EX-99.1 2 a05-5415_1ex99d1.htm EX-99.1

Exhibit 99.1

 

THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS THIRD AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is dated as of March 15, 2005, by and among AMERIMAX FABRICATED PRODUCTS, INC., a Delaware corporation (“U.S. Operating Co.”); EURAMAX HOLDINGS LIMITED, a company organized under the laws of England and Wales (“U.K. Operating Co.”); EURAMAX EUROPE B.V., a company organized under the laws of The Netherlands (“Dutch Operating Co.”); EURAMAX NETHERLANDS B.V., a company organized under the laws of The Netherlands (“Dutch Company”; U.S. Operating Co., U.K. Operating Co., Dutch Operating Co., and Dutch Company referred to collectively herein as the “Borrowers”); EURAMAX INTERNATIONAL, INC., a Delaware corporation (“Euramax U.S.”); EURAMAX INTERNATIONAL HOLDINGS LIMITED, a company organized under the laws of England and Wales (“Newco U.K.”); EURAMAX INTERNATIONAL LIMITED, a company organized under the laws of England and Wales (“Euramax”); AMERIMAX U.K., INC. (f/k/a Amerimax Holdings, Inc.), a Delaware corporation (“Amerimax U.K.”); EURAMAX EUROPEAN HOLDINGS LIMITED, a company organized under the laws of England and Wales (“U.K. Holdings”); EURAMAX EUROPE LIMITED, a company organized under the laws of England and Wales (“U.K. Company”);  EURAMAX CONTINENTAL LIMITED, a company organized under the laws of England and Wales (“Newco U.K. II”); EURAMAX EUROPEAN HOLDINGS B.V., a company organized under the laws of The Netherlands (“Dutch Holdings”); EURAMAX INTERNATIONAL HOLDINGS B.V., a company organized under the laws of The Netherlands (“Euramax International Holdings B.V.”); the “Operating Company Subsidiaries” party to the Credit Agreement (defined below) (such Operating Company Subsidiaries together with Euramax U.S., Newco U.K., Euramax, Amerimax U.K., U.K. Holdings, U.K. Company, Newco U.K. II, and Dutch Holdings, and Euramax International Holdings B.V. referred to collectively herein as the “Loan Parties”); those “Lenders” under the Credit Agreement which are party hereto; and WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association (in its capacities as “Lender,” “Issuer,” and “Agent”);

 

W I T N E S S E T H:

 

WHEREAS, each of the Borrowers, the Loan Parties, the Lenders, the Issuer, and the Agent executed and delivered that certain Third Amended and Restated Credit Agreement dated as of October 9, 2003, as amended by that certain First Amendment to Third Amended and Restated Credit Agreement dated as of May 28, 2004, and as amended by that certain Second Amendment to Third Amended and Restated Credit Agreement dated as of January 11, 2005  (as the same may be amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”);

 

WHEREAS, each of the Borrowers and the Loan Parties has requested, and each of the Lenders party hereto, the Issuer, and the Agent has agreed to, an amendment to the Credit Agreement, subject to the terms and conditions hereof;

 



 

WHEREAS, each of the Borrowers and the Loan Parties has requested that each of the Lenders party hereto, the Issuer, and the Agent waive the Borrowers’ and the Loan Parties’ failure to meet certain of the Credit Agreement’s requirements, and each of the Lenders party hereto, the Issuer, and the Agent has agreed to such waiver, subject to the terms and conditions hereof;

 

NOW, THEREFORE, for and in consideration of the above premises and other good and valuable consideration, the receipt and sufficiency of which hereby is acknowledged by the parties hereto, each of the Borrowers, the Loan Parties, the Lenders party hereto, the Issuer, and the Agent hereby covenant and agree as follows:

 

1.             Definitions.  Unless otherwise specifically defined herein, each term used herein which is defined in the Credit Agreement shall have 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 from and after the date hereof refer to the Credit Agreement as amended hereby.

 

2.             Amendment to Credit Agreement.  Upon the effectiveness of this Amendment, Section 7.3(a) of the Credit Agreement shall be deemed amended and restated as of December 31, 2004, so that it reads, in its entirety, as follows:

 

7.3   Lease Obligations.  (a) No Loan Party shall create or suffer to exist, or permit any of its Subsidiaries to create or suffer to exist, any obligations as lessee for the rental or hire of real or personal property of any kind under other leases or agreements to lease (other than Capitalized Leases) having an original term of one year or more which would cause the direct or contingent liabilities of all Loan Parties and their respective Subsidiaries, on a consolidated basis, in respect of all such obligations to exceed $12,000,000 payable in any period of 12 consecutive months.

 

3.             Waiver of Defaults.  (a) The Borrowers and the Loan Parties have informed the Agent of the existence of the following Events of Default under the Credit Agreement:

 

(i)    The payment by the Borrowers and the Loan Parties of an advisory fee to CVC in the amount of $1,150,000, which payment was $150,000 in excess of the fees permitted to be paid under Section 7.10(ii) of the Credit Agreement (the “Advisory Fee Default”);

 

(ii)   Certain of the Loan Parties’ Lease obligations (as calculated in accordance with Section 7.3(a) of the Credit Agreement) exceeded the $7,500,000 limitation set forth in Section 7.3(a) of the Credit Agreement (the “Lease Basket Default”)

 

The Advisory Fee Default and the Lease Basket Default are referred to collectively herein as the “Specified Defaults.”  The Borrowers and the Loan Parties acknowledge that the Specified Defaults constitute Events of Default under the Credit Agreement.

 

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(b)   Subject to the terms and conditions of this Amendment, the Agent, the Issuer, and the Lenders party hereto, hereby waive the Specified Defaults.

 

(c)   The foregoing notwithstanding, (i) the waiver provided hereby shall not constitute a waiver of any Event of Default under the Credit Agreement, other than the Specified Defaults, (ii) the Credit Agreement shall remain in full force and effect (taking into account the waiver granted in this Section 3), and (iii) notwithstanding the waiver of the Specified Defaults provided for herein, each of the Borrowers and the Loan Parties is hereby advised that (A) the Lenders party hereto, the Issuer, and the Agent, shall demand strict compliance by the Borrower and the Loan Parties with the terms of the Credit Agreement and the other Credit Documents at all times and (B) the Lenders party hereto, the Issuer, and the Agent reserve all rights and remedies with respect thereto after giving effect to this waiver.

 

4.             Restatement of Representations and Warranties.  Each of the Borrowers and the Loan Parties hereby restates and renews each and every representation and warranty heretofore made by it in the Credit Agreement and the other Credit Documents as fully as if made on the date hereof and with specific reference to this Amendment and all other Credit Documents executed and/or delivered in connection herewith (except to the extent that any such representation and warranty has been duly waived in writing and then only with respect to the particular instance for which such waiver or waivers were granted).

 

5.             Effect of Amendment.  Except as set forth expressly hereinabove, all terms of the Credit Agreement and the other Credit Documents shall be and remain in full force and effect, and shall constitute the legal, valid, binding and enforceable obligations of each of the parties hereto.  The amendment contained herein shall be deemed to have prospective application only, unless otherwise specifically stated herein.

 

6.             Ratification.  Each of the Borrowers and the Loan Parties hereby restates, ratifies and reaffirms each and every term, covenant and condition set forth in the Credit Agreement and the other Loan Documents effective as of the date hereof (except to the extent that any such term, covenant, or condition has been duly waived in writing and then only with respect to the particular instance for which such waiver or waivers were granted).

 

7.             Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which may be delivered by facsimile and which when so executed and delivered (including counterparts delivered by facsimile) shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument.

 

8.             Section References.  Section titles and references used in this Amendment shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreements among the parties hereto evidenced hereby.

 

9.             No Default.  To induce each of the Lenders party hereto, the Issuer, and the Agent to enter into this Amendment and to continue to make advances pursuant to the Credit Agreement, each of the Borrowers and the Loan Parties hereby acknowledges and agrees that, as of the date hereof, and after giving effect to the terms hereof, there exists (i) no Default or Event of Default

 

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and (ii) no right of offset, defense, counterclaim, claim or objection in favor of the Borrowers or the Loan Parties arising out of or with respect to any of the Obligations or other obligations of the Borrowers or the Loan Parties owed to the Lenders under the Credit Agreement or otherwise.

 

10.           Further Assurances.  Each of the Borrowers and the Loan Parties agree to take such further actions as the Agent shall reasonably request in connection herewith to evidence the amendments herein contained.

 

11.           Governing Law.  This Amendment shall be governed by and construed and interpreted in accordance with, the laws of the State of New York.

 

12.           Consent and Reaffirmation.  Each of the Loan Parties which is a Guarantor (i) consents to the execution and delivery of this Amendment by the Borrowers and each other Guarantor and (ii) reaffirms (in light of this Amendment) all of its obligations and covenants under the Loan Documents to which it is a party, and agrees that none of such obligations and covenants shall be diminished by the execution and delivery of this Amendment, except as expressly provided for herein.

 

13.           Conditions Precedent.  This Amendment shall be effective upon the Agent’s receipt of executed and delivered signature pages hereto from each of the Borrowers, the Loan Parties, the Majority Lenders, the Issuer, and the Agent.

 

[SIGNATURES ON FOLLOWING PAGES]

 

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IN WITNESS WHEREOF, each of the Borrowers, the Loan Parties, the following Lenders, the Issuer, and the Agent have caused this Amendment to be duly executed, under seal, by its duly authorized officer as of the day and year first above written.

 

 

BORROWERS:

 

 

 

EURAMAX INTERNATIONAL, INC.

 

 

 

 

 

By:

 

 

Name:

R. Scott Vansant

 

Title:

Chief Financial Officer

 

 

 

 

 

EURAMAX INTERNATIONAL LIMITED

 

EURAMAX INTERNATIONAL HOLDINGS
LIMITED

 

EURAMAX EUROPEAN HOLDINGS
LIMITED

 

EURAMAX CONTINENTAL LIMITED

 

EURAMAX COATED PRODUCTS LIMITED

 

EURAMAX EUROPE LIMITED

 

EURAMAX HOLDINGS LIMITED

 

 

 

 

 

By:

 

 

Name:

R. Scott Vansant

 

Title:

Director

 

 

 

 

 

EURAMAX INTERNATIONAL HOLDINGS B.V.

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 



 

 

EURAMAX EUROPEAN HOLDINGS B.V.

 

EURAMAX NETHERLANDS B.V.

 

EURAMAX EUROPE B.V.

 

EURAMAX COATED PRODUCTS B.V.

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

 

 

 

 

AMERIMAX U.K. (f/k/a/, Amerimax Holdings,
Inc.) INC.

 

 

 

 

 

By:

 

 

Name:

David Pugh

 

Title:

Director

 

 

 

 

 

AMERIMAX FABRICATED PRODUCTS,
INC.

 

AMERIMAX BUILDING PRODUCTS, INC.

 

AMERIMAX RICHMOND COMPANY

 

AMERIMAX FINANCE COMPANY, INC.

 

AMERIMAX HOME PRODUCTS, INC.

 

AMERIMAX DIVERSIFIED PRODUCTS,
INC.

 

AMERIMAX PENNSYLVANIA, INC.

 

FABRAL HOLDINGS, INC.

 

FABRAL, INC.

 

 

 

 

 

By:

 

 

Name:

R. Scott Vansant

 

Title:

Chief Financial Officer

 



 

 

ELLBEE LIMITED

 

 

 

By:

 

 

 

Name:

 

Title:

 

 

 

 

 

BERGER HOLDINGS, LTD.

 

BERGER BROS COMPANY

 

 

 

By:

 

 

 

Name:

R. Scott Vansant

 

Title:

Vice President and Chief Financial Officer

 

 

 

 

 

GUTTER ACQUISITION, INC.

 

 

 

By:

 

 

 

Name:

 

Title:

 



 

 

ISSUER AND AGENT:

 

 

 

WACHOVIA BANK, NATIONAL

 

ASSOCIATION (successor by merger to FIRST

 

UNION NATIONAL BANK)

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 



 

 

LENDERS:

 

 

 

WACHOVIA BANK, NATIONAL

 

ASSOCIATION (successor by merger to FIRST

 

UNION NATIONAL BANK), as Lender

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 



 

 

LASALLE BANK NATIONAL ASSOCIATION,
as Lender

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 



 

 

PNC BANK, NATIONAL ASSOCIATION,

 

as Lender

 

 

 

 

 

By:

 

 

Name:

 

Title:

 



 

 

FLEET NATIONAL BANK, as Lender

 

 

 

 

 

By:

 

 

Name:

 

Title:

 



 

 

SUNTRUST BANK, as Lender

 

 

 

 

 

By:

 

 

Name:

 

Title:

 



 

 

BANK OF AMERICA, N.A., as Lender

 

 

 

 

 

By:

 

 

Name:

 

 

Title: