Exhibit 10.1
FIRST AMENDMENT TO REVOLVING
CREDIT AGREEMENT
THIS FIRST AMENDMENT TO REVOLVING
CREDIT AGREEMENT, dated as of October 12, 2009 (this “
Amendment ” or this “ First Amendment
”), to the Existing Credit Agreement (as defined below) is
made by and among TALECRIS BIOTHERAPEUTICS HOLDINGS CORP., a
Delaware corporation (“ Parent ”), TALECRIS
BIOTHERAPEUTICS, INC., a Delaware corporation, TALECRIS PLASMA
RESOURCES, INC., a Delaware corporation, the Lenders (as defined in
the Existing Credit Agreement, as that term is defined below) party
hereto, WACHOVIA BANK, NATIONAL ASSOCIATION, as Administrative
Agent, Issuing Bank and Swingline Lender (each as defined in the
Existing Credit Agreement), and WELLS FARGO FOOTHILL, INC., as
Collateral Agent (as defined in the Existing Credit
Agreement).
W I T N E S
S E T H :
WHEREAS, the parties hereto are all
parties to the Revolving Credit Agreement, dated as of
December 6, 2006 (as amended or otherwise modified prior to
the date hereof, the “ Existing Credit Agreement
” and, as amended by this Amendment and as the same may be
further amended, supplemented, amended and restated or otherwise
modified from time to time, the “ Credit Agreement
”); and
WHEREAS, the Borrowers have
requested that the Required Lenders amend certain provisions of the
Existing Credit Agreement and the Required Lenders are willing, on
the terms and subject to the conditions hereinafter set forth, to
modify the Existing Credit Agreement as set forth below.
NOW, THEREFORE, the parties hereto
agree as follows:
ARTICLE
I
DEFINITIONS
SECTION 1.1.
Capitalized
Terms Generally . Capitalized terms
used in this Amendment and not otherwise defined herein shall have
the meanings provided therefor in the Existing Credit
Agreement.
SECTION 1.2.
Certain
Definitions . The following terms
when used in this Amendment shall have the following meanings (such
meanings to be equally applicable to the singular and plural forms
thereof):
“ Amendment ” and
“ First Amendment ” are defined in the
preamble .
“ Credit Agreement
” is defined in the first recital .
“ Existing Credit
Agreement ” is defined in the first recital
.
“ First Amendment Effective
Date ” is defined in Article III .
ARTICLE
II
AMENDMENTS TO
EXISTING CREDIT AGREEMENT
Effective on (and subject to the
occurrence of) the First Amendment Effective Date, the provisions
of the Existing Credit Agreement referred to below are hereby
amended in accordance with this Article II . Except as
expressly so amended, the Existing Credit Agreement shall continue
in full force and effect in accordance with its terms.
SECTION 2.1.
Amendments to
the Cover Page of the Existing Credit Facility
. The cover
page of the Existing Credit Facility is hereby amended by
(a) deleting the reference to “as Joint Lead Arrangers
and Joint Bookrunners” following “Morgan Stanley Senior
Funding, Inc. and Goldman Sachs Credit Partners L.P.”
and (b) deleting the reference to “as Collateral Agent
and Co-Documentation Agent” following “Wells Fargo
Foothill, Inc.” and replacing with “as Collateral
Agent, Co-Documentation Agent, Sole Lead Arranger and Sole
Bookrunner”.
SECTION 2.2.
Amendments to
Section 1.01 .
(a)
Section 1.01
of the Existing Credit Agreement is hereby amended to insert the
following definitions in the appropriate alphabetical
order:
““ Eligible
Purchase ” means an Investment consisting of (i) any
purchase or acquisition by the Borrowers or any of their
subsidiaries of any in-licensing businesses or (ii) any
up-front payment made by the Borrowers or any of their subsidiaries
for the purchase of new products, but only to the extent such
purchase, acquisition or payment would not cause the Borrowers to
be in violation of Section 6.03(b) .”
““ Leverage Ratio
” means, with respect to any Person for any period, the ratio
of (i) Total Debt of such Person as of the last day of such
Period to (ii) Adjusted EBITDA of such Person for such
period.”
““ Notes Offering
” means an offering of notes pursuant to
Section 6.01(u).”
““ Previous
Arrangers ” means Morgan Stanley and
GSCP.”
““ Sole Lead
Arranger ” means Wells Fargo.”
(b)
Section 1.01
of the Existing Credit Agreement is hereby further amended by
amending and restating the definition of “ Permitted
Acquisition ” in its entirety to read as
follows:
““ Permitted
Acquisition ” has the meaning set forth in
Section 1.04(b) , and shall include Eligible
Purchases.”
(c)
Section 1.01
of the Existing Credit Agreement is hereby further amended by
deleting the definition of “Joint Lead Arrangers”. All
other references to “Joint Lead Arrangers”
in the Existing Credit
Facility are hereby deleted and replaced with references to
“Previous Arrangers”.
SECTION 2.3.
Amendment to
Section 1.04 .
Section 1.04(b) of the Existing Credit Agreement is
hereby amended and restated in its entirety to read as
follows:
“(b) As of any date of
determination, for purposes of determining the Fixed Charge
Coverage Ratio and the Leverage Ratio (and any financial
calculations required to be made or included within such ratios
(including Net Income and Adjusted EBITDA), or required for
purposes of preparing any Compliance Certificate to be delivered at
any time or doing any calculations on a pro forma basis), the
calculation of such ratios and other financial calculations shall
include or exclude, as the case may be, the effect of any assets or
businesses that have been acquired pursuant to an Acquisition
permitted hereunder (a “ Permitted Acquisition
”) or Disposed of by the Parent or any of its Subsidiaries
pursuant to the terms hereof (including through mergers or
consolidations) as of such date of determination, as determined by
the Parent on a pro forma basis in accordance with
GAAP, which determination may include one-time adjustments or
reductions in costs, if any, directly attributable to any such
permitted Disposition or Permitted Acquisition, as the case may be,
in each case (i) calculated in accordance with Article 11
of Regulation S-X of the Securities Act of 1933, as amended, for
the period of four Fiscal Quarters ended on or immediately prior to
the date of determination of any such ratios and (ii) giving
effect to any such Permitted Acquisition or permitted Disposition
as if it had occurred on the first day of such four Fiscal Quarter
period.”
SECTION 2.4.
Amendment to
Section 5.01 .
(a)
Section 5.01(c) of
the Existing Credit Agreement is hereby amended and restated in its
entirety to read as follows:
“(c) within 30 days
after the end of each fiscal month of the Loan Parties (commencing
with the fiscal month ended December 31, 2006), their
consolidated and consolidating balance sheet and related statements
of operations, and consolidated cash flows, in each case as of the
end of and for such fiscal month and the then elapsed portion of
the fiscal year, setting forth in each case (commencing with the
fiscal month ended December 31, 2007), in comparative form the
figures for the corresponding period or periods of (or, in the case
of the balance sheet, as of the end of) the previous fiscal year,
all certified in a certificate of the Administrative Borrower
executed by one of its Financial Officers as presenting fairly in
all material respects the financial condition and results of
operations of the Loan Parties and their consolidated subsidiaries
on a consolidated basis in accordance with GAAP consistently
applied, subject to normal year-end audit adjustments and the
absence of footnotes; provided that the obligations set
forth in this clause (c) shall not apply to the extent
that the Borrowers’ minimum Availability from the
commencement of the month to which the required financial
statements relate to the date by which such financial statements
are due (after giving effect to the funding of all Revolving Loans
and the issuance of all Letters of Credit to be funded or issued
during such period) is equal to at least $48,750,000;
(b)
Section 5.01(l) of
the Existing Credit Agreement is hereby amended and restated in its
entirety to read as follows:
“(l) within 30 days after
the end of each May and November, an updated customer list for
the Borrowers, which list shall state the customer’s name,
mailing address and phone number and shall be certified as true and
correct by an Authorized Officer of the Administrative
Borrower;”
SECTION 2.5.
Amendment to
Section 5.08 . Section 5.08 of
the Existing Credit Agreement is hereby amended so that the revised
Section 5.08 shall read as follows:
“SECTION 5.08 Use of
Proceeds and Letters of Credit . The proceeds of the Loans will
be used (i) to consummate a portion of the Transaction in an
amount not to exceed $71,800,000 (of which $1,800,000 will be used
to cash collateralize letters of credit which shall be replaced
with Letters of Credit within 10 Business Days of the Effective
Date) and (ii) for working capital needs and general corporate
purposes of the Borrowers (including Permitted Acquisitions,
Investments and loans permitted under Section 6.04, and to
repay in whole or in part the First Lien Term Loan Credit Agreement
and the Second Lien Term Loan Credit Agreement and to extinguish in
whole or in part hedging obligations in respect thereof in
connection with the Notes Offering). No part of the proceeds of any
Loan will be used, whether directly or indirectly, (i) for any
purpose that entails a violation of any of the Regulations of the
Board, including Regulations T, U and X or (ii) to make any
Acquisition other than a Permitted Acquisition. Letters of Credit
will be issued only to support the working capital needs and other
general corporate purposes of the Borrowers.”
SECTION 2.6.
Amendment to
Section 6.01 . Section 6.01 of
the Existing Credit Agreement is hereby amended by replacing the
period (“.”) at the end of the paragraph
(t) thereof with a semi-colon (“; and”) and adding
a paragraph (u) as follows:
“(u) Indebtedness
consisting of (i) a one-time offering of senior unsecured
notes or senior subordinated notes (and guarantees thereof), the
net proceeds of which are applied (A) to prepay in whole or in
part the First Lien Term Loan Credit Agreement and the Second Lien
Term Loan Credit Agreement, (B) to extinguish in whole or in
part hedging obligations in respect of the First Lien Term Loan
Credit Agreement and the Second Lien Term Loan Credit Agreement and
(C) for any other purpose not prohibited by this Agreement, in
each case, as part of a refinancing transaction in which all
amounts outstanding under the First Lien Term Loan Credit Agreement
and the Second Lien Term Loan Credit Agreement are paid in full and
the facilities are terminated or (ii) notes in the same
principal amount issued in exchange for such notes in a transaction
registered under the U.S. Securities Act of 1933, as
amended.”
SECTION 2.7.
Amendment to
Section 6.04 .
(a)
Section 6.04(i) of
the Existing Credit Agreement is hereby amended and restated in its
entirety to read as follows:
“(i)
Investments incurred in order to consummate Permitted Acquisitions,
provided that (i) the consideration for (x) all
such Permitted Acquisitions, in the aggregate, does not exceed
$250,000,000 and (y) all such Permitted Acquisitions which are
Eligible Purchases, in the aggregate, does not exceed $150,000,000,
in each case
since the
Effective Date, provided further that such $250,000,000 and
$150,000,000 limits shall be increased on a dollar for dollar basis
by the cash proceeds of any issuance of Sponsor Subordinated Debt
or equity contribution (other than equity contributions made for
purposes of allowing additional Investments pursuant to Sections
6.04(m) and (q) , to fund repurchases or
redemptions permitted by Section 6.06 , or for purposes
of satisfying the covenants contained in Section 6.11
), (ii) at the time thereof and immediately after giving
effect thereto no Event of Default shall have occurred and be
continuing, (iii) after giving effect to such Permitted
Acquisition, the Borrowers shall have a minimum pro forma
Availability as of the date of consummation of such Permitted
Acquisition (after giving effect to the funding of all Revolving
Loans and the issuance of all Letters of Credit to be funded or
issued as of such date and the inclusion in the Borrowing Base of
acquired Accounts and Inventory for which field examinations and
appraisals have been completed and that would be Eligible Accounts
and Eligible Inventory upon acquisition thereof by the applicable
Borrowers) of not less than $48,750,000, (iv) the Loan Parties
shall have obtained the prior, effective written consent or
approval to such Permitted Acquisition of the board of directors or
equivalent governing body of the Person being acquired or whose
assets are being acquired, (v) such Permitted Acquisition
consists exclusively of (A) assets or businesses located only
in the United States or Canada, (B) a Person organized under
the laws of the United States or any state thereof or Canada or any
province thereof, so long as such Person becomes a Loan Party, or
(C) assets or businesses located in, or Persons organized
under the laws of, other jurisdictions, in an aggregate amount,
when aggregated with Investments made pursuant to
Section 6.04(m) , do not exceed $150,000,000 at any
time outstanding, which foreign Investments shall be Controlled at
all times by the Borrowers unless the Person holding such acquired
assets, or the acquired Person, is an Excluded Joint Venture,
provided further that such $150,000,000 limit shall be
increased on a dollar for dollar basis by the cash proceeds of any
equity contribution or proceeds from the issuance of Sponsor
Subordinated Debt, other than equity contributions or issuances of
Indebtedness made for purposes of allowing additional Investments
or Acquisitions pursuant to Section 6.04(i) or
6.04(m) , to fund repurchases or redemptions permitted by
Section 6.06 , or for purposes of satisfying the
covenants contained in Section 6.11(a) or
(c) , (vi) all material governmental and material
third-party approvals necessary in connection with such Permitted
Acquisition shall have been obtained and be in full force and
effect, (vii) if acquiring a Person, such Person becomes
(A) a wholly-owned subsidiary of a Borrower or (B) an
Excluded Joint Venture, and (viii) on or before the date of
consummation of such Permitted Acquisition, the Administrative
Agent shall have received (A) all documents required by the
provisions of Section 5.11 with respect to any Person
purchased or formed in such Permitted Acquisition and (B) if
the amount of such Permitted Acquisition exceeds $10,000,000, a
certificate of the Administrative Borrower executed by its chief
financial officer or chief executive officer certifying to the
Administrative Agent and the Lenders as to the matters set forth in
the foregoing clauses (i) through (viii);”
(b)
Section 6.04(r) of
the Existing Credit Agreement is hereby amended and restated in its
entirety to read as follows:
“(r)
[INTENTIONALLY
OMITTED]”
SECTION 2.8.
Amendment to
Section 6.06 . Section 6.06 of
the Existing Credit Agreement is hereby amended and restated in its
entirety to read as follows:
“SECTION 6.06.
Restricted Payments . The Borrowers will not, and will
not permit any of their respective subsidiaries to, declare or
make, directly or indirectly, any Restricted Payment,
except:
(a) the Borrowers may make
Restricted Payments with respect to its Equity Interests payable
solely in additional shares of its common stock;
(b) any subsidiary of Parent
may declare and pay dividends ratably with respect to their Equity
Interests;
(c) after an Initial Public
Offering (including an offering that would be an Initial Public
Offering except that the amount of proceeds received with respect
thereto is less than $50,000,000) of a Borrower, such Borrower may
declare and pay dividends for the purchase of fractional shares
arising out of stock dividends, splits or combinations;
(d) commencing with the Fiscal
Quarter ending March 31, 2010, Parent may declare and pay cash
dividends to holders of its common stock, so long as (i) the
Leverage Ratio of the Borrowers and their subsidiaries, determined
as of the end of the immediately preceding Fiscal Quarter for the
then most-recently ended four Fiscal Quarters, is equal to or less
than 2.00 to 1.00 and (ii) the Borrowers shall have a minimum
pro forma Availability as of the date of such dividend (after
giving effect to such cash dividend payment, the funding of all
Revolving Loans and the issuance of all Letters of Credit to be
funded or issued as of such date) of not less than $48,750,000;
provided that, the aggregate amount of Restricted Payments
under this clause (d) shall not exceed 50% of Net
Income of Parent and its subsidiaries during the period (taken as
one accounting period) from October 1, 2009 to the end of
Parent’s most recently ended Fiscal Quarter as of the date of
such Restricted Payment;
(e) the Loan Parties may make
Restricted Payments for th