EX-10.1 3 j9625_ex10d1.htm EX-10.1

Exhibit 10.1

 

EXECUTION COPY

 

FIRST AMENDMENT

 

FIRST AMENDMENT, dated as of April 21, 2003 (this “Amendment”), to the Amended and Restated Credit Agreement, dated as of April 25, 2002 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Interstate Bakeries Corporation, a Delaware corporation (“Holdings”), Interstate Brands Corporation, a Delaware corporation (“Brands”), Interstate Brands West Corporation, a Delaware corporation (“Brands West”; each of Brands and Brands West, a “Borrower” and, together, the “Borrowers”), the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”), THE BANK OF NOVA SCOTIA, BNP PARIBAS COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK INTERNATIONAL”, NEW YORK BRANCH, and SUNTRUST BANK, each as a co-documentation agent, BANK OF AMERICA, N.A., as syndication agent, and JPMORGAN CHASE BANK, (f/k/a The Chase Manhattan Bank), as administrative agent (in such capacity, the “Administrative Agent”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to make, and have made, certain loans and other extensions of credit to the Borrowers;

 

WHEREAS, the Borrowers have requested, and, upon this Amendment becoming effective, the Lenders have agreed, that certain provisions of the Credit Agreement be amended as set forth below;

 

NOW, THEREFORE, the parties hereto hereby agree as follows:

 

SECTION 1. Defined Terms.  Terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

SECTION 2. Amendments to Credit Agreement.

 

(a)           Amendments to Section 1.  Section 1.1 of the Credit Agreement is hereby amended as follows:

 

(i)  by deleting the proviso to clause (vi) of the defined term “Consolidated EBITDA” and substituting in lieu thereof the following new proviso:

 

provided, that the portion of such charges for non-recurring items representing cash charges so added to Consolidated Net Income shall not exceed a cumulative amount of $20,000,000 from and after August 24, 2002

 

(ii)  by deleting the defined term “L/C Commitment” and substituting in lieu thereof the following:

 



 

“L/C Commitment”: $175,000,000.

 

(iii)  by deleting the table set forth in the defined term “Pricing Grid” in its entirety and substituting in lieu thereof the table set forth in Annex 1 hereto.

 

(b) Amendments to Section 4.  (i)  Section 4.1 of the Credit Agreement is hereby amended by deleting such section in its entirety and substituting in lieu thereof the following:

 

4.1           Financial Condition.  The audited consolidated balance sheets of Holdings and its Subsidiaries as at June 1, 2002, and the related consolidated statements of income and of cash flows for the fiscal year ended on such date, reported on by and accompanied by an unqualified report from Deloitte & Touche, present fairly in all material respects the consolidated financial condition of Holdings and its consolidated Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash flows for the fiscal year then ended.  The unaudited consolidated balance sheets of Holdings as at August 24, 2002, November 16, 2002 and March 8, 2003, and the related unaudited consolidated statements of income and cash flows for the three-month periods ended on such dates, present fairly in all material respects the consolidated financial condition of Holdings and its consolidated Subsidiaries as at such dates, and the consolidated results of its operations and its consolidated cash flows for the periods then ended (subject to normal year-end audit adjustments).  All such financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of accountants and disclosed therein).  Such financial statements and the notes thereto disclose all material liabilities, direct or contingent, of the Group Members that are required to be so disclosed under GAAP.  During the period from June 1, 2002 to and including the date hereof there has been no Disposition by any Group Member of any material part of its business or property.

 

(ii) Section 4.2 is amended by deleting such section in its entirety and substituting in lieu thereof the following:

 

4.2           No Change.  There has been no material adverse change in the business, assets, operations or financial condition of Holdings and the Subsidiaries, taken as a whole, since June 1, 2002.

 

(c)  Amendments to Section 7.  (i)  Section 7.1(a) of the Credit Agreement is hereby amended by deleting such section in its entirety and substituting in lieu thereof the following:

 

(a)  Consolidated Leverage Ratio.  Permit the Consolidated Leverage Ratio as at the last day of any period of four consecutive fiscal quarters of Holdings ending with any fiscal quarter set forth below to exceed the ratio set forth below opposite such fiscal quarter:

 

1



 

Fiscal Quarter

 

Consolidated
Leverage Ratio

 

May 31, 2003

 

3.10 to 1.00

 

August 23, 2003

 

3.75 to 1.00

 

November 15, 2003

 

3.75 to 1.00

 

March 6, 2004

 

3.75 to 1.00

 

May 29, 2004

 

3.25 to 1.00

 

August 21, 2004

 

3.00 to 1.00

 

November 13, 2004 and thereafter

 

2.75 to 1.00

 

 

(ii)  Section 7.1(b) of the Credit Agreement is hereby amended by deleting such subsection in its entirety and substituting in lieu thereof the following:

 

(b)  Consolidated Interest Coverage Ratio.  Permit the Consolidated Interest Coverage Ratio as at the last day of any period of four consecutive fiscal quarters of Holdings (or, if less, the number of full fiscal quarters subsequent to the Closing Date) ending with any fiscal quarter set forth below to be less than the ratio set forth below opposite such fiscal quarter:

 

Fiscal Quarter

 

Consolidated Interest
Coverage Ratio

 

May 31, 2003

 

4.75 to 1.00

 

August 23, 2003

 

3.75 to 1.00

 

November 15, 2003

 

3.55 to 1.00

 

March 6, 2004

 

3.55 to 1.00

 

May 29, 2004

 

4.00 to 1.00

 

August 21, 2004 and thereafter

 

5.00 to 1.00

 

 

SECTION 3. Conditions to Effectiveness of Amendment.  This Amendment shall be effective on the date on which all of the following conditions precedent have been satisfied or waived (the “Effective Date”):

 

(a)           The Administrative Agent  (or its counsel) shall have received a counterpart of this Amendment, executed and delivered by a duly authorized officer of each of (i) Holdings, (ii) the Borrowers and (iii) each of the Lenders constituting the Required Lenders;

 

(b)           The Borrowers shall have paid all fees and expenses of the Administrative Agent, including the reasonable fees and expenses of counsel to the Administrative Agent;

 

(c)           After giving effect to the Amendment, no Default or Event of Default shall have occurred and be continuing; and

 

2



 

(d)           The Administrative Agent shall have received an amendment fee for the account of each Lender that consents to this Amendment in an amount equal to 0.15% of each such Lender’s Commitment.

 

SECTION 4. Representations and Warranties.  Each of the representations and warranties made by each of Holdings and the Borrowers in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of the date hereof as if made as of the date hereof, except for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date; provided that each reference to the Credit Agreement therein shall be deemed to be a reference to the Credit Agreement after giving effect to this Amendment.

 

SECTION 5. Effect on the Loan Documents.  (a) Except as specifically amended above, the Credit Agreement and all other Loan Documents shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.

 

(b)           The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.

 

SECTION 6. Expenses.  Holdings and the Borrowers agree to pay or reimburse the Administrative Agent for all of its out-of-pocket costs and reasonable expenses incurred in connection with this Amendment, any other documents prepared in connection herewith and the transaction contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.

 

SECTION 7. Affirmation of Guaranty and Credit Agreement.  The Guarantors hereby consent to this Amendment and hereby confirm, reaffirm and restate that their obligations under or in respect of the Credit Agreement and the documents related thereto to which they are a party are and shall remain in full force and effect after giving effect to the foregoing Amendment.

 

SECTION 8. GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 9. Execution in Counterparts.  This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

[Remainder of page intentionally left blank.]

 

3



 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective proper and duly authorized officers as of the day and year first above written.

 

 

 

INTERSTATE BAKERIES CORPORATION, as
Guarantor

 

 

 

By: /s/ Paul E. Yarick

 

Name: Paul E. Yarick

 

Title: Senior Vice President—Finance and Treasurer

 

 

 

INTERSTATE BRANDS CORPORATION, as a
Borrower

 

 

 

By: /s/ Paul E. Yarick

 

Name: Paul E. Yarick

 

Title: Senior Vice President—Finance and Treasurer

 

 

 

INTERSTATE BRANDS WEST CORPORATION,
as a Borrower

 

 

 

By: /s/ Paul E. Yarick

 

Name: Paul E. Yarick

 

Title: Senior Vice President—Finance and Treasurer

 

 

 

JP MORGAN CHASE BANK, as Administrative
Agent, an Issuing Lender and a Lender

 

 

 

By: /s/ Martha Gurwit

 

Name: Martha Gurwit

 

Title: Vice President

 

 

 

HARRIS TRUST & SAVINGS BANK, as an
Issuing Lender and a Lender

 

 

 

By: /s/ Karen L. Knudsen

 

Name: Karen Knudsen

 

Title: Vice President

 

4



 

 

AGFIRST FARM CREDIT BANK

 

 

 

By:  /s/ Richard N. Thorpe

 

Name: Richard N. Thorpe

 

Title: Vice President

 

 

 

AGSTAR FINANCIAL SERVICES, PCA

 

 

 

By: /s/ James M. Grafing

 

Name: James M. Grafing

 

Title: SVP — Syndicated Finance

 

 

 

AIG SUNAMERICA LIFE ASSURANCE CO.

 

 

 

By: /s/ Steven S. Oh

 

Name: Steven S. Oh

 

Title: Authorized Agent

 

 

 

AIMCO CDO SERIES 2000-A

 

 

 

By: /s/ Chris Goergen

 

Name: Chris Goergen

 

Title: Authorized Signatory

 

 

 

By: /s/ Jerry D. Zinkula

 

Name: Jerry D. Zinkula

 

Title: Authorized Signatory

 

 

 

AIMCO CLO SERIES 2001-A

 

 

 

By: /s/ Chris Goergen

 

Name: Chris Goergen

 

Title: Authorized Signatory

 

 

 

By: /s/ Jerry D. Zinkula

 

Name: Jerry D. Zinkula

 

Title: Authorized Signatory

 

5



 

 

ALLSTATE LIFE INSURANCE COMPANY

 

 

 

By: /s/ Chris Goergen

 

Name: Chris Goergen

 

Title: Authorized Signatory

 

 

 

By: /s/ Jerry D. Zinkula

 

Name: Jerry D. Zinkula

 

Title: Authorized Signatory

 

 

 

BANCO ESPIRITO SANTO S.A., NASSAU BRANCH

 

 

 

By: /s/ Andrew M. Orsen

 

Name: Andrew M. Orsen

 

Title: Vice President

 

 

 

By: /s/ Terry R. Hull

 

Name: Terry R. Hull

 

Title: Senior Vice President

 

 

 

BANK HAPOALIM B.M.

 

 

 

By: /s/ James P. Surless

 

Name: James P. Surless

 

Title: Vice President

 

 

 

By: /s/ Laura Anne Raffa

 

Name: Laura Anne Raffa

 

Title: Senior Vice President & Corporate Manager

 

 

 

BANK OF AMERICA, N.A.

 

 

 

By: /s/ William F. Sweeney

 

Name: William F. Sweeney

 

Title: Managing Director

 

 

 

BNP PARIBAS

 

 

 

By: /s/ Jo Ellen Bender

 

Name: Jo Ellen Bender

 

Title: Managing Director

 

 

 

By: /s/ Peter Labrie

 

Name: Peter Labrie

 

Title: Central Region Manager

 

6



 

 

BRYN MAWR CLO, LTD.

 

 

 

By: /s/ Matt Stouffer

 

Name: Matt Stouffer

 

Title: Vice President

 

 

 

CASTLE HILL I — INGOTS, LTD.

 

By: Sankaty Advisors, LLC as Collateral Manager

 

 

 

By: /s/ Diane J. Exter

 

Name: Diane J. Exter

 

Title: Managing Director & Portfolio Manager

 

 

 

CASTLE HILL II — INGOTS, LTD.

 

By: Sankaty Advisors, LLC as Collateral Manager

 

 

 

By: /s/ Diane J. Exter

 

Name: Diane J. Exter

 

Title: Managing Director & Portfolio Manager

 

 

 

CHINATRUST COMMERCIAL BANK NEW YORK BRANCH

 

 

 

By: /s/ John Teng

 

Name: John Teng

 

Title: EVP & Branch Manager

 

 

 

CoBANK, ACB

 

 

 

By: /s/ S. Richard Dill

 

Name: S. Richard Dill

 

Title: Vice President

 

7



 

 

COMERICA BANK

 

 

 

By: /s/ James B. Haeffner

 

Name: James B. Haeffner

 

Title: First Vice President

 

 

 

COMMERCE BANK, N.A.

 

 

 

By: /s/ Lance Holden

 

Name: Lance Holden

 

Title: Vice President

 

 

 

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A., “RABOBANK INTERNATIONAL” NEW YORK BRANCH

 

 

 

By: /s/ Brad Peterson

 

Name: Brad Peterson

 

Title: Executive Director

 

 

 

By: /s/ Ian Reece

 

Name: Ian Reece

 

Title: Managing Director

 

 

 

CREDIT LYONNAIS NEW YORK BRANCH

 

 

 

By: /s/ Lee E. Greve

 

Name: Lee E. Greve

 

Title: First Vice President

 

 

 

FARM CREDIT BANK OF WICHITA

 

 

 

By: /s/ Patrick Zeka

 

Name: Patrick Zeka

 

Title: Vice President

 

 

 

FARM CREDIT SERVICES OF AMERICA, PCA

 

 

 

By: /s/ Bruce P. Rouse

 

Name: Bruce P. Rouse

 

Title: Vice President

 

8



 

 

FARM CREDIT SERVICES OF MISSOURI, PCA

 

 

 

By: /s/ Michael D. Scherer

 

Name: Michael D. Scherer

 

Title: Vice President, Agribusiness

 

 

 

FRANKLIN CLO I, LIMITED

 

 

 

By: /s/ David Ardini

 

Name: David Ardini

 

Title: Vice President

 

 

 

FRANKLIN CLO III, LIMITED

 

 

 

By: /s/ David Ardini

 

Name: David Ardini

 

Title: Vice President

 

 

 

GALAXY CLO 1999-1 LTD.

 

 

 

By: /s/ Steven S. Oh

 

Name: Steven S. Oh

 

Title: Authorized Agent

 

 

 

HARBOUR TOWN FUNDING LLC

 

 

 

By: /s/ Ann E. Morris

 

Name: Ann E. Morris

 

Title: Asst. Vice President

 

 

 

IKB CAPITAL CORPORATION

 

 

 

By: /s/ David Snyder

 

Name: David Snyder

 

Title: President

 

 

 

INDOSUEZ CAPITAL FUNDING VI, LIMITED

 

 

 

By: /s/ Andrew Brady

 

Name: Andrew Brady

 

Title: Vice President

 

9



 

 

ING PRIME RATE TRUST

 

 

 

By: /s/ Jeffrey A. Bakalar

 

Name: Jeffrey A. Bakalar

 

Title: Sr. Vice President

 

 

 

ING SENIOR INCOME FUND

 

 

 

By: /s/ Jeffrey A. Bakalar

 

Name: Jeffrey A. Bakalar

 

Title: Sr. Vice President

 

 

 

LIBERTY FLOATING RATE ADVANTAGE FUND

 

 

 

By: /s/ James R. Fellows

 

Name: James R. Fellows

 

Title: Sr. Vice President & Portfolio Manager

 

 

 

LONG LANE MASTER TRUST

 

By: Fleet National Bank as Trust Administrator

 

 

 

By: /s/ Kevin Kearns

 

Name: Kevin Kearns

 

Title: Managing Director

 

 

 

MAPLEWOOD (CAYMAN) LIMITED

 

 

 

By: /s/ Mary Ann McCarthy

 

Name: Mary Ann McCarthy

 

Title: Managing Director

 

 

 

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

 

 

 

By: /s/ Mary Ann McCarthy

 

Name: Mary Ann McCarthy

 

Title: Managing Director

 

 

 

MITSUBISHI TRUST AND BANKING CORPORATION

 

 

 

By: /s/ Ryo Magome

 

Name: Ryo Magome

 

Title: Sr. Vice President

 

10



 

 

ML CLO XII PILGRIM AMERICA (CAYMAN) LTD.

 

 

 

By: /s/ Jeffrey A. Bakalar

 

Name: Jeffrey A. Bakalar

 

Title: Sr. Vice President

 

 

 

ML CLO XX PILGRIM AMERICA (CAYMAN) LTD.

 

 

 

By: /s/ Jeffrey A. Bakalar

 

Name: Jeffrey A. Bakalar

 

Title: Sr. Vice President

 

 

 

MONUMENT CAPITAL LTD.

 

 

 

By: /s/ Joel Serebransky

 

Name: Joel Serebransky

 

Title: Senior Vice President

 

 

 

MOUNTAIN CAPITAL CLO I, LTD.

 

 

 

By: /s/ Chris Siddons

 

Name: Chris Siddons

 

Title: Director

 

 

 

MOUNTAIN CAPITAL CLO II, LTD.

 

 

 

By: /s/ Chris Siddons

 

Name: Chris Siddons

 

Title: Director

 

 

 

MUIRFIELD TRADING LLC

 

 

 

By: /s/ Ann E. Morris

 

Name: Ann E. Morris

 

Title: Asst. Vice President

 

 

 

NATIONAL BANK OF KUWAIT, S.A.K., GRAND CAYMAN BRANCH

 

 

 

By: /s/ Muhannad Kamal

 

Name: Muhannad Kamal

 

Title: General Manager

 

 

 

By: /s/ Robert J. McNeill

 

Name: Robert J. McNeill

 

Title: Executive Manager

 

11



 

 

NUVEEN SENIOR INCOME FUND

 

 

 

By: /s/ L. Mason

 

Name: L. Mason

 

Title: Portfolio Manger

 

 

 

OLYMPIC FUNDING TRUST, SERIES 1999-1

 

 

 

By: /s/ Ann E. Morris

 

Name: Ann E. Morris

 

Title: Authorized Agent

 

 

 

PB CAPITAL

 

 

 

By: /s/ Tyler J. McCarthy

 

Name: Tyler J. McCarthy

 

Title: Assistant Vice President

 

 

 

By: /s/ Andrew Shipman

 

Name: Andrew Shipman

 

Title: Assistant Vice President

 

 

 

PILGRIM AMERICA HIGH INCOME INVESTMENTS LTD.

 

 

 

By: /s/ Jeffrey A. Bakalar

 

Name: Jeffrey A. Bakalar

 

Title: Sr. Vice President

 

 

 

PILGRIM CLO 1999-1 LTD

 

 

 

By: /s/ Jeffrey A. Bakalar

 

Name: Jeffrey A. Bakalar

 

Title: Sr. Vice President

 

12



 

 

PROMETHEUS INVESTMENT FUNDING NO. 1 LTD.

 

 

 

By: /s/ Charles P. Strause

 

Name: Charles P. Strause

 

Title: Associate Director

 

 

 

By: /s/ Elizabeth Tallmadge

 

Name: Elizabeth Tallmadge

 

Title: Managing Director & Chief Investment Officer

 

 

 

PROMETHEUS INVESTMENT FUNDING NO. 2 LTD.

 

 

 

By: /s/ Charles P. Strause

 

Name: Charles P. Strause

 

Title: Associate Director

 

 

 

By: /s/ Elizabeth Tallmadge

 

Name: Elizabeth Tallmadge

 

Title: Managing Director & Chief Investment Officer

 

 

 

RACE POINT CLO, LIMITED

 

By: Sankaty Advisors, LLC as Collateral Manager

 

 

 

By: /s/ Diane J. Exter

 

Name: Diane J. Exter

 

Title: Managing Director & Portfolio Manager

 

 

 

RACE POINT II CLO, LIMITED

 

By: Sankaty Advisors, LLC as Collateral Manager

 

 

 

By: /s/ Diane J. Exter

 

Name: Diane J. Exter

 

Title: Managing Director & Portfolio Manager

 

13



 

 

SEQUILS-CUMBERLAND I, LTD.

 

 

 

By: /s/ Matt Stouffer

 

Name: Matt Stouffer

 

Title: Vice President

 

 

 

SEQUILS — PILGRIM I, LTD

 

 

 

By: /s/ Jeffrey A. Bakalar

 

Name: Jeffrey A. Bakalar

 

Title: Sr. Vice President

 

 

 

SMOKY RIVER CDO, L.P.

 

 

 

By: /s/ Melissa Marano

 

Name: Melissa Marano

 

Title: Partner

 

 

 

SRF 2000 LLC

 

 

 

By: /s/ Ann E. Morris

 

Name: Ann E. Morris

 

Title: Asst. Vice President

 

 

 

SRF TRADING, INC.

 

 

 

By: /s/ Ann E. Morris

 

Name: Ann E. Morris

 

Title: Asst. Vice President

 

 

 

STEIN ROE & FARNHAM CLO I, LTD.

 

 

 

By: /s/ James R. Fellows

 

Name: James R. Fellows

 

Title: Sr. Vice President & Portfolio Manager

 

14



 

 

SUNAMERICA LIFE INSURANCE CO.

 

 

 

By: /s/ Steven S. Oh

 

Name: Steven S. Oh

 

Title: Authorized Agent

 

 

 

SUNTRUST BANK

 

 

 

By: /s/ Michael Lapresi

 

Name: Michael Lapresi

 

Title: Director

 

 

 

THE BANK OF EAST ASIA, LIMITED

 

 

 

By: /s/ David Loh

 

Name: David Loh

 

Title: Vice President

 

 

 

By: /s/ Victor Li

 

Name: Victor Li

 

Title: Vice President & General Manger

 

 

 

THE BANK OF NEW YORK

 

 

 

By: /s/ John-Paul Marotta

 

Name: John-Paul Marotta

 

Title: Vice President

 

 

 

THE BANK OF NOVA SCOTIA

 

 

 

By: /s/ V. Gibson

 

Name: V. Gibson

 

Title: Assistant Agent

 

15



 

 

THE DEVELOPMENT BANK OF SINGAPORE LTD.,
LOS ANGELES AGENCY

 

 

 

By: /s/ Chee Kien, Ong

 

Name: Chee Kien, Ong

 

Title: General Manager

 

 

 

THE SUMITOMO TRUST & BANKING CO., LTD.

 

 

 

By: /s/ Elizabeth A. Quirk

 

Name: Elizabeth A. Quirk

 

Title: Vice President

 

 

 

TORONTO DOMINION (NEW YORK), INC.

 

 

 

By: /s/ Susan K. Strong

 

Name: Susan K. Strong

 

Title: Vice President

 

 

 

UMB BANK, N.A.

 

 

 

By: /s/ Thomas S. Terry

 

Name: Thomas S. Terry

 

Title: Sr. Vice President

 

 

 

US BANK NATIONAL ASSOCIATION

 

 

 

By: /s/ David F. Higbee

 

Name: David F. Higbee

 

Title: Vice President

 

 

 

VAN KAMPEN CLO I, LIMITED

 

 

 

By: /s/ William Lenga

 

Name: William Lenga

 

Title: Vice President

 

 

 

VAN KAMPEN CLO II, LIMITED

 

 

 

By: /s/ William Lenga

 

Name: William Lenga

 

Title: Vice President

 

16



 

 

WACHOVIA BANK, NATIONAL ASSOCIATION

 

 

 

By: /s/ Anthony D. Braxton

 

Name: Anthony D. Braxton

 

Title: Director

 

17



 

ANNEX I

 

PRICING GRID

 

Level
(based on the senior
secured debt rating
of Holdings and the Borrowers)

 

Facility
Fee
Rate

 

Applicable
Margin for
Eurodollar
Revolving
Loans

 

Applicable
Margin for
ABR
Revolving
Loans

 

Applicable
Margin for
Eurodollar
Tranche A
Term Loans

 

Applicable
Margin for
ABR
Tranche A Term Loans

 

Applicable
Margin for
Eurodollar
Tranche B
Term Loans

 

Applicable 
Margin for 
ABR Tranche B
Term Loans

 

Applicable
Margin for
Eurodollar
Tranche C
Term Loans

 

Applicable
Margin 
for ABR
Tranche C Term Loans

 

Level I

Equal to or greater than
BBB and Baa2 by S&P and Moody’s

 

.375

%

0.875

%

0.000

%

1.250

%

0.250

%

2.250

%

1.250

%

2.000

%

1.000

%

Level II

BBB- and Baa3 by S&P and Moody’s

 

.375

%

1.1250

%

0.1250

%

1.500

%

0.500

%

2.250

%

1.250

%

2.000

%

1.000

%

Level III

BB+ and Ba1 by S&P and Moody’s

 

.500

%

1.500

%

0.500

%

2.000

%

1.000

%

2.500

%

1.500

%

2.250

%

1.250

%

Level IV

BB and Ba2 by S&P and Moody’s

 

.500

%

2.000

%

1.000

%

2.500

%

1.500

%

2.750

%

1.750

%

2.500

%

1.500

%

Level V

Less than or equal to BB- and Ba3 by S&P and Moody’s

 

.500

%

2.250

%

1.250

%

2.750

%

1.750

%

3.000

%

2.000

%

2.750

%

1.750

%

 

5