1
EXHIBIT 10(c)
AMENDMENT NO. 1
TO
364-DAY REVOLVING CREDIT AGREEMENT
This Amendment No. 1 to 364-Day Revolving Credit Agreement
("Amendment") is made and entered into as of the 31st day of March, 1997, by and
among The Sherwin-Williams Company ("Company"), whose principal place of
business is located at 101 Prospect Avenue, N.W., Cleveland, Ohio 44115, Texas
Commerce Bank National Association ("TCB"), as Administrative Agent, The Chase
Manhattan Bank ("Chase"), as the Competitive Advance Facility Agent, and the
financial institutions listed on Schedule A hereto together with each of their
successors and assigns (collectively referred to as the "Lenders" and
individually a "Lender").
W I T N E S S E T H:
--------------------
WHEREAS, Company, TCB, Chase, the Lenders and certain other financial
institutions entered into that certain 364-Day Revolving Credit Agreement, dated
January 3, 1997 ("Agreement"), pursuant to which the Lenders and certain other
financial institutions agreed, on the terms and subject to the conditions
contained therein, to make available to the Company the principal amount of Two
Hundred Ninety Million Dollars ($290,000,000) to be used by the Company for
general corporate purposes including, but not limited to, the acquisition of all
or part of the business, assets or stock of Thompson Minwax Holding Corp. (the
"Acquisition"), commercial paper backup, general working capital, other
acquisitions of assets, stock or other ownership interests and repurchases or
redemptions of securities.
WHEREAS, Company consummated the Acquisition on January 7, 1997.
WHEREAS, Company has timely notified the following financial
institutions that were "Lenders" under the Agreement that their Commitments have
been terminated effective March 31, 1997: (i) Den Danske Bank, (ii) Morgan
Guaranty Trust Company of New York, (iii) Comerica Bank, (iv) Caisse Nationale
de Credit Agricole, (v) The Dai Ichi Kangyo Bank, Ltd. - Chicago Branch, (vi)
Norddeutsche Landesbank Girozentrale - New York Branch and Cayman Islands
Branch, (vii) The Sumitomo Bank, Limited - Chicago Branch, and (viii) United
States National Bank of Oregon.
WHEREAS, Company, TCB, Chase and the Lenders desire to amend the
Agreement to (i) provide that the maximum amount of funds available to the
Company thereunder shall be Two Hundred Sixteen Million Dollars ($216,000,000),
to be used for general corporate purposes including, but not limited to,
commercial paper backup, general working capital, acquisitions of assets, stock
or other ownership interests and repurchases or redemptions of securities, (ii)
reduce the Commitments of certain of the Lenders, and (iii) reflect the fact
that the Commitments of certain financial institutions that were "Lenders" under
the Agreement have been terminated.
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NOW, THEREFORE, in consideration of the mutual promises contained
herein the parties agree as follows:
1. All capitalized terms used in this Amendment and not otherwise defined
herein shall have the meanings ascribed such terms in the Agreement.
2. The Commitments and Percentages set forth on Schedule A attached to the
Agreement shall be deleted and the Commitments and Percentages set
forth on Schedule A attached hereto shall be substituted in lieu
thereof.
3. This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when
so executed and delivered shall be deemed to be an original and when
taken together shall constitute one and the same agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the date indicated above.
THE SHERWIN-WILLIAMS COMPANY
By: /s/
------------------------------------
LARRY J. PITORAK
Title: SENIOR VICE PRESIDENT-
FINANCE, TREASURER AND
CHIEF FINANCIAL OFFICER
By: /s/
------------------------------------
CYNTHIA D. BROGAN
Title: VICE PRESIDENT AND ASSISTANT
TREASURER
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3
SCHEDULE A / 1-YEAR
-------------------
AMOUNT OF PERCENTAGE OF
INSTITUTION COMMITMENT COMMITMENT
----------- ---------- -------------
Texas Commerce Bank National Association $13,000,000 6.0185%
First Union National Bank of North Carolina $13,000,000 6.0185%
The Bank of Nova Scotia $13,000,000 6.0185%
Nationsbank, N.A. $13,000,000 6.0185%
KeyBank National Association $13,000,000 6.0185%
The First National Bank of Chicago $13,000,000 6.0185%
The Bank of New York $13,000,000 6.0185%
SunTrust Bank $13,000,000 6.0185%
National City Bank $10,000,000 4.6296%
Royal Bank of Canada $10,000,000 4.6296%
Wachovia Bank of Georgia, N.A. $10,000,000 4.6296%
Wells Fargo Bank, N.A. $10,000,000 4.6296%
PNC Bank, National Association $10,000,000 4.6296%
ABN AMRO Bank N.V. $10,000,000 4.6296%
CIBC, Inc. $10,000,000 4.6296%
The Fuji Bank, Limited $6,000,000 2.7778%
The Bank of Tokyo-Mitsubishi, Ltd. $6,000,000 2.7778%
The First National Bank of Boston $6,000,000 2.7778%
Bank of Montreal $6,000,000 2.7778%
Banca Commerciale Italiana $6,000,000 2.7778%
The Long-Term Credit Bank of Japan, Ltd. $6,000,000 2.7778%
Mellon Bank, N.A. $6,000,000 2.7778%
TOTAL $216,000,000 100.00%
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The Chase Manhattan Bank,
as the Competitive Advance Facility Agent
By: /s/
_________________________________________
Name:_______________________________________
Title:______________________________________
The Chase Manhattan Bank
270 Park Avenue
New York, NY 10017
Telephone: _____________________
Facsimile: _____________________
5
Amount of Percentage of
Commitment Commitments
- ---------- -------------
$13,000,000 6.0185% Texas Commerce Bank National
Association
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
Texas Commerce Bank National
Association
707 Travis Street
Houston, Texas 77002
Telephone: _____________________
Facsimile: _____________________
6
Amount of Percentage of
Commitment Commitments
- ---------- ---------------
$13,000,000 6.0185% First Union National Bank of North Carolina
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
First Union National Bank of North Carolina
301 South College Street
Charlotte, NC 28288
Telephone: _____________________
Facsimile: _____________________
7
Amount of Percentage of
Commitment Commitments
- ---------- --------------
$13,000,000 6.0185% The Bank of Nova Scotia
Atlanta Agency
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
The Bank of Nova Scotia
Atlanta Agency
600 Peachtree St., N.E., Suite 2700
Atlanta, GA 30308
Telephone: _____________________
Facsimile: _____________________
8
Amount of Percentage of
Commitment Commitments
- ---------- --------------
$13,000,000 6.0185% Nationsbank, N.A.
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
Nationsbank, N.A.
100 N. Tryon Street
Charlotte, N.C. 28255
Telephone: _____________________
Facsimile: _____________________
9
Amount of Percentage of
Commitment Commitments
- ---------- --------------
$13,000,000 6.0185% KeyBank National Association
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
KeyBank National Association
127 Public Square
Mail Code: OH 01-27-0606
Cleveland, OH 44114-1306
Telephone: _____________________
Facsimile: _____________________
10
Amount of Percentage of
Commitment Commitments
- ---------- -------------
$13,000,000 6.0185% The First National Bank of Chicago
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
The First National Bank of Chicago
611 Woodward Avenue
Detroit, MI 48226
Telephone: _____________________
Facsimile: _____________________
11
Amount of Percentage of
Commitment Commitments
- ---------- -------------
$13,000,000 6.0185% The Bank of New York
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
The Bank of New York
One Wall Street
New York, NY 10286
Telephone: _____________________
Facsimile: _____________________
12
Amount of Percentage of
Commitment Commitments
- ---------- -------------
$13,000,000 6.0185% SunTrust Bank, Atlanta
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
SunTrust Bank, Atlanta
25 Park Place
Atlanta, GA 30302
Telephone: _____________________
Facsimile: _____________________
13
Amount of Percentage of
Commitment Commitments
- ---------- -------------
$10,000,000 4.6296% National City Bank
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
National City Bank
1900 E. Ninth Street
Cleveland, OH 44114-3484
Telephone: _____________________
Facsimile: _____________________
14
Amount of Percentage of
Commitment Commitments
- ---------- -------------
$10,000,000 4.6296% Royal Bank of Canada
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
Royal Bank of Canada
Financial Square
New York, NY 10005
Telephone: _____________________
Facsimile: _____________________
15
Amount of Percentage of
Commitment Commitments
- ---------- -------------
$10,000,000 4.6296% Wachovia Bank of Georgia, N.A.
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
Wachovia Bank of Georgia, N.A.
191 Peachtree St., N.E.
Atlanta, GA 30303
Telephone: _____________________
Facsimile: _____________________
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Amount of Percentage of
Commitment Commitments
- ---------- -------------
$10,000,000 4.6296% Wells Fargo Bank, N.A.
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
Wells Fargo Bank, N.A.
707 Wilshire Blvd. - MAC 2818-165
Los Angeles, CA 90017
Telephone: _____________________
Facsimile: _____________________
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Amount of Percentage of
Commitment Commitments
- ---------- -------------
$10,000,000 4.6296% PNC Bank, National Association
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
PNC Bank, National Association
249 Fifth Ave., 2nd Floor
Pittsburgh, PA 15222
Telephone: _____________________
Facsimile: _____________________
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Amount of Percentage of
Commitment Commitments
- ---------- -------------
$10,000,000 4.6296% ABN AMRO Bank N.V.
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
ABN Amro Bank N.V.
One PPG Place, Suite 2950
Pittsburgh, PA 15222-5400
Telephone: _____________________
Facsimile: _____________________
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Amount of Percentage of
Commitment Commitments
- ---------- -------------
$10,000,000 4.6296% CIBC, Inc.
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
CIBC, Inc.
425 Lexington Ave., 6th Floor
New York, NY 10017
Telephone: _____________________
Facsimile: _____________________
20
Amount of Percentage of
Commitment Commitments
- ---------- -------------
$6,000,000 2.7778% The Fuji Bank, Limited
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
The Fuji Bank, Limited
225 West Wacker Drive, Suite 2000
Chicago, IL 60606
Telephone: _____________________
Facsimile: _____________________
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Amount of Percentage of
Commitment Commitments
- ---------- -------------
$6,000,000 2.7778% The Bank of Tokyo-Mitsubishi, Ltd.
Chicago Branch
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
The Bank of Tokyo-Mitsubishi, Ltd.
Chicago Branch
227 W. Monroe St., Suite 2300
Chicago, IL 60606
Telephone: _____________________
Facsimile: _____________________
22
Amount of Percentage of
Commitment Commitments
- ---------- -------------
$6,000,000 2.7778% The First National Bank of Boston
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
The First National Bank of Boston
100 Federal Street, 01-09-05
Boston, MA 02110
Telephone: _____________________
Facsimile: _____________________
23
Amount of Percentage of
Commitment Commitments
- ---------- -------------
$6,000,000 2.7778% Bank of Montreal
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
Bank of Montreal
430 Park Avenue
New York, NY 10022
Telephone: _____________________
Facsimile: _____________________
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Amount of Percentage of
Commitment Commitments
- ---------- -------------
$6,000,000 2.7778% Banca Commerciale Italiana
Chicago Branch
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
Banca Commerciale Italiana
Chicago Branch
150 N. Michigan Ave., Suite 1500
Chicago, IL 60601
Telephone: _____________________
Facsimile: _____________________
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Amount of Percentage of
Commitment Commitments
- ---------- -------------
$6,000,000 2.7778% The Long-Term Credit Bank of Japan, Ltd.
Chicago Branch
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
The Long-Term Credit Bank of Japan, Ltd.
Chicago Branch
190 S. LaSalle St., Suite 800
Chicago, IL 60603
Telephone: _____________________
Facsimile: _____________________
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Amount of Percentage of
Commitment Commitments
- ---------- -------------
$6,000,000 2.7778% Mellon Bank, N.A.
By: /s/
____________________________________
Name: _________________________________
Title: ________________________________
Mellon Bank, N.A.
One Mellon Bank Center
Pittsburgh, PA 15258-0001
Telephone: _____________________
Facsimile: _____________________