Exhibit 4.3
HARSCO CORPORATION
AND
THE
BANK OF NEW YORK
as
Trustee
FIRST SUPPLEMENTAL INDENTURE
Dated as of May 15, 2008
to
Indenture
Dated as of May 15, 2008
FIRST
SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”),
dated as of May 15, 2008, between HARSCO CORPORATION, a
Delaware corporation (the “Company”) and THE BANK OF
NEW YORK, a New York banking corporation, as trustee (the
“Trustee”).
Capitalized
terms used herein and not otherwise defined herein have the
meanings assigned to those terms in the Indenture unless otherwise
indicated.
R E C
I T A L S
WHEREAS, the Company executed and
delivered an indenture dated as of May 15, 2008 (the
“Indenture”) between the Company and the Trustee;
WHEREAS, Section 9.1 of the
Indenture provides that the Company and the Trustee may enter into
one or more indentures supplemental to the Indenture, without the
consent of any Holders, to add, among other things, covenants and
agreements of the Company to be observed thereafter for the
protection of the Holders of all or any series of Securities and to
establish the terms of any series of Securities;
WHEREAS, the Company desires to issue
one series of Securities, the 5.75% Senior Notes Due 2018 (the
“Notes”); and
WHEREAS, all requirements necessary
to make this Supplemental Indenture a valid, binding and
enforceable instrument in accordance with its terms have been done
and performed, and the execution and delivery of this Supplemental
Indenture has been duly authorized in all respects.
NOW, THEREFORE, in consideration of
the covenants and agreements set forth herein, the parties hereto
hereby agree as follows:
ARTICLE I
Terms and
Conditions
Section 1.1. Terms and
Conditions. The terms and characteristics of the Notes shall be
as follows (the numbered clauses set forth below corresponding to
the lettered subsections of Section 3.1 of the Indenture, with
terms used and not defined herein having the meanings specified in
the Indenture):
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(a) |
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the title of the Notes shall be “5.75% Senior Notes due
2018” and the CUSIP for the Notes is 415864AJ6; |
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(b) |
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the aggregate principal amount of the Notes which may be
authenticated and delivered under the Indenture shall be limited to
$450,000,000; provided, |
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however, that such authorized aggregate principal amount may
from time to time be increased above such amount by a resolution of
the Board of Directors to such effect; |
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(c) |
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not applicable; |
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(d) |
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the date on which the principal of the Notes shall be payable
shall be May 15, 2018; |
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(e) |
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the Notes shall bear interest at the rate of 5.75% per annum.
The Interest Payment Dates on which such interest will be payable
shall be May 15 and November 15 of each year, or the
first business day thereafter if May 15 or November 15 is
not a business day, commencing on November 15, 2008. The
regular record date for the determination of Holders to whom
interest is payable on any such Interest Payment Date shall be the
May 1 and November 1, as the case may be, (in each case,
whether or not a business day) immediately preceding the related
Interest Payment Date; |
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(f) |
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the principal of and any premium or interest on any Notes shall
be payable at the office or agency of the Company maintained for
that purpose in at the Corporate Trust Office of the Trustee,
currently located at The Bank of New York, 101 Barclay Street, Fl.
8W,
New York, NY 10286, Attn: U.S. Corporate Finance Group; |
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(g) |
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The Notes will be redeemable in whole or in part, at the
Company’s option, at any time and from time to time at a
redemption price equal to the greater of (i) 100% of the
principal amount of the Notes to be redeemed and (ii) the sum
of the present values of the remaining scheduled payments of
principal and interest thereon discounted to the redemption date on
a semiannual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate as defined below, plus 30 basis
points, plus accrued interest thereon to the date of
redemption. |
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“Treasury Rate” means, with respect to any
redemption date, the rate per annum equal to the semiannual
equivalent yield to a maturity of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount equal to the Comparable Treasury
Price for such redemption date). |
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“Comparable Treasury Issue” means the United States
Treasury security selected by an Independent Investment Banker as
having a maturity comparable to the remaining term of the Notes to
be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new |
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issues of corporate debt securities of comparable maturity to
the remaining term of such Notes. |
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“Comparable Treasury Price” means, with respect to
any redemption date, (i) the average of four Reference
Treasury Dealer Quotations for such redemption date, after
excluding the highest and lowest such Reference Treasury Dealer
Quotations, or (ii) if the trustee obtains fewer than six such
Reference Treasury Dealer Quotations, the average of all such
Quotations, or (iii) if only one Reference Dealer Quotation is
received, such quotation. |
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“Independent Investment Banker” means one of the
Reference Treasury Dealers that the Company appoints. |
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“Reference Treasury Dealer” means (i) J.P.
Morgan Securities Inc., Citigroup Global Markets Inc. and Greenwich
Capital Markets, Inc. and their successors, provided, however, that
if any of the foregoing ceases to be a primary U.S. Government
securities dealer in New York City (a “Primary Treasury
Dealer”), the Company will substitute another Primary
Treasury Dealer and (ii) any other Primary Treasury Dealer
selected by the Company. |
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“Reference Treasury Dealer Quotations” means, with
respect to each Reference Treasury Dealer and any redemption date,
the average, as determined by the Trustee, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as
a percentage of its principal amount) quoted in writing to the
Trustee by such Reference Treasury Dealer at 5:00 p.m., New York
City time on the third business day preceding such redemption
date. |
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Notice of any redemption will be mailed at least 30 days
but not more than 60 days before the redemption date to each
holder of Notes to be redeemed. |
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Unless the Company defaults in payment of the redemption price,
on and after the redemption date, interest will cease to accrue on
the Notes or portions thereof called for redemption. |
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If less than all of the Notes then outstanding are to be
redeemed, the Notes to be redeemed shall be selected by DTC (as
defined below), in the case of Notes represented by a Global
Security, or by the Trustee by a method that the Trustee deems to
be fair and appropriate, in the case of Notes that are not
represented by a Global Security. |
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(h) |
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not applicable; |
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(i) |
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the Notes shall be issuable in denominations of $2,000 and
integral multiples of $1,000 in excess of $2,000; |
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(j) |
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not applicable; |
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(k) |
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not applicable; |
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(l) |
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not applicable; |
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(m) |
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not applicable; |
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(n) |
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the Notes shall be subject to Sections 13.2 (Defeasance)
and 13.3 (Covenant Defeasance) of the Indenture; |
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(o) |
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(a) the Notes shall be issued in the form of one or more
Global Securities; (b) the Depositary for such Global Securities
shall be The Depository Trust Company (“DTC”); and
(c) the procedures with respect to transfer and exchange of
Global Securities shall be as set forth in the Indenture; |
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(p) |
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not applicable; |
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(q) |
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Covenants of the Company |
(i) Change
of Control Offer
If a Change of
Control Triggering Event (as defined below) occurs, unless the
Company has exercised its option to redeem the Notes in accordance
with Section 1.1(g) above, the Company shall be required to make an
offer (a “Change of Control Offer”) to each Holder of
the Notes to repurchase all or any part (equal to $2,000 or
integral multiples of $1,000 in excess thereof) of that
Holder’s Notes on the terms set forth in the Notes. In a
Change of Control Offer, the Company shall be required to offer
payment in cash equal to 101% of the aggregate principal amount of
Notes repurchased, plus accrued and unpaid interest, if any, on the
Notes repurchased to, but not including, the date of repurchase (a
“Change of Control Payment”). Within 30 days
following any Change of Control Triggering Event or, at the
Company’s option, prior to any Change of Control (as defined
below), but after public announcement of the transaction that
constitutes or may constitute the Change of Control, a notice shall
be mailed to Holders of the Notes describing the transaction that
constitutes or may constitute the Change of Control Triggering
Event and offering to repurchase such Notes on the date specified
in the applicable notice, which date shall be no earlier than
30 days and no later than 60 days from the date such
notice is mailed (a “Change of Control Payment Date”).
The notice shall, if mailed prior to the date of consummation of
the Change of Control, state that the Change of Control Offer is
conditioned on the Change of Control Triggering Event occurring on
or prior to the applicable Change of Control Payment Date.
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On each Change
of Control Payment Date, the Company shall, to the extent
lawful:
(A) accept
for payment all Notes or portions of Notes properly tendered
pursuant to the applicable Change of Control Offer;
(B) deposit with the Paying Agent an amount equal to the
Change of Control Payment in respect of all Notes or portions of
Notes properly tendered; and
(C) deliver or cause to be delivered to the Trustee the Notes
properly accepted together with an Officers’ Certificate
stating the aggregate principal amount of Notes or portions of
Notes being repurchased.
The Company
shall not be required to make a Change of Control Offer upon the
occurrence of a Change of Control Triggering Event if a third party
makes such an offer in the manner, at the times and otherwise in
compliance with the requirements for an offer made by the Company
and the third party purchases all Notes properly tendered and not
withdrawn under its offer. In addition, the Company shall not
repurchase any Notes if there has occurred and is continuing on the
Change of Control Payment Date an Event of Default, other than a
default in the payment of the Change of Control Payment upon a
Change of Control Triggering Event.
The Company
shall comply with the requirements of Rule 14e-1 under the
Exchange Act, and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable
in connection with the repurchase of the Notes as a result of a
Change of Control Triggering Event. To the extent that the
provisions of any such securities laws or regulations conflict with
the Change of Control Offer provisions of the Notes, the Company
shall comply with those securities laws and regulations and shall
not be deemed to have breached its obligations under the Change of
Control Offer provisions herein by virtue of any such
conflict.
(ii) Limitations on Liens
The Company
will not at any time create, incur, assume or guarantee, and will
not cause, suffer or permit a Restricted Subsidiary (as defined
below) to create, incur, assume or guarantee, any Secured Debt (as
defined below) without making effective provision (and the Company
covenants that in such case it will make or cause to be made
effective provision) whereby the Securities then outstanding and
any other indebtedness of or guaranteed by the Company or such
Restricted Subsidiary then entitled thereto, subject to applicable
priorities of payment, shall be secured by the Security Interest
(as defined below) or guaranty securing such Secured Debt equally
and ratably with (or, at the Company’s option, prior to)
any
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and all other
obligations and indebtedness thereby secured, so long as any such
Secured Debt remains outstanding, provided, however, that the
foregoing covenants shall not be applicable to the following:
(A)
(1) Any Security Interest upon any property hereafter acquired
or constructed by the Company or a Restricted Subsidiary and
created contemporaneously with, or within 12 months after,
such acquisition or construction to secure or provide for the
payment of all or any part of the purchase price of such property
or the cost of construction thereof, as the case may be; or
(2) the acquisition of property subject to any Security
Interest upon such property existing at the time of acquisitions
thereof, whether or not the obligation secured thereby is assumed
by the Company or such Restricted Subsidiary; or (3) any
Security Interest existing on the property or on the outstanding
shares of indebtedness of a corporation at the time such
corporation shall become a Restricted Subsidiary or arising after
such corporation becomes a Restricted Subsidiary pursuant to
contractual commitments entered into prior to and not in
contemplation of such corporation becoming a Restricted Subsidiary;
or (4) any Security Interest on property of a corporation
(x) existing at the time such corporation is merged into or
consolidated with the Company or a Restricted Subsidiary,
(y) existing at the time of a sale, lease or other disposition
of the properties of a corporation or firm as an entirety or
substantially as an entirety to the Company or a Restricted
Subsidiary, or (z) arising after a transaction described in
(x) or (y) of this clause (4) pursuant to
contractual commitments entered into prior to and not in
contemplation of such transaction; provided in each case that any
such Security Interest does not attach to or affect property owned
by the Company or a Restricted Subsidiary prior to such acquisition
or construction (except the real property on which any property so
constructed is physically located, in the case of any such
construction) or to other property thereafter acquired or
constructed other than additions to such acquired or constructed
property; or
(B) Mechanics’, materialmen’s, carriers’ or
other like liens, arising in the ordinary course of businesses;
or
(C) Any
Security Interest arising by reason of deposits with, or the giving
of any form of security to, any governmental agency or any body
created or approved by law or governmental regulations as a
condition to the transaction of any business, or the exercise of
any privilege or license; or
(D) Liens
of taxes or assessments for the then current year not at the time
due, or the liens of taxes or assessments already due but the
validity of which is
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