First Amendment

First Amendment

by Infrasource Services
December 30th, 2004

Exhibit 10.1

 

FIRST AMENDMENT

 

FIRST AMENDMENT, dated as of December 21, 2004 (this “Amendment”), to the Amended and Restated Credit Agreement, dated as of May 12, 2004 (the “Credit Agreement”), among INFRASOURCE SERVICES, INC., a Delaware corporation (“Holdings”), INFRASOURCE INCORPORATED, a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”), LASALLE BANK NATIONAL ASSOCIATION, as syndication agent, and BARCLAYS BANK PLC, as administrative agent (the “Administrative Agent”).

 

W I T N E S S E T H:

 

WHEREAS, the Borrower has requested that the Lenders agree to amend one of the defined terms included in the Credit Agreement upon the terms and subject to the conditions set forth herein; and

 

WHEREAS, the Lenders have agreed to such amendment only upon the terms and subject to the conditions set forth herein;

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and in the Credit Agreement, the parties hereto hereby agree as follows:

 

1.             Defined Terms.  Unless otherwise defined herein, all capitalized terms used herein shall have the meanings given to them in the Credit Agreement.

 

2.             Amendment to Section 1.1 (Defined Terms).  Section 1.1 of the Credit Agreement is hereby amended by amending the following definition to read in its entirety as follows:

 

“‘Consolidated Fixed Charge Coverage Ratio”:  for any period, the ratio of (a) Consolidated Adjusted EBITDA for such period less (i) the aggregate amount actually paid by the Borrower and its Subsidiaries during such period on account of Capital Expenditures (excluding the principal amount of Indebtedness incurred in connection with such expenditures), and (ii) taxes paid in cash during such period, and plus Consolidated Lease Expense for such period to (b) Consolidated Fixed Charges for such period.”

 

3.             Representations and Warranties.  (a)  Credit Agreement Representations and Warranties.  On and as of the date hereof, Holdings and the Borrower hereby confirm, reaffirm and restate the representations and warranties set forth in Section 4 of the Credit Agreement mutatis mutandis, except to the extent that such representations and warranties expressly relate to a specific earlier date in which case Holdings and the Borrower hereby confirm, reaffirm and restate such representations and warranties as of such earlier date.

 

(b)           Power; Authorization; Enforceable Obligations.  Each Loan Party has the requisite corporate or other power and authority, and the legal right, to make, deliver and perform the Loan Documents to which it is a party, as amended, in the case of the Credit

 



 

Agreement, by this Amendment.  Each Loan Party has taken all necessary steps to authorize the execution, delivery and performance of Loan Documents to which it is a party, as amended, in the case of the Credit Agreement, by this Amendment.  The Credit Agreement, as amended by this Amendment, continues to constitute a legal, valid and binding obligation of each Loan Party party thereto, enforceable against each such Loan Party in accordance with its terms, except as enforceability maybe limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

 

(c)           No Legal Bar.  The execution, delivery and performance of this Amendment and any other related documents will not violate any Requirement of Law or any material Contractual Obligation of any Group Member and will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenue pursuant to any Requirement of Law or any such material Contractual Obligation (other than the Liens created by the Security Documents).

 

4.             Conditions to Effectiveness.  This Amendment shall become effective on the date upon which the Administrative Agent shall have received this Amendment, executed by the Borrower, Holdings, the Subsidiary Guarantors and the Required Lenders.

 

5.             Continuing Effects.  Except as expressly amended hereby, the Credit Agreement shall continue to be and shall remain in full force and effect in accordance with its terms.

 

6.             Expenses.  The Borrower agrees to pay and reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and expenses incurred in connection with the negotiation, preparation, execution and delivery of this Amendment, including the reasonable fees and expenses of counsel.

 

7.             Counterparts.  This Amendment may be executed on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.

 

8.             GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

2



 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written.

 

 

INFRASOURCE INCORPORATED

 

 

 

 

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

 

Name:

Terence R. Montgomery

 

 

Title:

Chief Financial Officer & Senior Vice President

 

 

 

 

 

 

 

 

 

INFRASOURCE SERVICES, INC.

 

 

 

 

 

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

 

Name:

Terence R. Montgomery

 

 

Title:

Chief Financial Officer & Senior Vice President

 

 

 

 

 

 

 

 

 

BARCLAYS BANK PLC, as Administrative Agent

 

and as a Lender

 

 

 

 

 

 

 

 

 

By:

/s/ David Barton

 

 

 

Name:

David Barton

 

 

Title:

Manager

 

 

 

 

 

 

 

 

 

LASALLE BANK NATIONAL ASSOCIATION, as
Syndication Agent

 

and as a Lender

 

 

 

 

 

 

 

 

 

By:

/s/ Philip R. Madsgar

 

 

 

Name:

Philip R. Madsgar

 

 

Title:

Vice President

 



 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

Landmark CDO Limited

 

 

 

 

 

By:

Aladdin Capital Management, LLC,

 

 

as Manager

 

 

 

 

 

By:

/s/ Angela Bozorgmir

 

 

 

Name:

Angela Bozorgmir

 

 

Title:

Director

 

 

 

 

 

 

 

 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

Landmark II CDO Limited

 

 

 

 

 

By:

Aladdin Capital Management, LLC,

 

 

as Manager

 

 

 

 

 

By:

/s/ Angela Bozorgmir

 

 

 

Name:

Angela Bozorgmir

 

 

Title:

Director

 

 

 

 

 

 

 

 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

Landmark III CDO Limited

 

 

 

By:

Aladdin Capital Management, LLC,

 

 

as Manager

 

 

 

 

 

By:

/s/ Angela Bozorgmir

 

 

 

Name:

Angela Bozorgmir

 

 

Title:

Director

 



 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

Scottsdale Insurance

 

 

 

 

 

By:

/s/ Thomas S. Leggett

 

 

 

Name:

Thomas S. Leggett

 

 

Title:

Associate Vice President

 

 

 

 

 

 

 

 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

AMCO Insurance

 

 

 

 

 

 

 

 

 

By:

/s/ Thomas S. Leggett

 

 

 

Name:

Thomas S. Leggett

 

 

Title:

Associate Vice President

 

 

 

 

 

 

 

 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

Nationwide Mutual Insurance Company

 

 

 

By:

/s/ Thomas S. Leggett

 

 

 

Name:

Thomas S. Leggett

 

 

Title:

Associate Vice President

 

 

 

 

 

 

 

 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

Nationwide Life Insurance Company Separate

 

Account-B Retirement

 

 

 

 

 

 

 

 

 

By:

/s/ Thomas S. Leggett

 

 

 

Name:

Thomas S. Leggett

 

 

Title:

Associate Vice President

 



 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

RZB Finance LLC

 

 

 

 

 

 

 

 

 

By:

/s/ Christoph Hoedl

 

 

 

Name:

Christoph Hoedl

 

 

Title:

Vice President

 

 

 

 

 

 

 

 

 

By:

/s/ John A. Valiska

 

 

 

Name:

John A. Valiska

 

 

Title:

Group Vice President

 

 

 

 

 

 

 

 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

JPMorgan Chase Bank, N.A.

 

 

 

 

 

 

 

 

 

By:

/s/ Lee P. Brennan

 

 

 

Name:

Lee P. Brennan

 

 

Title:

Vice President

 

 

 

 

 

 

 

 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

Wachovia Bank, National Association

 

 

 

 

 

 

 

 

 

By:

/s/ Stephen T. Dorosh

 

 

 

Name:

Stephen T. Dorosh

 

 

Title:

Vice President

 



 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

Foothill Income Trust II, L.P.

 

 

 

By:

FIT II GP, LLC, its general partner

 

 

 

 

 

By:

/s/ Dennis R. Ascher

 

 

 

Name:

Dennis R. Ascher

 

 

Title:

Managing Member

 

 

 

 

 

 

 

 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

First Trust/Four Corners Senior Floating Rate

 

Income Fund

 

 

 

 

 

By:

Four Corners Capital Management LLC,

 

 

as Sub-Adviser

 

 

 

 

 

 

 

 

 

By:

/s/ James A. Bowen

 

 

 

Name:

James A. Bowen

 

 

Title:

President

 

 

 

 

 

 

 

 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

First Trust/Four Corners Senior Floating Rate

 

Income Fund II

 

 

 

 

 

By:

Four Corners Capital Management LLC,

 

 

as Sub-Adviser

 

 

 

 

 

 

 

 

 

By:

/s/ James A. Bowen

 

 

 

Name:

James A. Bowen

 

 

Title:

President

 



 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

 

 

Pacifica CDO III, Ltd.

 

 

 

 

 

 

 

 

 

By:

/s/ Phillip Otero

 

 

 

Name:

Phillip Otero

 

 

Title:

Senior Vice President

 

 

 

 

 

 

 

 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

Pacifica CDO II, Ltd.

 

 

 

 

 

By:

/s/ Phillip Otero

 

 

 

Name:

Phillip Otero

 

 

Title:

Senior Vice President

 



 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

Apex (IDM) CDO I, Ltd.

 

Babson CLO Ltd. 2003-I

 

ELC (Cayman) Ltd. CDO Series 1999-I

 

ELC (Cayman) Ltd. 1999-II

 

ELC (Cayman) Ltd. 1999-III

 

ELC (Cayman) Ltd. 2000-I

 

Suffield CLO, Limited

 

Tryon CLO Ltd. 2000-I

 

 

 

By:

Babson Capital Management LLC

 

 

as Collateral Manager

 

 

 

 

 

 

 

 

 

By:

/s/ Russell D. Morrison

 

 

 

Name:

Russell D. Morrison

 

 

Title:

Managing Director

 

 

 

 

 

 

 

 

 

Simsbury CLO, Limited

 

 

 

 

 

By:

Babson Capital Management LLC under delegated

 

 

authority from Massachusetts Mutual Life

 

 

Insurance Company as Collateral Manager

 

 

 

 

 

 

 

 

 

By:

/s/ Russell D. Morrison

 

 

 

Name:

Russell D. Morrison

 

 

Title:

Managing Director

 

 

 

 

 

 

 

 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

Seminole Funding LLC

 

 

 

 

 

 

 

 

 

By:

/s/ Meredith J. Koslick

 

 

 

Name:

Meredith J. Koslick

 

 

Title:

Assistant Vice President

 



 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

 

 

Commerce Bank, N.A.

 

 

 

 

 

 

 

 

 

By:

/s/ Michael P. Thomson

 

 

 

Name:

Michael P. Thomson

 

 

Title:

Vice President

 

 

 

 

 

 

 

 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

Foxe Basin CLO 2003, Ltd.

 

 

 

By:

Royal Bank of Canada as Collateral Manager

 

 

 

 

 

 

 

 

 

By:

/s/ Jane Lee

 

 

 

Name:

Jane Lee

 

 

Title:

Authorized Signatory

 

 

 

 

 

 

 

 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

 

 

Denali Capital LLC, managing member of DC Funding
Partners, portfolio manager for Denali Capital CLO I,
Ltd., or an affiliate

 

 

 

 

 

 

 

 

 

By:

/s/ Kelli C. Marti

 

 

 

Name:

Kelli C. Marti

 

 

Title:

Vice President

 



 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

Denali Capital LLC, managing member of DC Funding
Partners, portfolio manager for Denali Capital CLO II,
Ltd., or an affiliate

 

 

 

 

 

 

 

 

 

By:

/s/ Kelli C. Marti

 

 

 

Name:

Kelli C. Marti

 

 

Title:

Vice President

 

 

 

 

 

 

 

 

 

INFRASOURCE INCORPORATED

 

FIRST AMENDMENT

 

 

 

Denali Capital LLC, managing member of DC Funding
Partners, portfolio manager for Denali Capital CLO III,
Ltd., or an affiliate

 

 

 

 

 

 

 

 

 

By:

/s/ Kelli C. Marti

 

 

 

Name:

Kelli C. Marti

 

 

Title:

Vice President

 



 

ACKNOWLEDGEMENT AND CONSENT

 

Each of the undersigned Subsidiary Guarantors hereby acknowledges and consents to the foregoing First Amendment.

 

 

INFRASOURCE CORPORATE SERVICES, INC.

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

DASHIELL HOLDINGS CORPORATION

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

DASHIELL CORPORATION

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

DACON CORPORATION

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

ELECTRIC SERVICES, INC.

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

M.J. ELECTRIC, INC.

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

BLAIR PARK SERVICES, INC.

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 



 

 

OSP CONSULTANTS, INC.

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

INTERNATIONAL COMMUNICATIONS SERVICES, INC.

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

OSP, INC.

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

OSP TELCOM, INC.

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

RJE TELECOM, INC.

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

SUNESYS, INC.

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

SUNESYS OF VIRGINIA, INC.

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

CHOWNS, INC.

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 



 

 

TRINITY INDUSTRIES, INC.

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

INFRASOURCE UNDERGROUND SERVICES, INC.

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

INFRASOURCE UNDERGROUND POWER, INC.

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

GAS DISTRIBUTION CONTRACTORS, INC.

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

MECHANICAL SPECIALTIES, INCORPORATED

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

MID-ATLANTIC PIPELINERS, INC.

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

INFRASOURCE UNDERGROUND CONSTRUCTION SERVICES, INC.

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

MUELLER PIPELINERS, INC.

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 



 

 

INFRASOURCE UNDERGROUND CONSTRUCTION, LLC

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

MASLONKA & ASSOCIATES, INC.

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer

 

 

 

 

UTILITY LOCATE & MAPPING SERVICES, INC.

 

 

 

 

By:

/s/ Terence R. Montgomery

 

 

Title: Senior Vice President & Treasurer