Exhibit 10.5
EXECUTION COPY
AMENDED AND RESTATED CREDIT AGREEMENT
DATED AS OF MARCH 29, 2005
THE LUBRIZOL CORPORATION, an Ohio corporation (the "Company"), the
banks, financial institutions and other institutional lenders (collectively, the
"Initial Lenders") and initial issuing banks (the "Initial Issuing Banks") party
hereto, CITICORP NORTH AMERICA, INC., as administrative agent (the "Agent") for
the Lenders (as defined in the Existing Credit Agreement referred to below) and
CITIGROUP GLOBAL MARKETS INC., as arranger and syndication agent for the
Lenders, hereby agree as follows:
PRELIMINARY STATEMENTS
(1) The Company is party to a Credit Agreement dated as of August 24,
2004 (the "Existing Credit Agreement") with the banks, financial institutions
and other institutional lenders party thereto and Citicorp North America, Inc.,
as Agent for the Lenders and such other lenders. Capitalized terms not otherwise
defined in this Amendment and Restatement shall have the same meanings as
specified in the Existing Credit Agreement.
(2) The parties to this Amendment and Restatement desire to amend the
Existing Credit Agreement as set forth herein and to restate the Existing Credit
Agreement in its entirety to read as set forth in the Existing Credit Agreement
with the following amendments.
(3) The Borrower has requested that the Lenders agree to extend
credit to it from time to time in an aggregate principal amount of up to
$1,075,000,000 for general corporate purposes of the Company and its
Subsidiaries not otherwise prohibited under the terms of this Amendment and
Restatement. The Lenders have indicated their willingness to agree to extend
credit to the Borrower from time to time in such amount on the terms and
conditions of this Amendment and Restatement.
SECTION 1. Amendments to the Existing Credit Agreement. The Existing
Credit Agreement is, effective as of the date of this Amendment and Restatement
and subject to the satisfaction of the conditions precedent set forth in Section
2, hereby amended as follows:
(a) Section 1.01 is amended by deleting the definitions of "Issuing
Bank" and "Lenders" set forth therein and replacing them, respectively, with the
following new definitions thereof:
"Issuing Bank" means an Initial Issuing Bank party to this Agreement
or any Eligible Assignee to which a portion of the Letter of Credit
Commitment hereunder has been assigned pursuant to Section 9.07 so long as
such Eligible Assignee expressly agrees to perform in accordance with their
terms all of the obligations that by the terms of this Agreement are
required to be performed by it as an Issuing Bank and notifies the Agent of
its Applicable Lending Office (which information shall be recorded by the
Agent in the Register), for so long as such Initial Issuing Bank or
Eligible Assignee, as the case may be, shall have a Letter of Credit
Commitment.
"Lenders" means the Initial Lenders parties to this Agreement, each
Issuing Bank and each Person that shall become a party hereto pursuant to
Section 9.07.
2
(b) Section 1.01 is further amended by deleting clause (b) of the
definition of "Applicable Margin" in full and substituting therefor the
following:
and (b) with respect to the Term Facility as of any date, a percentage per
annum determined by reference to the Public Debt Rating in effect on such
date as set forth below:
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Public Debt Rating Applicable Margin for Applicable Margin for
S&P/Xxxxx'x Eurodollar Rate Advances Base Rate Advances
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Level 1
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BBB or Baa2 or above 0.500% 0.000%
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Level 2
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BBB- and Baa3 0.625% 0.000%
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Level 3
-------
BBB- or Baa3 0.750% 0.000%
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Level 4
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BB+ or Ba1 1.125% 0.125%
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Level 5
-------
BB or Ba2 1.500% 0.500%
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Level 6
-------
Lower than Xxxxx 0 2.000% 1.000%
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(c) Schedule I to the Existing Credit Agreement is deleted in its
entirety and replaced with Schedule I to this Amendment and Restatement.
SECTION 2. Conditions of Effectiveness. This Amendment and Restatement
shall become effective as of the date first above written when, and only when,
the Agent shall have received (i) counterparts of this Amendment and Restatement
executed by the Company and all of the Lenders or, as to any of the Lenders,
advice satisfactory to the Agent that such Lender has executed this Amendment
and Restatement and (ii) the consent attached hereto executed by each Subsidiary
Guarantor. This Amendment and Restatement is subject to the provisions of
Section 9.01 of the Existing Credit Agreement.
SECTION 3. Representations and Warranties of the Company. The Company
represents and warrants as follows:
(a) The representations and warranties contained in Section 4.01 of
the Existing Credit Agreement (except the representation set forth in the last
sentence of subsection (e) thereof) are correct on and as of the date hereof as
though made on and as of such date except to the extent that such
representations or warranties expressly relate to an earlier specified date; and
(b) No event has occurred and is continuing that constitutes a
Default.
SECTION 4. Reference to and Effect on the Loan Documents. (a) On and
after the effectiveness of this Amendment and Restatement, each reference in the
Existing Credit Agreement to "this Agreement", "hereunder", "hereof" or words of
like import referring to the Credit Agreement, and each reference in the Notes
and each of the other Loan Documents to "the Credit Agreement", "thereunder",
"thereof" or words of like import referring to the Existing Credit Agreement,
shall mean and be a reference to the Existing Credit Agreement, as amended by
this Amendment and Restatement.
3
(b) The Existing Credit Agreement, the Notes and each of the other
Loan Documents, as specifically amended by this Amendment and Restatement, are
and shall continue to be in full force and effect and are hereby in all respects
ratified and confirmed.
(c) Without limiting any of the other provisions of the Existing
Credit Agreement, as amended by this Amendment and Restatement, any references
in the Existing Credit Agreement to the phrases "on the date hereof", "on the
date of this Agreement" or words of similar import shall mean and be a reference
to the date of the Existing Credit Agreement (which is August 24, 2004).
SECTION 5. Costs, Expenses. The Company agrees to pay on demand all
costs and expenses of the Agent in connection with the preparation, execution,
delivery and administration, modification and amendment of this Amendment and
Restatement and the other instruments and documents to be delivered hereunder
(including, without limitation, the reasonable fees and expenses of counsel for
the Agent) in accordance with the terms of Section 9.04 of the Existing Credit
Agreement.
SECTION 6. Execution in Counterparts. This Amendment and Restatement
may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute but one and the same
agreement. Delivery of an executed counterpart of a signature page to this
Amendment and Restatement by telecopier shall be effective as delivery of a
manually executed counterpart of this Amendment and Restatement.
SECTION 7. Governing Law. This Amendment and Restatement shall be
governed by, and construed in accordance with, the laws of the State of New
York.
4
IN WITNESS WHEREOF, the parties hereto have caused this Amendment and
Restatement to be executed by their respective officers thereunto duly
authorized, as of the date first above written.
THE LUBRIZOL CORPORATION
By /s/ X.X. Xxxxxx
------------------------------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Sr. Vice President and CFO
By /s/ Xxxxxxx X. Xxxxxx
------------------------------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Treasurer
CITICORP NORTH AMERICA, INC.,
as Agent and as Lender
By /s/ Xxxxxxx X. Xxxxxxxx
------------------------------------------------
Name: Xxxxxxx X. Xxxxxxxx
Title: Managing Director & Vice President
KEYBANK NATIONAL Association
By /s/ Xxxxxx X. Xxxxxxx
------------------------------------------------
Name: Xxxxxx X. Xxxxxxx
Title: Senior Vice President
ABN AMRO BANK N.V.
By /s/ Xxxxxx X. Xxxxxxxx
------------------------------------------------
Name: Xxxxxx X. Xxxxxxxx
Title: Director
By /s/ Xxxxx XxXxxxx
------------------------------------------------
Name: Xxxxx XxXxxxx
Title: Assistant Vice President
WACHOVIA BANK, NATIONAL ASSOCIATION
By /s/ Xxxxxxx Xxx Xxxxxxx
------------------------------------------------
Name: Xxxxxxx Xxx Xxxxxxx
Title: Director
FIFTH THIRD BANK
By /s/ X. X. Xxxxxxx
------------------------------------------------
Name: Xxx X. Xxxxxxx
Title: V.P.
5
FORTIS CAPITAL CORP.
By /s/ Xxxx X. Xxxxxx /s/ X. Xxxxxxxx
------------------------------------------------
Name: Xxxx X. Xxxxxx X. Xxxxxxxx
Title: Senior Vice President
MIZUHO CORPORATE BANK, LTD.
By /s/ Xxxxxxxx Xxxx
------------------------------------------------
Name: Xxxxxxxx Xxxx
Title: Deputy General Manager
PNC BANK, NATIONAL ASSOCIATION
By /s/ Xxxxxx X. Xxxxx
------------------------------------------------
Name: Xxxxxx X. Xxxxx
Title: Managing Director
THE ROYAL BANK OF SCOTLAND PLC
By /s/ X. XxXxxxxx
------------------------------------------------
Name: Xxxx XxXxxxxx
Title: Sr Vice President
THE BANK OF TOKYO-MITSUBISHI, LTD., CHICAGO BRANCH
By /s/ Xxxxxxxxxx Xxxxxxxxx
------------------------------------------------
Name: Xxxxxxxxxx Xxxxxxxxx
Title: Deputy General Manager
CALYON NEW YORK BRANCH
By /s/ Xxx X. Xxxxx
------------------------------------------------
Name: Xxx X. Xxxxx
Title: Managing Director
By /s/ Xxxxxx X. Xxxxxxx
------------------------------------------------
Name: Xxxxxx X. Xxxxxxx
Title: Director
6
DEUTSCHE BANK AG NEW YORK BRANCH
By /s/ Xxxxxxx Xxxxxxxx
------------------------------------------------
Name: Xxxxxxx Xxxxxxxx
Title: Director
By /s/ Xxxxxx Xxxxxxx
------------------------------------------------
Name: Xxxxxx Xxxxxxx
Title: Vice President
U.S. BANK, NATIONAL ASSOCIATION
By /s/ Xxxxxxx X. XxXxxx
------------------------------------------------
Name: Xxxxxxx X. XxXxxx
Title: Assistant Vice President
XXXXX FARGO BANK, NATIONAL ASSOCIATION
By /s/ Xxxxxxxx Xxxxxxxx
------------------------------------------------
Name: Xxxxxxxx Xxxxxxxx
Title: Vice President
By /s/ Xxxxxxxx Xxxxxx
------------------------------------------------
Name: Xxxxxxxx Xxxxxx
Title: Vice President
SCHEDULE I TO THE AMENDMENT AND RESTATEMENT
COMMITMENTS AND APPLICABLE LENDING OFFICES
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NAME OF INITIAL REVOLVING CREDIT TERM LETTER OF DOMESTIC LENDING EURODOLLAR LENDING
LENDER COMMITMENT COMMITMENT CREDIT COMMITMENT OFFICE OFFICE
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Citicorp North America, $60,465,116.28 $60,465,116.28 Two Penns Way Two Penns Way
Inc. Xxx Xxxxxx, XX 00000 Xxx Xxxxxx, XX 00000
Attn: Xxxx Xxxxxxx Attn: Xxxx Xxxxxxx
T: 000 000-0000 T: 000 000-0000
F: 000 000-0000 F: 000 000-0000
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KeyBank National $60,465,116.28 $60,465,116.28 000 Xxxxxx Xxxxxx 000 Xxxxxx Xxxxxx
Xxxxxxxxxxx Xxxxxxxxx, XX 00000 Xxxxxxxxx, XX 00000
Attn: Xxxxxxx Xxxxxxx Attn: Xxxxxxx Xxxxxxx
T: 000 000-0000 T: 000 000-0000
F: 000 000-0000 F: 000 000-0000
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ABN AMRO Bank N.V. $52,325,581.40 $52,325,581.39 000 Xxxxx XxXxxxx Xxxxxx, 000 Xxxxx XxXxxxx Xxxxxx,
Xxxxx 0000 Xxxxx 0000
Xxxxxxx, XX 00000 Xxxxxxx, XX 00000
Attn: Xxxx Xxxx Attn: Xxxx Xxxx
F: 000 000-0000 F: 000 000-0000
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Wachovia Bank, National $52,325,581.40 $52,325,581.39 000 X. Xxxxxxx Xx, XX0 000 X. Xxxxxxx Xx, XX0
Xxxxxxxxxxx Xxxxxxxxx, XX Charlotte, NC
Attn: Xxxx Xxxxx Attn: Xxxx Xxxxx
T: 000 000-0000 T: 000 000-0000
F: 000 000-0000 F: 000 000-0000
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Fifth Third Bank $30,232,558.14 $30,232,558.14 0000 Xxxxxxxx Xxxxx 0000 Xxxxxxxx Xxxxx
Xxxxxxxxxx, XX 00000 Xxxxxxxxxx, XX 00000
Attn: Xxxxxx Xxxxx Attn: Xxxxxx Xxxxx
T: 000-000-0000 T: 000-000-0000
F: 000-000-0000 F: 000-000-0000
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Fortis Capital Corp. $30,232,558.14 $30,232,558.14 0 Xxxxxxxx Xxxxx 0 Xxxxxxxx Xxxxx
000 Xxxxxxx Xxxxxxxxx, 0xx Xx. 000 Xxxxxxx Xxxxxxxxx, 0xx Xx.
Xxxxxxxx, XX 00000 Xxxxxxxx, XX 00000
Attn: Xxxxx Xxxxxxxxxx Attn: Xxxxx Xxxxxxxxxx
T: 000 000-0000 T: 000 000-0000
F: 000 000-0000 F: 000 000-0000
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NAME OF INITIAL REVOLVING CREDIT TERM LETTER OF DOMESTIC LENDING EURODOLLAR LENDING
LENDER COMMITMENT COMMITMENT CREDIT COMMITMENT OFFICE OFFICE
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Mizuho Corporate Bank, $30,232,558.14 $30,232,558.14 1800 Plaza Ten 1800 Plaza Ten
Ltd. Xxxxxx Xxxx, XX 00000 Xxxxxx Xxxx, XX 00000
Attn: Xxxxxxxx Xxxxx Attn: Xxxxxxxx Xxxxx
T: 000 000-0000 T: 000 000-0000
F: 000 000-0000 F: 000 000-0000
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PNC Bank, National $30,232,558.14 $30,232,558.14 000 Xxxxx Xxxxxx 000 Xxxxx Xxxxxx
Association #P7-FSC-04Z #P7-FSC-04Z
Xxxxxxxxxx, XX 00000 Xxxxxxxxxx, XX 00000
Attn: April Washington Attn: April Washington
T: 000 000-0000 T: 412 768-6214
F: 000 000-0000 F: 000 000-0000
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The Royal Bank of $30,232,558.14 $30,232,558.14 000 Xxxx Xxxxxx 101 Park Avenue
Scotland plc Xxx Xxxx, XX 00000 Xxx Xxxx, XX 00000
Attn: Xxxxxx Xxxx Attn: Xxxxxx Xxxx
T: 000 000-0000 T: 000 000-0000
F: 000 000-0000 F: 000 000-0000
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The Bank of $30,232,558.14 $30,232,558.14 Harborside Financial Center Harborside Financial Center
Tokyo-Mitsubishi, Ltd., 500 Plaza III 000 Xxxxx XXX
Xxxxxxx Xxxxxx Xxxxxx Xxxx, XX 00000 Xxxxxx Xxxx, XX 00000
Attn: Xxxxx Xx Attn: Xxxxx Xx
T: 000 000-0000 T: 000 000-0000
F: 000 000-0000 F: 000 000-0000
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Calyon New York Branch $23,255,813.95 $23,255,813.95 0000 Xxxxxx of the Americas 0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, XX 00000 Xxx Xxxx, XX 00000
Attn: Xxx Xxxxxxxx Attn: Xxx Xxxxxxxx
T: 000-000-0000 T: 000-000-0000
F: 000-000-0000 F: 000-000-0000
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Deutsche Bank AG New $23,255,813.95 $23,255,813.95 00 Xxxxxx Xxxxxx, Xxxxx 1 00 Xxxxxx Xxxxxx, Xxxxx 1
York Branch Xxxxxx Xxxx, XX 00000 Xxxxxx Xxxx, XX 00000
Attn: Xxx-Xxxxx Xxxxxx Attn: Xxx-Xxxxx Xxxxxx
T: 000 000-0000 T: 000 000-0000
F: 000 000-0000 F: 000 000-0000
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U.S. Bank National $23,255,813.95 $23,255,813.95 400 City Center 000 Xxxx Xxxxxx
Xxxxxxxxxxx Xxxxxxx, XX 00000 Xxxxxxx, XX 00000
Attn: Xxxxxx Xxxxxxx Attn: Xxxxxx Xxxxxxx
T: 000 000-0000 T: 000 000-0000
F: 000 000-0000 F: 000 000-0000
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NAME OF INITIAL REVOLVING CREDIT TERM LETTER OF DOMESTIC LENDING EURODOLLAR LENDING
LENDER COMMITMENT COMMITMENT CREDIT COMMITMENT OFFICE OFFICE
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Xxxxx Fargo Bank, $23,255,813.95 $23,255,813.95 000 Xxxxx Xxxxxx 000 Xxxxx Xxxxxx
National Association MAC 0187-081 MAC 0187-081
Xxx Xxxxxxxxx, XX 00000 Xxx Xxxxxxxxx, XX 00000
Attn: Xxxxx Xxxx Attn: Xxxxx Xxxx
T: 000 000-0000 T: 000 000-0000
F: 000 000-0000 F: 000 000-0000
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