EXHIBIT 4.3
WAIVER AND SECOND AMENDMENT TO CREDIT AGREEMENT
August 20, 2002
Airgas, Inc.
Radnor Court, Suite 100
259 Radnor-Chester Road
Radnor, PA 19807
Attn: Chief Financial Officer
RE: TENTH AMENDED AND RESTATED CREDIT AGREEMENT DATED AS OF JULY
30, 2001 BY AND AMONG AIRGAS, INC. ("AIRGAS" OR "THE
BORROWER"), AIRGAS CANADA, INC., AND RED-D-ARC LIMITED (EACH A
"CANADIAN BORROWER" AND TOGETHER WITH AIRGAS, THE
"BORROWERS"), THE GUARANTORS FROM TIME TO TIME PARTY THERETO,
THE SEVERAL LENDERS FROM TIME TO TIME PARTY THERETO AS U.S.
LENDERS (THE "U.S. LENDERS"), THE SEVERAL LENDERS FROM TIME TO
TIME PARTY THERETO AS CANADIAN LENDERS (THE "CANADIAN
LENDERS"), BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT (THE
"U.S. AGENT") AND CANADIAN IMPERIAL BANK OF COMMERCE, AS
CANADIAN ADMINISTRATIVE AGENT (THE "CANADIAN AGENT"), AS
AMENDED FROM TIME TO TIME (THE "CREDIT AGREEMENT")
Ladies and Gentlemen:
Reference is made to the Credit Agreement described above, the defined terms of
which are incorporated herein by reference.
WAIVERS
At your request, the Required Lenders hereby waive (the "Waiver") the
requirement set forth in Section 7.13(a) of the Credit Agreement that the Credit
Parties deliver to the Collateral Agent legal opinions of foreign counsel for
Airgas S.A. de C.V. and Airgas International, Inc. with respect to the pledge of
the Capital Stock of such Subsidiaries to secure the Credit Party Obligations.
The Waiver shall be effective only in the specific circumstances provided for
above and only for the purposes for which given.
AMENDMENTS
The parties hereto hereby agree to amend the definition of "U.S. Issuing Lender"
set forth in Section 1.1 of the Credit Agreement in its entirety to read as
follows:
"U.S. Issuing Lender" means, with respect to a particular U.S.
Letter of Credit, (i) Bank of America, in its capacity as issuer of
such U.S. Letter of Credit or (ii) such other U.S. Lender selected by
the Borrower (upon notice to the U.S. Agent) from time to time to issue
such U.S. Letter of Credit.
August 20, 2002
Page 2
The parties hereto hereby agree that a new Section 2.3(l) is hereby added to the
Credit Agreement to read as follows:
(l) Role of U.S. Agent. Airgas and each U.S. Issuing Lender
agree to provide the U.S. Agent with a copy of any notice or report
otherwise required to be furnished by such Person to any other Person
pursuant to Sections 2.3(a), 2.3(b) or 2.3(d). Furthermore, all
payments required to be made by any U.S. Lender to a U.S. Issuing
Lender pursuant to Section 2.3 shall be made to the U.S. Agent, for the
account of such U.S. Issuing Lender, and the U.S. Agent shall
distribute such payments to such U.S. Issuing Lender.
Except as modified hereby, all of the terms and provisions of the Credit
Agreement and the other Credit Documents shall remain in full force and effect.
This letter agreement may be executed in one or more counterparts, each of which
constitute an original, and all of which taken together shall constitute a
single document.
This letter agreement shall be effective as of the date hereof upon execution by
the Credit Parties and the Required Lenders.
This letter agreement shall be governed by and construed in accordance with the
laws of the State of New York.
Sincerely,
BANK OF AMERICA, N.A., as U.S. Agent
By: /s/Donald J. Chin
----------------------------------
Name: Donald J. Chin
Title: Managing Director
[The remainder of this page has been left blank intentionally.]
ACCEPTED AND AGREED: AIRGAS, INC.
By: /s/Joseph C. Sullivan
----------------------
Name: Joseph C. Sullivan
Title: Vice President and Treasurer
AIRGAS CANADA INC.
By: /s/Robert M. McLaughlin
-------------------------------
Name: Robert M. McLaughlin
Title: Vice President
RED-D-ARC LIMITED
By: /s/Robert M. McLaughlin
-------------------------------
Name: Robert M. McLaughlin
Title: Vice President
U.S. GUARANTORS: AIRGAS-EAST, INC.
AIRGAS-GREAT LAKES, INC.
AIRGAS-MID AMERICA, INC.
AIRGAS-NORTH CENTRAL, INC.
AIRGAS-SOUTH, INC.
AIRGAS-GULF STATES, INC.
AIRGAS-INTERMOUNTAIN, INC.
AIRGAS-MID SOUTH, INC.
AIRGAS-NORPAC, INC.
AIRGAS-NORTHERN CALIFORNIA &
NEVADA, INC.
AIRGAS-SOUTHWEST, INC.
AIRGAS-WEST, INC.
AIRGAS-SAFETY, INC.
RUTLAND TOOL & SUPPLY CO., INC.
AIRGAS CARBONIC, INC.
AIRGAS SPECIALTY GASES, INC.
NITROUS OXIDE CORP.
PURITAN MEDICAL PRODUCTS, INC.
RED-D-ARC, INC.
AIRGAS REALTY, INC.
AIRGAS DATA, LLC
By: /s/Robert M. McLaughlin
-------------------------------
Name: Robert M. McLaughlin
Title: Vice President
ATNL, INC.
By: /s/Connie S. Linhart
----------------------
Name: Connie S. Linhart
Title: President and Treasurer
CANADIAN SUBSIDIARY
GUARANTORS: AIRGAS INTERNATIONAL, INC.
AIRGAS, S.A. DE C.V.
By: /s/Joseph C. Sullivan
----------------------
Name: Joseph C. Sullivan
Title: Vice President
[Signatures continued]
U.S. LENDERS: BANK OF AMERICA, N.A.
By: /s/Donald J. Chin
-------------------------------------
Name: Donald J. Chin
Title: Managing director
BANCA NAZIONALE DEL LAVARO S.P.A
NEW YORK BRANCH
By: /s/Frederic W. Hall
-------------------------------------
Name: Frederic W. Hall
Title: Vice President
By: /s/Leonardo Valentine
-------------------------------------
Name: Leonardo Valentine
Title: First Vice President
THE BANK OF NEW YORK
By: /s/Walter C. Parelli
-------------------------------------
Name: Walter C. Parelli
Title: Vice President
BANK OF TOYKO-MITSUBISHI TRUST COMPANY
By: /s/Spencer Hughes
-------------------------------------
Name: Spencer Hughes
Title: Vice President
CIBC INC.
By: /s/Dominic Sorresso
-------------------------------------
Name: Dominic Sorresso
Title: Executive Director
JP MORGAN CHASE BANK
By: /s/Lee P. Brennan
-------------------------------------
Name: Lee P. Brennan
Title: Vice President
WACHOVIA BANK, NATIONAL ASSOCIATION
By: /s/David L. Driggers
----------------------
Name: David L. Driggers
Title: Managing Director
PNC BANK, NATIONAL ASSOCIATION
By: /s/Keith R. White
-------------------------------------
Name: Keith R. White
Title: Vice President
FLEET NATIONAL BANK
By: /s/Janet G. O'Donnell
-------------------------------------
Name: Janet G. O'Donnell
Title: Managing Director
MELLON BANK, N.A.
By: /s/William M. Feathers
-------------------------------------
Name: William M. Feathers
Title: Vice President
NATIONAL CITY BANK
By: /s/Heather M. Gotwols
-------------------------------------
Name: Heather M. Gotwols
Title: Corporate Banking Officer
BANK OF OKLAHOMA, N.A.
By: /s/Pamela J. Amburgy
-------------------------------------
Name: Pamela J. Amburgy
Title: Vice President
FARMERS & MERCHANTS BANK OF CENTRAL
CALIFORNIA
By: /s/Stephen A. Fleming
-------------------------------------
Name: Stephen A. Fleming
Title: Head of Business Banking, EVP
MERRILL LYNCH BUSINESS FINANCIAL
SERVICES INC.
By: /s/Valerie Wilder Moore
-------------------------------------
Name: Valerie Wilder Moore
Title: Assistant Vice President
AIB DEBT MANAGEMENT LTD.
By: /s/John Farrace /s/Rima Terradista
--------------- -------------------
Name: John Farrace Rima Terradista
Title: SVP SVP
ATHENA CDO LIMITED
JISSEKIKUN FUNDING, LTD.
SAN MIGUEL CDO, LTD.
SEQUILS-MAGNUM, LTD.
C/O PACIFIC INVESTMENT MANAGEMENT COMPANY LLC
By: /s/Mohan V. Phansalkar
-----------------------------------------
Name: Mohan V. Phansalkar
Title: Executive Vice President
HARCH CLO I
C/O HARCH CAPITAL MANAGEMENT
By: /s/Michael E. Lewitt
-----------------------------------------
Name: Michael E. Lewitt
Title: Authorized Signatory
LAGUNA FUNDING, LLC
By: /s/Ann E. Morris
-----------------------------------------
Name: Ann E. Morris
Title: Assistant Vice President
MONUMENT CAPITAL LTD., AS ASSIGNEE
By: Alliance Capital Management L.P.,
as Investment Manager
By: Alliance Capital Management Corporation,
as General Partner
By: /s/Joel Serebransky
-----------------------------------------
Name: Joel Serebransky
Title: Senior Vice President
BANK LEUMI USA
By: /s/Joung Hee Hong
-----------------------------------------
Name: Joung Hee Hong
Title: Vice President
OCTAGON INVESTMENT PARTNERS III, LTD.
By: /s/Michael B. Nechamkin
-----------------------------------------
Name: Michael B. Nechamkin
Title: Portfolio Manager
CANADIAN AGENT: CANADIAN IMPERIAL BANK OF COMMERCE
By: /s/Dominic Sorresso
-----------------------
Name: Dominic Sorresso
Title: Executive Director
CANADIAN LENDERS: CANADIAN IMPERIAL BANK OF COMMERCE
By: /s/Dominic Sorresso
--------------------------------
Name: Dominic Sorresso
Title: Executive Director
BANK OF AMERICA CANADA
By: /s/Nelson Lam
--------------------------------
Name: Nelson Lam
Title: Vice President
MELLON BANK, N.A. - CANADA BRANCH
By: /s/William M. Feathers
--------------------------------
Name: William M. Feathers
Title: Vice President