EXHIBIT 10.31
FIRST AMENDMENT
TO
CREDIT AGREEMENT
(REVOLVING LOAN)
THIS FIRST AMENDMENT TO CREDIT AGREEMENT (Revolving Loan) ("AMENDMENT
AGREEMENT") is made as of the Effective Date by and among Cenex Harvest States
Cooperatives, a Minnesota cooperative corporation ("BORROWER"), CoBank, ACB
("COBANK") as Co-Lead Arranger (f/k/a Co-Syndication Agent), as the Bid Agent,
and as the Administrative Agent for the benefit of the present and future
Syndication Parties (in that capacity "ADMINISTRATIVE AGENT"), NationsBank, N.
A. ("NATIONSBANK"), as Co-Lead Arranger, St. Paul Bank for Cooperatives ("ST.
PAUL BANK"), as former Co-Syndication Agent, and the Syndication Parties
signatory hereto, including CoBank, NationsBank, and St. Paul Bank in such
capacity, (each a "SYNDICATION PARTY" and collectively, the "SYNDICATION
PARTIES").
RECITALS
A. Borrower, CoBank, St. Paul Bank, and certain of the present
Syndication Parties entered into a Credit Agreement (Revolving Loan) ("CREDIT
AGREEMENT") dated as of June 1, 1998. The Credit Agreement provided for a
364-Day Facility and a 5-Year Facility.
B. CoBank, as Administrative Agent, gave written notification ("RENEWAL
NOTICE") to those Syndication Parties which had an Individual 364-Day Commitment
seeking (i) a renewal of their respective Individual 364-Day Commitments and
(ii) consent to an extension of the 364-Day Maturity Date pursuant to the
provisions of Section 16.9 of the Credit Agreement.
C. All of the Syndication Parties have provided the Administrative
Agent with written notice of their agreement to renew their respective
Individual 364-Day Commitments at the previous amounts (with the exception of
St. Paul Bank for Cooperatives, which has agreed to renew in the reduced 364-Day
Individual Commitment amount of $23,333,333.33).
D. The Bank of Nova Scotia, which was not originally a Syndication
Party, has agreed to become a Syndication Party with an Individual 364 Day
Commitment of $20,000,000.00.
E. The parties hereto desire to amend the Credit Agreement to renew the
364-Day Facility and to otherwise amend the Credit Agreement as hereinafter set
forth.
NOW, THEREFORE, for good and valuable consideration, the receipt of
which is hereby acknowledged, including the mutual promises and agreements
contained herein, the parties hereto hereby agree as follows:
1. DEFINITIONS. Capitalized terms used herein without definition shall have the
definition given to them in the Credit Agreement if defined therein.
2. RENEWAL OF INDIVIDUAL 364-DAY COMMITMENTS. The Syndication Parties hereby
agree to renew their respective Individual 364-Day Commitments in the amounts
set forth beneath their names and signatures on the signature pages hereto.
3. AMENDMENTS TO CREDIT AGREEMENT. The parties hereto agree that the Credit
Agreement shall be amended as follows as of the Effective Date:
3.1 Each reference in the Credit Agreement, including references in the
introductory paragraph on page 1 thereof, in Subsection 1.144, and on certain
signature pages, to the "Co-Syndication Agents" or to a "Co-Syndication Agent"
shall be changed to a reference to the "Co-Lead Arrangers" or to a "Co-Lead
Arranger", and NationsBank, N.A. shall replace St. Paul Bank for Cooperatives as
a Co-Lead Arranger and shall function as such along with CoBank, ACB.
3.2 Subsection 1.156 shall be amended in its entirety to read as
follows:
1.156 364-DAY MATURITY DATE: May 25, 2000.
3.3 Subpart (e) of Section 4.3 shall be amended in its entirety to read
as follows:
(e) the proposed maturity dates for such Bid Advances ("BID
MATURITY DATE") which must be Banking Days and which must not
extend (i) more than 30 days beyond the 364-Day Maturity Date
or (ii) beyond the 5-Year Maturity Date, as applicable.
3.4 A new Section 4.11 shall be added reading as follows:
4.11 364-DAY FACILITY BID RATE LOANS - BID MATURITY DATE
BEYOND 364-DAY MATURITY DATE. Notwithstanding any other provision in
this Credit Agreement that may be construed to the contrary, in the
event that a Syndication Party, at its sole discretion, makes a 364-Day
Bid Advance to Borrower with a Bid Maturity Date later than the 364-Day
Maturity Date; and (a) the 364-Day Maturity Date is subsequently
extended by amendment to this Credit Agreement; and (b) such
Syndication Party does not renew its Individual 364-Day Commitment at a
level at least equal to the outstanding amount of such 364-Day Advance,
then, in each such case, such outstanding amount will be repaid by
Borrower, and accepted by such Syndication Party, on the 364-Day
Maturity Date (as in effect prior to such extension thereof) without
any liability for Funding Losses on such amount.
3.5 The 364-Day Facility Fee as set forth in Section 6.5.1 shall be
increased from
2
0.10% of the Aggregate 364-Day Commitment in effect on the date of such
calculation to 0.20% of the Aggregate 364-Day Commitment in effect on the date
of such calculation.
3.6 The reference in Section 6.6 to "52.5 basis points" shall be
changed to "100 basis points".
3.7 The amount of the Fin-Ag, Inc. loan exception set forth in Section
13.6(d) is increased from $50,000,000 to $60,000,000.
3.8 Subsection 17.4.2 shall be amended in its entirety to read as
follows:
17.4.2 ADMINISTRATIVE AGENT:
CoBank, ACB
5500 S. Quebec Street
Englewood, CO 80111
FAX: 303/694-5830
Attention: Mary Lee Dennis
3.9 Schedule 1 is replaced in its entirety by Schedule 1 attached
hereto.
3.10 Schedule 2 is replaced in its entirety by Schedule 2 attached
hereto.
4. EFFECTIVE DATE. This Amendment Agreement shall become effective on May 28,
1999 ("EFFECTIVE DATE"), so long as on or before that date the Administrative
Agent receives an original copy of (a) this Amendment Agreement (or original
counterparts thereof) duly executed by each party hereto, (b) each required
Syndication Acquisition Agreement, and (c) each required replacement Promissory
Note. Upon the satisfaction of all conditions precedent hereto, the
Administrative Agent will notify each party hereto in writing and will provide
copies of all documentation in connection herewith.
5. COSTS; EXPENSES AND TAXES. Borrower agrees to reimburse the Administrative
Agent on demand for all out-of-pocket costs, expenses and charges (including,
without limitation, all fees and charges of external legal counsel for the
Administrative Agent) incurred by the Administrative Agent in connection with
the preparation, reproduction, execution and delivery of this Amendment
Agreement and any other instruments and documents to be delivered hereunder.
6. GENERAL PROVISIONS.
6.1 Borrower agrees to execute such additional documents as the
Administrative Agent may require, including, without limitation, restated
promissory notes, to carry out or evidence the purposes of this Amendment
Agreement.
6.2 The execution, delivery and effectiveness of this Amendment
Agreement shall not operate as a waiver of any right, power or remedy of the
Administrative Agent or any Syndication Party under any of the Loan Documents,
nor constitute a waiver of any provision of any of the Loan Documents, and the
Credit Agreement, as expressly modified herein, and each other Loan
3
Document, are hereby ratified and confirmed and shall continue in full force and
effect and be binding upon the parties thereto. Any direct or indirect reference
in the Loan Documents to the "Credit Agreement" shall be deemed to be a
reference to the Credit Agreement as amended by this Amendment Agreement.
7. GOVERNING LAW. This Amendment Agreement shall be governed by and construed in
accordance with the laws of the State of Colorado.
8. COUNTERPARTS. This Amendment Agreement may be executed in any number of
counterparts and by different parties to this Amendment Agreement in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.
IN WITNESS WHEREOF, the parties hereto have caused this First Amendment
to Credit Agreement (Revolving Loan) to be executed by their duly authorized
officers as of the Effective Date.
BORROWER:
CENEX HARVEST STATES COOPERATIVES, a
cooperative corporation formed under the
laws of the State of Minnesota
By: /s/ T. F. Baker
-------------------------------------
Name: T. F. Baker
Title: Executive Vice President Finance
and Administration
ADMINISTRATIVE AGENT, BID AGENT,
AND CO-LEAD ARRANGER:
COBANK, ACB
By: /s/ Greg Somerhalder
-------------------------------------
Name: Greg Somerhalder
Title: Vice President
CO-LEAD ARRANGER:
NATIONSBANK, N.A.
By: /s/ Tom F. Scharfenberg
-------------------------------------
Name: Tom F. Scharfenberg
-----------------------------------
Title: S.V.P.
----------------------------------
4
SYNDICATION PARTIES:
COBANK, ACB
By: /s/ Greg Somerhalder
-------------------------------------
Name: Greg Somerhalder
Title: Vice President
Contact Name: Greg Somerhalder
Title: Vice President
Address: 245 North Waco
Wichita, KS 67202
Phone No.: 316/290-2052
Fax No.: 316/290-2006
Individual 364-Day Commitment:
$96,666,666.64
Payment Instructions:
CoBank, ACB
ABA No.: 307088754
Acct. Name: CoBank, ACB
Account No.: 22274433
Attn: Marshall Allen
Reference: Cenex Harvest States
5
SYNDICATION PARTIES:
ST. PAUL BANK FOR COOPERATIVES
By: /s/ Jeff Swanhorst
-------------------------------------
Name: Jeff Swanhorst
Title: Vice President
Contact Name: Jeff Swanhorst
Title: Vice President
Address: 375 Jackson Street
St. Paul, MN 55101-1849
Phone No.: 612/282-8205
Fax No.: 612/282-8249
Individual 364-Day Commitment:
$23,333,333.33
Payment Instructions:
St. Paul Bank for Cooperatives
ABA No.: 296090471
Acct. Name: Cenex Harvest States
Account No.: 271998
Reference: Scott Malm
6
SYNDICATION PARTIES:
CARIPLO-CASSA DI RISPARMIO DELLE
PROVINCIE LOMBARDE SPA
By: /s/ Anthony F. Giobbi
-------------------------------------
Name: Anthony F. Giobbi
-----------------------------------
Title: F.V.P
----------------------------------
By: /s/ Maria Elena Greene
-------------------------------------
Name: Maria Elena Greene
-----------------------------------
Title: A.V.P.
----------------------------------
Contact Name: Anthony Giobbi
Title: First Vice President
Address: 10 East 53rd Street, 36th Floor
New York, NY 10022
Phone No.: 212/527-8737
Fax No.: 212/527-8777
Individual 364-Day Commitment:
$16,666,666.67
Payment Instructions:
Citibank - New York
ABA - 021000089
For account of Cariplo - New York
Account No.: 36022295
Attn: M. Greene
Ref: Cenex Harvest States
Cooperatives
7
SYNDICATION PARTIES:
CREDIT AGRICOLE INDOSUEZ
By: /s/ illegible
-------------------------------------
Name: illegible
-----------------------------------
Title: First Vice President & Deputy
Chief Credit Officer - USA
----------------------------------
By: /s/ Theodore D. Tice
-------------------------------------
Name: Theodore D. Tice
-----------------------------------
Title: Senior Relationship Manager
----------------------------------
Contact Name: Theodore D. Tice
Title: Vice President
Address: 55 E. Monroe Street
Chicago, IL 60603-5702
Phone No.: 312/917-7463
Fax No.: 312/372-3455
Individual 364-Day Commitment:
$33,333,333.33
Payment Instructions:
Citibank - New York, New York
ABA - 021-000-089
Acct. Name: Credit Agricole Indoseuz
Chgo Branch
Account No.: 36023853
Swift Code: CITIUS33
Ref: Cenex Harvest States
8
SYNDICATION PARTIES:
SUNTRUST BANK, ATLANTA
By: /s/ Michel A. Odermatt
-------------------------------------
Name: Michel A. Odermatt
-----------------------------------
Title: Vice President
----------------------------------
By: /s/ F. Steven Parrish
-------------------------------------
Name: F. Steven Parrish
-----------------------------------
Title: Vice President
----------------------------------
Contact Name: Michel A. Odermatt
Title: Vice President
Address: 303 Peachtree Street N.E.
Third Floor
Atlanta, GA 30308
Phone No.: 404/532-0232
Fax No.: 404/230-5305
Individual 364-Day Commitment:
$16,666,666.67
Payment Instructions:
SunTrust Bank, Atlanta
ABA - 061000104
Acct. Name: Corporate Banking
Operations General Ledger Account
Account No.: 9088000112
Ref: Cenex Harvest States
Cooperatives
9
SYNDICATION PARTIES:
BANQUE NATIONALE DE PARIS
By: /s/ Arnaud Collin du Bocage
-------------------------------------
Name: Arnaud Collin du Bocage
-----------------------------------
Title: Executive Vice President and
General Manager
----------------------------------
Contact Name: Cathleen F. Schaede
Title: Assistant Vice President
Address: 209 South LaSalle Street
Chicago, IL 60604
Phone No.: 312/977-1383
Fax No.: 312/977-1380
Individual 364-Day Commitment:
$26,666,666.67
Payment Instructions:
Banque Nationale de Paris - New York
ABA - 0260-0768-9
Acct. Name: Banque Nationale de Paris
- Chicago
Account No.: 14119400189
10
SYNDICATION PARTIES:
COOPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEENBANK B.A. "RABOBANK
NEDERLAND", NEW YORK BRANCH
By: /s/ Ian Reece
-------------------------------------
Name: Ian Reece
-----------------------------------
Title: Senior Credit Officer
----------------------------------
By: /s/ Michiel V.M. Van Der Voort
-------------------------------------
Name: Michiel V.M. Van Der Voort
-----------------------------------
Title: Vice President
----------------------------------
Contact Name: David Nelson
Title: Vice President
Address: 300 South Wacker Drive
Suite 3500
Chicago, IL 60606
Phone No.: 312/408-8207
Fax No.: 312/408-8240
Individual 364-Day Commitment:
$26,666,666.67
Payment Instructions:
The Bank of New York
(New York, NY 10167)
ABA - 021 000 018
Acct. Name: Rabobank Nederland
Account No.: 802 6002 533
Attn: Debra Rivers
Ref: Cenex Harvest States
11
SYNDICATION PARTIES:
THE BANK OF TOKYO-MITSUBISHI, LTD.,
CHICAGO BRANCH
By: /s/ Jeffrey R. Arnold
-------------------------------------
Name: Jeffrey R. Arnold
-----------------------------------
Title: Vice President and Manager
----------------------------------
Contact Name: Jeffrey R. Arnold
Title: Assistant Vice President
Address: 90 South Seventh Street
5100 Norwest Center
Minneapolis, MN 55402
Phone No.: 612/333-0505
Fax No.: 612/333-3735
Loan Administration Contact Name:
Janice Hennig
Address: 227 West Monroe Street
Suite 2300
Chicago, Illinois 60606
Phone No.: 312/696-4710
Fax No.: 312/696-4532
Individual 364-Day Commitment:
$16,666,666.67
Payment Instructions:
The Federal Reserve Bank of Chicago
ABA - 071002341
Acct. Name: The Bank of Tokyo-
Mitsubishi, Ltd.
Attention: Loan Administration
Ref: Cenex Harvest States
Cooperatives
12
SYNDICATION PARTIES:
NATIONSBANK, N.A.
By: /s/ Tom F. Scharfenberg
-------------------------------------
Name: Tom F. Scharfenberg
-----------------------------------
Title: Managing Director
----------------------------------
Contact Name: Laurie Haugh
Title: Associate Vice President
Address: 231 South La Salle Street
Chicago, IL 60697
Phone No.: 312/828-2256
Fax No.: 312/987-1276
Individual 364-Day Commitment:
$63,333,333.34
Payment Instructions:
NationsBank, N.A.
ABA - 11100012
A/C #: 1292000883
Acct. Name: Corporate Loans
Attention: Lenor Manhard
Ref: Cenex Harvest States
13
SYNDICATION PARTIES:
NORWEST BANK MINNESOTA, NATIONAL
ASSOCIATION
By: /s/ Ann C. Pifer
-------------------------------------
Name: Ann C. Pifer
-----------------------------------
Title: Vice President
----------------------------------
Contact Name: Anne C. Pifer
Title: Vice President
Address: Sixth and Marquette
Minneapolis, MN 55479-0085
Phone No.: 612/667-2893
Fax No.: 612/667-4145
Individual 364-Day Commitment:
$16,666,666.67
Payment Instructions:
Norwest Bank Minnesota
ABA - 091000019
Acct. Name: Commercial Loan Clearing
Account
Account No.: 840165
Ref: Cenex Harvest States
14
SYNDICATION PARTIES:
DG BANK DEUTSCHE GENOSSENSCHAFTSBANK, AG,
CAYMAN ISLAND BRANCH
By: /s/ Mark K. Connelly
-------------------------------------
Name: Mark K. Connelly
-----------------------------------
Title: Vice President
----------------------------------
By: /s/ Lynne McCarthy
-------------------------------------
Name: Lynne McCarthy
-----------------------------------
Title: Asst. Vice President
----------------------------------
Contact Name: Mark Connelly
Title: Vice President
Address: 609 Fifth Avenue
New York, NY 10017
Phone No.: 212/745-1560
Fax No.: 212/745-1556
Individual 364-Day Commitment:
$26,666,666.67
Payment Instructions:
(1) DG Bank
via Chips System
DG Bank ABA #845
(2) Federal Reserve Bank of New York
Routing/Account # 026008455
15
SYNDICATION PARTIES:
U.S. BANK NATIONAL ASSOCIATION
By: /s/ Thomas W. Cherry
-------------------------------------
Name: Thomas W. Cherry
-----------------------------------
Title:
----------------------------------
Contact Name: Thomas W. Cherry
Title: Vice President
Address: 601 Second Avenue South
Minneapolis, MN 55402-4302
Phone No.: 612/973-0555
Fax No.: 612/973-0825
Individual 364-Day Commitment:
$16,666,666.67
Payment Instructions:
U.S. Bank National Association
ABA - 091000022
Acct. Name: Commercial Loans
Account No.: 30000472160600
Attn: Karen Johnson
Ref: Cenex Harvest States
Cooperatives
16
SYNDICATION PARTIES:
THE BANK OF NOVA SCOTIA
By: /s/ F.C.H. Ashby
-------------------------------------
Name: F.C.H. Ashby
-----------------------------------
Title: Senior Manager Loan Operations
----------------------------------
Contact Name: Vicki Gibson
Title:
Address: 600 Peachtree Street
Atlanta, GA 30308
Phone No.: 404/877-1557
Fax No.: 404/888-8998
Individual 364-Day Commitment:
$20,000,000.00
Payment Instructions:
The Bank of Nova Scotia
ABA - 026002532
Acct. Name: Atlanta Agency
Account No.: 0606634
Attn: Chicago Team
Ref: Cenex Harvest States
17
SCHEDULE 1
TO CREDIT AGREEMENT
SYNDICATION PARTIES AND INDIVIDUAL COMMITMENTS
- --------------------------------------------------------------------------------
SYNDICATION PARTY INDIVIDUAL INDIVIDUAL
NAME/ADDRESS 364-DAY COMMITMENT 5-YEAR COMMITMENT
- --------------------------------------------------------------------------------
CoBank, ACB $96,666,666.64 $48,333,333.36
245 North Waco St.
Wichita, Kansas 67202
- --------------------------------------------------------------------------------
St. Paul Bank for Cooperatives $23,333,333.33 $21,666,666.67
375 Jackson St.
St. Paul, MN 55101-1849
- --------------------------------------------------------------------------------
NationsBank, N.A. $63,333,333.34 $31,666,666.66
231 South LaSalle Street
Chicago, IL 60697
- --------------------------------------------------------------------------------
Banque Nationale de Paris, Chicago Branch $26,666,666.67 $13,333,333.33
209 S. LaSalle Street, Fifth Floor
Chicago, IL 60604
- --------------------------------------------------------------------------------
Cariplo Bank $16,666,666.67 $8,333,333.33
190 South LaSalle Street, Suite 2890
Chicago, IL 60603
- --------------------------------------------------------------------------------
Credit Agricole Indosuez $33,333,333.33 $16,666,666.67
55 East Monroe Street, Suite 4700
Chicago, IL 60603
- --------------------------------------------------------------------------------
Deutsche Genossenschaftsbank $26,666,666.67 $13,333,333.33
609 Fifth Avenue
New York, NY 10017-1021
- --------------------------------------------------------------------------------
Norwest Bank Minnesota, N.A. $16,666,666.67 $8,333,333.33
Sixth and Marquette
Minneapolis, MN 55479-0085
- --------------------------------------------------------------------------------
Rabobank Nederland, Chicago Branch $26,666,666.67 $13,333,333.33
300 South Wacker Drive, Suite 3500
Chicago, IL 60606
- --------------------------------------------------------------------------------
SunTrust Bank, Atlanta $16,666,666.67 $8,333,333.33
303 Peachtree Street N.E., 3rd Floor
Atlanta, GA 30308
- --------------------------------------------------------------------------------
The Bank of Tokyo - Mitsubishi, Ltd. $16,666,666.67 $8,333,333.33
5100 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402-4122
- --------------------------------------------------------------------------------
U.S. Bank National Association $16,666,666.67 $8,333,333.33
MPFP 0607
601 Second Avenue South
Minneapolis, MN 55402-4302
- --------------------------------------------------------------------------------
The Bank of Nova Scotia $20,000,000.00 -0-
600 Peachtree Street
Atlanta, GA 30308
- --------------------------------------------------------------------------------
SCHEDULE 2
TO CREDIT AGREEMENT
APPLICABLE MARGINS
The determination of the Applicable Margin will be made effective 5 Banking Days
after the Administrative Agent receives quarterly financial statements from the
Borrower; however, no adjustments will be made to the LIBO Rate applicable to
LIBO Rate Loans then outstanding until the end of their then current LIBO
Period.
- ---------------------------------------------------------------------------------------------
RATIO OF CONSOLIDATED 364-DAY MARGIN 5-YEAR MARGIN
FUNDED DEBT TO CASH FLOW
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Less than or equal to 1.00 50.0 basis points 20 basis points
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Greater than 1.00 Less than or equal to 1.50 62.5 basis points 25 basis points
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Greater than 1.50 Less than or equal to 2.00 75.0 basis points 30 basis points
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Greater than 2.00 Less than or equal to 2.50 87.5 basis points 35 basis points
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Greater than 2.50 100.0 basis points 50 basis points
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------