HBL HOLDINGS LTD. |
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By: |
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/s/ Xxxxx Xxxxx |
Name: |
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Xxxxx Xxxxx |
Title: |
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Director |
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HBL IHB OPERATIONS S.À X.X. |
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By: |
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/s/ Xxxxx Xxxxxxxx |
Name: |
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Xxxxx Xxxxxxxx |
Title: |
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Class A Manager and authorized signatory |
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By: |
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/s/ Xxxxx Xxxxxxx |
Name: |
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Xxxxx Xxxxxxx |
Title: |
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Class B Manager and authorized signatory |
[Signature Page to Sixth Amendment]
HERBALIFE LUXEMBOURG DISTRIBUTION S.À X.X. |
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By: |
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/s/ Xxxxxx Xxxxxx |
Name: |
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Xxxxxx Xxxxxx |
Title: |
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Manager and authorized signatory |
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By: |
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/s/ Xxxxx Xxxxxxxxx |
Name: |
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Xxxxx Xxxxxxxxx |
Title: |
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Manager and authorized signatory |
[Signature Page to Sixth Amendment]
COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Term Loan A Agent, Revolver Administrative Agent, Issuing Bank, a Term Loan A Lender, a Revolving Credit Lender |
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By: |
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/s/ Xxxx Xxxxxxxx |
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Name: Xxxx Xxxxxxxx |
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Title: Managing Director |
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By: |
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/s/ Xxxxxxx Xxxxxxx |
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Name: Xxxxxxx Xxxxxxx |
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Title: Executive Director |
[Signature Page to Sixth Amendment]
CITIZENS BANK, N.A., as a Term Loan A |
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Xxxxxx and a Revolving Credit Lender |
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By: |
/s/ Xxxxxx Xxx |
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Name: Xxxxxx Xxx |
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Title: Senior Vice President |
[Signature Page to Sixth Amendment]
CITICORP NORTH AMERICA, INC., as a Term Loan A Lender and a Revolving Credit Lender |
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By: |
/s/ Xxxxxxx Xxxxxxxxx |
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Name: Xxxxxxx Xxxxxxxxx |
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Title: Vice President |
[Signature Page to Sixth Amendment]
FIFTH THIRD BANK, NATIONAL |
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ASSOCIATION, as a Term Loan A Lender and a Revolving Credit Lender |
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By: |
/s/ Xxx Xxxxxxxxxx |
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Name: Xxx Xxxxxxxxxx |
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Title: Principal |
[Signature Page to Sixth Amendment]
MIZUHO BANK, LTD., as a Term Loan A Lender and a Revolving Credit Lender |
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By: |
/s/ Xxxxx Xxxx |
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Name: |
Xxxxx Xxxx |
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Title: |
Executive Director |
[Signature Page to Sixth Amendment]
COMERICA BANK, as a Term Loan A Lender and a Revolving Credit Lender |
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By: |
/s/ Xxxxxx Xxxxxx |
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Name: |
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Xxxxxx Xxxxxx |
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Title: |
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Relationship Manager |
[Signature Page to Sixth Amendment]
PNC BANK, NATIONAL ASSOCIATION (successor by merger to BBVA USA, an Alabama banking corporation), as a Term Loan A Lender and a Revolving Credit Lender |
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By: |
/s/ Xxxxxxx Xxxxxxxx |
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Name: |
Xxxxxxx Xxxxxxxx |
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Title: |
SVP |
[Signature Page to Sixth Amendment]
STANDARD CHARTERED BANK, as a Term Loan A Lender and a Revolving Credit Lender |
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By: |
/s/ Xxxxxxxxxx Xxxxx |
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Name: |
Xxxxxxxxxx Xxxxx |
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Title: |
Director, Financing Solutions |
[Signature Page to Sixth Amendment]
BANK OF AMERICA, N.A., as a Term Loan A |
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Xxxxxx and a Revolving Credit Lender |
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By: |
/s/ Xxxxx Xxxx |
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Name: |
Xxxxx Xxxx |
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Title: |
Senior Vice President |
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[Signature Page to Sixth Amendment]
MUFG UNION BANK, N.A., as a Term Loan A Lender and a Revolving Credit Lender |
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By: |
/s/ Xxxx Xxxxxxxxx |
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Name: |
Xxxx Xxxxxxxxx |
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Title: |
Vice President |
[Signature Page to Sixth Amendment]
Banco Bilbao Vizcaya Argentaria, S.A. New York Branch, as a Term Loan A Lender and a Revolving Credit Lender |
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By: |
/s/ Xxxx Xxxxxxx |
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Name: |
Xxxx Xxxxxxx |
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Title: |
Managing Director |
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By: |
/s/ Xxxxxx Xxxxxxxxx |
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Name: |
Xxxxxx Xxxxxxxxx |
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Title: |
Managing Director |
[Signature Page to Sixth Amendment]