EXHIBIT 4(i)
THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A
NOMINEE OF A DEPOSITORY OR A SUCCESSOR DEPOSITORY. THIS NOTE IS NOT EXCHANGEABLE
FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS
NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO
TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE
DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO
THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
ICF KAISER INTERNATIONAL, INC.
12% SENIOR NOTE DUE 2003, SERIES B
CUSIP No. 449244
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No.BQ- $
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ICF Kaiser International, Inc., a Delaware corporation (the "Company"), for
value received promises to pay to CEDE & Co., or registered assigns, the
principal sum of ________ Dollars on December 31, 2003.
Interest Payment Dates: June 30 and December 31
Record Dates: June 15 and December 15
Reference is made to the further provisions of this Security contained herein,
which will for all purposes have the same effect as if set forth at this place.
IN WITNESS WHEREOF, the Company has caused the Security to be signed manually or
by facsimile by its duly authorized officers.
Dated:
ICF KAISER INTERNATIONAL, INC.
By:
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By:
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(SEAL)
Face - 2
Trustee's Certificate of Authentication
This is one of the Series B Notes referred to in the within-mentioned
Indenture.
Dated: THE BANK OF NEW YORK
as Trustee
By:
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Authorized Signatory
Face - 3
12% SENIOR NOTE DUE 2003, SERIES B
Certain capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture under which this Note is issued.
1. Interest. ICF Kaiser International, Inc., a Delaware corporation
(the "Company," which term shall include any Successor under the Indenture),
promises to pay interest on the principal amount of this Note at 12% provided
that one percent (1%) additional interest (the "Additional Interest") is payable
on the Notes from the date of, and as provided in, the Indenture. The Company
files its financial results with the Securities and Exchange Commission on
quarterly and annual reports, and these reports include the Company's earnings
after deducting minority interests and before interest, taxes, depreciation, and
amortization calculated in accordance with generally accepted accounting
principles ("Earnings"). The Company measures its Earnings for trailing twelve
month periods, each period to end on the last day of a fiscal quarter and extend
no further than March 31, 1998 (each a "Quarterly Measurement Period"). If the
Company's Earnings equal or exceed $36 million for two consecutive Quarterly
Measurement Periods, then the Company is relieved of its obligation to pay any
future Additional Interest. However, if the Company's Earnings do not equal or
exceed $36 million for any subsequent Quarterly Measurement Period, up to and
including the Quarterly Measurement Period ending March 31, 1998, the Company is
obligated to commence paying Additional Interest until the Company's Earnings
again equal or exceed $36 million on a trailing twelve month basis calculated
quarterly. The Company will pay interest semiannually on June 30 and December 31
of each year, or if any such day is not a Business Day, on the next succeeding
Business Day (each an "Interest Payment Date"). Interest on the Notes will
accrue from the most recent date on which interest has been paid or, if no
interest has been paid, from December 31, 1996; provided, that if there is no
existing Default in the payment of interest, and if this Note is authenticated
between a record date referred to on the face hereof and the next succeeding
Interest Payment Date, interest shall accrue from such next succeeding Interest
Payment Date; provided, further, that the first Interest Payment Date shall be
June 30, 1997. The Company shall pay interest on overdue principal from time to
time on demand at the rate of 1% per annum in excess of the interest rate then
in effect; it shall pay interest on overdue installments of interest (without
regard to any applicable grace periods) from time to time on demand at the same
rate to the extent lawful. Interest will be computed on the basis of a 360-day
year of twelve 30-day months.
2. Method of Payment. The Company will pay interest on the Notes
(except defaulted interest) to the Persons who are registered Holders of Notes
at the close of business on the record date next preceding the Interest Payment
Date, even if such Notes are cancelled after such record date and on or before
such Interest Payment Date. Holders must surrender Notes to a Paying Agent to
collect principal payments. The Company will pay the principal of, premium, if
any, and interest on the Notes in money of the United States of America that at
the time of payment is legal tender for payment of public and private debts
("U.S. Legal Tender"). The
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Company, however, may pay such amounts by check payable in such U.S. Legal
Tender. It may mail an interest check to a Holder's registered address.
3. Paying Agent and Registrar. Initially, The Bank of New York (the
"Trustee") will act as Paying Agent and Registrar. The Company may change any
Paying Agent, Registrar or co-registrar without notice to any Holder. The
Company may act in any such capacity.
4. Indenture and Guarantees. The Company issued the Notes under an
Indenture dated as of December 23, 1996 (the "Indenture") between the Company
and the Trustee. The terms of the Notes include those stated in the Indenture
and those made part of the Indenture by reference to the Trust Indenture Act of
1939, as amended (15 U.S. Code (S)(S) 77aaa-77bbbb), as in effect on the date of
execution of the Indenture until such time as the Indenture is qualified under
the TIA, and thereafter as in effect on the date on which the Indenture is
qualified under the TIA. The Notes are subject to all such terms, and Holders
are referred to the Indenture and such Act for a statement of such terms.
Capitalized and certain other terms used herein and not otherwise defined have
the meanings set forth in the Indenture. The Notes are unsecured general
obligations of the Company limited to $15,000,000 in aggregate principal amount.
Payment on each Note is guaranteed, jointly and severally, by the Guarantors
pursuant to Section 5.11 of the Indenture.
5. Optional Redemption. The Notes may not be redeemed prior to
December 31, 1998, but will be redeemable at the option of the Company, in whole
or in part, at any time on or after December 31, 1998, at the following
redemption prices (expressed as percentages of principal amount), together with
accrued and unpaid interest, if any, thereon to the redemption date, if redeemed
during the 12-month period beginning December 31:
Optional
Year Redemption Price
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1998 108.0%
1999 106.4%
2000 104.8%
2001 103.2%
2002 101.6%
If fewer than all of the Notes are to be redeemed at any time,
selection of the Notes to be redeemed will be made by the Trustee from among the
outstanding Notes on a pro rata basis, by lot or by any other method permitted
in the Indenture. Notice of redemption will be mailed at least 30 days but not
more than 60 days before the redemption date to each Holder whose Notes are to
be redeemed at the registered address of such Holder. On and after the
redemption date, interest shall cease to accrue on the Notes or portions thereof
called for redemption.
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6. Offers to Repurchase.
(a) Change of Control Offer. In accordance with the terms of the
Indenture, upon the occurrence of a Change of Control, the Company will be
required to offer (a "Change of Control Offer") to purchase all outstanding
Notes at a purchase price equal to 101% of the aggregate principal amount of the
Notes, plus accrued and unpaid interest to the date of purchase.
A Holder of Notes may tender or refrain from tendering all or any
portion of his Notes at his discretion by completing the form entitled "OPTION
OF HOLDER TO ELECT PURCHASE" appearing below on this Note. Any portion of Notes
tendered must be in integral multiples of $1,000.
(b) Asset Sale Offer. In accordance with the terms of the
Indenture, if the Company or any Restricted Subsidiary consummates an Asset
Sale, the Company will, under certain circumstances, be required to utilize a
portion of the net proceeds received from such Asset Sale to offer to purchase
Notes at a purchase price equal to 100% of the aggregate principal amount of the
Notes plus accrued interest to the date fixed for the purchase.
A Holder of Notes may tender or refrain from tendering all or any
portion of his Notes at his discretion by completing the form entitled "OPTION
OF HOLDER TO ELECT PURCHASE" appearing below this Note. Any portion of Notes
tendered must be in integral multiples of $1,000.
Subject to the provisions described above and compliance with Article
6 of the Indenture, the Company may sell or otherwise dispose of all or
substantially all of its assets to a Successor that assumes all of the Company's
obligations under the Notes and Indenture, and thereafter be discharged from
such obligations.
7. Denominations, Transfer, Exchange. The Notes are in registered
form without coupons in denominations of $1,000 and integral multiples of
$1,000. The transfer of Notes may be registered and Notes may be exchanged as
provided in the Indenture. The Registrar and the Trustee may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents
and to pay any taxes and fees required by law or permitted by the Indenture.
8. Persons Deemed Owners. The registered Holder of a Note may be
treated as its owner for all purposes.
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9. Unclaimed Funds. If funds for the payment of principal or interest
remain unclaimed for two years, the Trustee and the Paying Agent will repay the
funds to the Company at its request. After that, all liability of the Trustee
and Paying Agent with respect to such funds shall cease.
10. Discharge. The Company may be discharged from its obligations
under the Indenture and the Notes, except for certain provisions thereof, upon
satisfaction of certain conditions specified in the Indenture.
11. Amendments and Waivers. Subject to certain exceptions, the
Indenture or the Notes may be amended or supplemented with the consent (which
may include consents obtained in connection with a tender offer or exchange
offer for Notes) of the Holders of at least a majority in principal amount of
the Notes then outstanding, and any existing Default under, or compliance with
any provision of, the Indenture may be waived (other than any continuing Default
or Event of Default in the payment of interest on or the principal of the Notes,
or any failure to comply with the provisions of the Indenture relating to a
Change of Control Offer (as defined in the Indenture)) with the consent (which
may include consents obtained in connection with a tender offer or exchange
offer for Notes) of the Holders of a majority in principal amount of the Notes
then outstanding. Without the consent of any Holder, the Company and the Trustee
may amend or supplement the Indenture or the Notes to cure any ambiguity, defect
or inconsistency; to provide for the assumption of the Company's obligations to
Holders in the case of a merger or acquisition; to provide for uncertificated
Notes in addition to or in place of certificated Notes; to make any change that
does not adversely affect the legal rights of any Holder; to surrender any right
or power conferred upon the Company in the Indenture or the Notes; or to modify,
eliminate or add to the provisions of the Indenture or the Notes to such extent
as shall be necessary to effect the qualification of the Indenture under the TIA
or under any similar federal statute hereafter enacted.
The right of any Holder to participate in any consent required or
sought pursuant to any provision of the Indenture (and the obligation of the
Company to obtain any such consent otherwise required from such Holder) may be
subject to the requirement that such Holder shall have been the Holder of record
of any Notes with respect to which such consent is required or sought as of a
date identified by the Trustee or the Company in a notice furnished to Holder in
accordance with the terms of the Indenture.
Without the consent of each Holder affected, the Company may not take
certain actions, including: (i) reduce the amount of Notes whose Holders must
consent to an amendment, supplement or waiver; (ii) reduce the rate of or change
the time for payment of interest, including default interest, on any Note; (iii)
reduce the principal of or change the fixed maturity of any Note or alter the
provisions with respect to optional redemption or mandatory repurchase of the
Notes under the Indenture; (iv) make any Note payable in money other than that
stated in this Note; (v) make any change in certain provisions of the Indenture
regarding a Change of Control, a waiver of past Defaults and the rights of
Holders to receive payment; or
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(vi) waive a continuing Default or Event of Default in the payment of principal
of or interest on the Notes or that resulted from a failure to comply with the
Change of Control provisions of the Indenture.
12. Restrictive Covenants. The Indenture contains certain covenants
which, among other things, limit: (i) the incurrence of additional Indebtedness
by the Company and Restricted Subsidiaries; (ii) the payment of dividends; (iii)
the repurchase of capital stock or subordinated indebtedness; (iv) the making of
certain other distributions, loans and investments; (v) the sale of assets and
the sale of the stock of Restricted Subsidiaries; (vi) the creation of
restrictions on the ability of Restricted Subsidiaries to pay dividends or make
other payments to the Company; and (vii) the ability of the Company and
Restricted Subsidiaries to enter into certain transactions with Affiliates or to
merge, consolidate or transfer substantially all assets. These restrictions are
subject to important qualifications and exceptions. The Company must report to
the Trustee on compliance with such limitations.
13. Defaults and Remedies. Events of Default include: default in
payment of interest on the Notes for 30 days; default in payment of principal on
the Notes; failure by the Company for 60 days after notice to it to comply with
any of its other agreements in the Indenture or the Notes; certain defaults
under other Indebtedness; certain final judgments that remain undercharged; and
certain events of bankruptcy or insolvency. If an Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in principal amount of
the then outstanding Notes may declare all the Notes to be immediately due and
payable for an amount equal to 100% of the principal amount of the Notes plus
accrued interest to the date of payment, except that in the case of an Event of
Default arising from certain events of bankruptcy or insolvency, all outstanding
Notes become due and payable immediately without further action or notice.
Holders may not enforce the Indenture or the Notes except as provided in the
Indenture. The Trustee may require indemnity satisfactory to it before it
enforces the Indenture or the Notes. Subject to certain limitations, Holders of
a majority in principal amount of the then outstanding Notes may direct the
Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders notice of any continuing default (except a default in payment of
principal or interest) if it determines that withholding notice is in their
interests. The Company must furnish an annual compliance certificate to the
Trustee.
14. Trustee Dealings with Company. The Trustee, in its individual or
any other capacity, may make loans to, accept deposits from, and perform
services for the Company or its Affiliates, and may otherwise deal with the
Company or its Affiliates, as if it were not Trustee.
15. No Recourse Against Others. A director, officer, employee or
stockholder, as such, of the Company shall not have any liability for any
obligations of the Company under the Notes or the Indenture or for any claim
based on, in respect of or by reason of such obligations or their creation. Each
Holder by accepting a Note waives and releases all such liability. The waiver
and release are part of the consideration for the issuance of the Notes.
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16. Authentication. This Note shall not be valid until authenticated
by the manual signature of the Trustee or an authenticating agent.
17. Abbreviations. Customary abbreviations may be used in the name of
a Holder or an assignee, such as: TEN COM (-- tenants in common), TEN ENT (--
tenants by the entireties), JT TEN (-- joint tenants with right of survivorship
and not as tenants in common), CUST (--Custodian), and U/G/M/A (-- Uniform Gifts
to Minors Act).
18. CUSIP Numbers. Pursuant to a recommendation promulgated by the
Commission on Uniform Security Identification Procedures, the Company has caused
CUSIP Numbers to be printed on the Notes as a convenience to the Holders of the
Notes. No representation is made to the accuracy of such numbers as provided on
the Notes, and reliance may be placed only on the other identification numbers
printed thereon.
19. Governing Law. THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAW.
The Company will furnish to any Holder upon written request and
without charge a copy of the Indenture. Request may be made to:
ICF Kaiser International, Inc.
9300 Lee Highway
Fairfax, Virginia 22031-1207
Attention: Executive Vice President and
Chief Financial Officer
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GUARANTEE
The Guarantors (as defined in the Indenture referred to in the Note upon
which this notation is endorsed and each hereinafter referred to as a
"Guarantor," which term includes any successor to a Guarantor) have
unconditionally guaranteed (such guarantee by each Guarantor being referred to
herein as the "Guarantee") (a) the full and prompt payment of the principal of
and premium, if any, on any Note when and as the same shall come due and
payable, whether at the stated maturity thereof, by acceleration, redemption or
otherwise and (b) the full and prompt payment of any interest on any Note when
and as the same shall become due, according to the terms of such Note and the
Indenture.
No stockholder, officer, director or incorporator, as such, past, present
or future, of any Guarantor shall have any liability under this Guarantee by
reason of his or its status as such stockholder, officer, director or
incorporator.
The Guarantees shall not be valid or obligatory for any purpose until the
certificate of authentication on the Notes upon which the guarantees are noted
shall have been executed by the Trustee under the indenture by the manual
signature of its authorized officers.
GUARANTORS:
CYGNA CONSULTING ENGINEERS AND
PROJECTS MANAGEMENT, INC.
Attest: BY:
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Name:
Title:
ICF KAISER GOVERNMENT PROGRAMS, INC.
Attest: BY:
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Name:
Title:
PCI OPERATING COMPANY, INC.
Attest: BY:
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Name:
Title:
SYSTEMS APPLICATIONS INTERNATIONAL, INC.
Attest: BY:
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Name:
Title:
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ASSIGNMENT FORM
To assign this Note, fill in the form below: (I) or (we) assign and
transfer this Note to
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(Insert assignee's Soc. Sec. or tax I.D. No.)
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(Print or type assignee's name, address and zip code)
and irrevocably appoint
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to transfer this Note on the books of the Company. The agent may substitute
another to act for him.
Date:
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Your Signature:
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(Sign exactly as your name appears on the face
of this Note)
Signature Guarantee:
Referse - 8
OPTION OF HOLDER TO ELECT PURCHASE
If you want to elect to have this Note purchased by the Company
pursuant to an Asset Sale Offer or a Change in Control Offer, please execute and
return this form to the Company.
If you want to elect to have only part of the Note purchased by the
Company pursuant to the Indenture, state the amount you elect to have purchased:
$
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Date:
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Your Signature:
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(Sign exactly as your name appears on the face
of this Note)
Signature Guarantee:
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