EX-4.3(B) 2 dex43b.txt AMENDMENT NO. 1 TO CREDIT AGREEMENT Exhibit 4.3(b) CONFORMED COPY AMENDMENT No. 1 dated as of March 27, 2001 to the Credit Agreement dated as of November 25, 1997, as amended and restated February 5, 1999, among EQUISTAR CHEMICALS, LP, a Delaware limited partnership; MILLENNIUM AMERICA INC., a Delaware corporation, as Guarantor; the Lenders party thereto; BANK OF AMERICA, N. A., as Servicing Agent, Documentation Agent and Administrative Agent; and THE CHASE MANHATTAN BANK, as Syndication Agent and Administrative Agent. WHEREAS, the Borrower (such term and each other capitalized term used but not defined herein having the meaning assigned to it in the Credit Agreement as amended hereby, the "Amendment"), the Lenders, BofA and Chase are parties to the Credit Agreement dated as of November 25, 1997, as amended and restated February 5, 1999 (the "Credit Agreement"); WHEREAS, the Borrower has requested that the Lenders further amend the Credit Agreement; and WHEREAS, the undersigned Lenders are willing, on the terms and subject to the conditions set forth herein, to approve such amendment; NOW, THEREFORE, in consideration of these premises, the Borrower, Millennium America Inc. and the undersigned Lenders hereby agree as follows: SECTION 1. Amendments. Effective as of the Effective Date (as defined in Section 2 hereof), the Credit Agreement is hereby amended in its current form with the following amendments: (a) The definition of "Applicable Percentage" in Section 1.01 of the Credit Agreement is hereby amended by replacing the table contained therein with the following table:
FACILITY INDEX LIBOR/NIBOR FEE RATINGS SPREAD PERCENTAGE -------------------------------------------------------------------------------------------------- Category 1 A-/A3 or higher .410% .090% -------------------------------------------------------------------------------------------------- Category 2 BBB+/Baa1 .500% .125% -------------------------------------------------------------------------------------------------- Category 3 BBB/Baa2 .600% .150% -------------------------------------------------------------------------------------------------- Category 4 BBB-/Baa3 .800% .200% -------------------------------------------------------------------------------------------------- Category 5 BBB-/Ba1 or BB+/Baa3 .900% .225% --------------------------------------------------------------------------------------------------
FACILITY INDEX LIBOR/NIBOR FEE RATINGS SPREAD PERCENTAGE -------------------------------------------------------------------------------------------------- Category 6 BB+/Ba1 1.125% .250% -------------------------------------------------------------------------------------------------- Category 7 BB/Ba2 or lower 1.325% .300% --------------------------------------------------------------------------------------------------
(b) Section 6.05 of the Credit Agreement is hereby amended to read as follows: "Section 6.05. Interest Coverage Ratio. Permit the Interest Coverage Ratio for the period of four consecutive fiscal quarters ending on any date set forth below to be less than the ratio set forth below opposite such date: Date Ratio ---- ----- March 31, 2001 2.50 to 1.00 June 30, 2001 2.00 to 1.00 September 30, 2001 2.00 to 1.00 December 31, 2001 2.50 to 1.00 March 31, 2002 2.75 to 1.00 Each fiscal quarter end thereafter 3.00 to 1.00" SECTION 2. Effectiveness. This Amendment shall become effective as of March 27, 2001, but only if the Administrative Agents (or their counsel) shall have received (a) copies hereof that, when taken together, bear the signatures of the Borrower and the Required Lenders and (b) the amendment fees due under Section 3. The date on which this Amendment shall become effective is referred to as the "Effective Date." SECTION 3. Amendment Fees. The Borrower shall pay to the Administrative Agents on March 27,2001, for the account of each Lender that shall have executed this Amendment on or prior to such date, an amendment fee equal to .25% of the sum of such Lender's Revolving Exposure and unused Commitment as of such date. SECTION 4. Applicable Law. This Amendment shall be construed in accordance with and governed by the law of the State of New York. SECTION 5. No Other Amendments. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of any party under, the Credit Agreement, nor alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect. SECTION 6. Counterparts. This Amendment may be executed in two or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one contract. Delivery of an executed counterpart of a signature page of this Amendment by facsimile transmission shall be as effective as delivery of a manually executed counterpart of this Amendment. SECTION 7. Headings. Section headings used herein are for convenience of reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment. SECTION 8. Expenses. The Borrower shall reimburse the Administrative Agents for their reasonable out-of-pocket expenses incurred in connection with this Amendment, including the reasonable fees and expenses of Cravath, Swaine & Moore, counsel for the Administrative Agents. IN WITNESS WHEREOF, the Borrower, Millennium America Inc. and the undersigned Lenders have caused this Amendment to be duly executed by their duly authorized officers, all as of the date first above written. EQUISTAR CHEMICALS, LP by /s/ Gerald A. O'Brien --------------------------- Name: Gerald A. O'Brien Title: Vice President MILLENNIUM AMERICA, INC. by /s/ Christine Wubbolding --------------------------- Name: Christine Wubbolding Title: Vice President & Treasurer BANK OF AMERICA, N. A., individually and as Administrative Agent, Documentation Agent and Servicing Agent, by /s/ Michael J. Dillon --------------------------- Name: Michael J. Dillon Title: Managing Director THE CHASE MANHATTAN BANK, individually and as Administrative Agent and Syndication Agent, by /s/ Steve A. Nordaker --------------------------- Name: Steve A. Nordaker Title: Managing Director 4 ABN AMRO BANK N.V., by /s/ Angela Noique --------------------------- Name: Angela Noique Title: Vice President by /s/ Scott J. Albert --------------------------- Name: Scott J. Albert Title: Group Vice President BANK ONE, N.A., by /s/ Daniel A. Davis --------------------------- Name: Daniel A. Davis Title: Vice President BANK AUSTRIA AG, by /s/ Laura DePersis --------------------------- Name: Laura DePersis Title: Vice President by /s/ William W. Hunter --------------------------- Name: William W. Hunter Title: Vice President THE BANK OF NEW YORK, by /s/ Raymond J. Palmer --------------------------- Name: Raymond J. Palmer Title: Vice President THE BANK OF NOVA SCOTIA, by /s/ M.D. Smith --------------------------- Name: M.D. Smith Title: Agent Operations THE BANK OF TOKYO-MITSUBISHI, by /s/ K. Glasscock --------------------------- Name: K. Glasscock Title: VP & Manager 5 BANQUE NATIONALE DE PARIS, by /s/ Mike Shryock --------------------------- Name: Mike Shryock Title: Vice President by /s/ Aurora Abella --------------------------- Name: Aurora Abella Title: Vice President CIBC INC., by CIBC OPPENHEIMER CORP, as Agent, by /s/ Dominic Sorresso ---------------------------- Name: Dominic Sorresso Title: Executive Director CITIBANK, N.A., by /s/ Claudio Phillips ---------------------------- Name: Claudio Phillips Title: Vice President/Managing Director COMMERZBANK AG, by /s/ Harry Yergey ---------------------------- Name: Harry Yergey Title: SVP & Manager by /s/ David Suttles ---------------------------- Name: David Suttles Title: Vice President CREDIT LYONNAIS NEW YORK BRANCH, by /s/ Philippe Soustra ---------------------------- Name: Philippe Soustra Title: Executive Vice President THE DAI-ICHI-KANGO BANK, LTD., by /s/ Perzemek T. Blaziak ---------------------------- Name: Perzemek T. Blaziak Title: Account Officer 6 DEUTSCHE GENOSSENSCHAFTSBANK AG, by /s/ Mark K. Connelly ---------------------------- Name: Mark K. Connelly Title: Vice President by /s/ Richard W. Wilbert ---------------------------- Name: Richard W. Wilbert Title: Vice President THE FUJI BANK LIMITED, by /s/ Jacques Azagury ---------------------------- Name: Jacques Azagury Title: Senior Vice President & Manager GENERAL ELECTRIC CAPITAL CORPORATION, by /s/ Robert M. Kadlick ---------------------------- Name: Robert M. Kadlick Title: Duly Authorized Signatory GUARANTY FEDERAL BANK, F.S.B., by /s/ Jim R. Hamilton ---------------------------- Name: Jim R. Hamilton Title: Vice President HSBC BANK USA, by /s/ George Linhart ---------------------------- Name: George Linhart Title: Vice President THE INDUSTRIAL BANK OF JAPAN, LTD., by /s/ Michael N. Oakes ---------------------------- Name: Michael N. Oakes Title: Senior Vice President, Houston Office 7 KBC BANK N. V., by /s/ Robert Snauffer --------------------------- Name: Robert Snauffer Title: First Vice President MORGAN GUARANTY TRUST COMPANY OF NEW YORK, by /s/ Carl J. Mehldau Jr. -------------------------- Name: Carl J. Mehldau Jr. Title: Vice President THE SANWA BANK LIMITED, by /s/ Jean-Michel Patovic --------------------------- Name: Jean-Michel Patovic Title: Vice President SOCIETE GENERALE, by /s/ Antoine Broustra --------------------------- Name: Antoine Broustra Title: Director THE SUMITOMO BANK, LTD., by /s/ P.R.C. Knight --------------------------- Name: P.R.C. Knight Title: Senior Vice President SUNTRUST BANK, ATLANTA, by /s/ Steven J. Newby --------------------------- Name: Steven J. Newby Title: Vice President 8 THE TORONTO-DOMINION BANK, by /s/ Carolyn R. Faeth --------------------------- Name: Carolyn R. Faeth Title: Mgr. Cr. Admin. WESTERN CONFERENCE TEAMSTERS, by /s/ Mohan V. Phansalkar --------------------------- Name: Mohan V. Phansalkar Title: Executive Vice President WESTDEUTSCHE LANDESBANK GIROZENTRALE, NEW YORK BRANCH, by /s/ Lisa M. Walker --------------------------- Name: Lisa M. Walker Title: Associate Director by /s/ Barry S. Wadler --------------------------- Name: Barry S. Wadler Title: Manager