Exhibit 4.7(b)
CONFORMED COPY
AMENDMENT No. 1 dated as of March 27, 2001 to the Credit Agreement dated as
of November 25, 1997, as amended and restated February 5, 1999, among EQUISTAR
CHEMICALS, LP, a Delaware limited partnership; MILLENNIUM AMERICA INC., a
Delaware corporation, as Guarantor; the Lenders party thereto; BANK OF AMERICA,
N. A., as Servicing Agent, Documentation Agent and Administrative Agent; and THE
CHASE MANHATTAN BANK, as Syndication Agent and Administrative Agent.
WHEREAS, the Borrower (such term and each other capitalized term used but
not defined herein having the meaning assigned to it in the Credit Agreement as
amended hereby, the "Amendment"), the Lenders, BofA and Chase are parties to the
Credit Agreement dated as of November 25, 1997, as amended and restated February
5, 1999 (the "Credit Agreement");
WHEREAS, the Borrower has requested that the Lenders further amend the
Credit Agreement; and
WHEREAS, the undersigned Lenders are willing, on the terms and subject to
the conditions set forth herein, to approve such amendment;
NOW, THEREFORE, in consideration of these premises, the Borrower,
Millennium America Inc. and the undersigned Lenders hereby agree as follows:
SECTION 1. Amendments. Effective as of the Effective Date (as defined in
Section 2 hereof), the Credit Agreement is hereby amended in its current form
with the following amendments:
(a) The definition of "Applicable Percentage" in Section 1.01 of the
Credit Agreement is hereby amended by replacing the table contained therein with
the following table:
FACILITY
INDEX LIBOR/NIBOR FEE
RATINGS SPREAD PERCENTAGE
--------------------------------------------------------------------------------------------------
Category 1
A-/A3 or higher .410% .090%
--------------------------------------------------------------------------------------------------
Category 2
BBB+/Baa1 .500% .125%
--------------------------------------------------------------------------------------------------
Category 3
BBB/Baa2 .600% .150%
--------------------------------------------------------------------------------------------------
Category 4
BBB-/Baa3 .800% .200%
--------------------------------------------------------------------------------------------------
Category 5
BBB-/Ba1 or BB+/Baa3 .900% .225%
--------------------------------------------------------------------------------------------------
FACILITY
INDEX LIBOR/NIBOR FEE
RATINGS SPREAD PERCENTAGE
--------------------------------------------------------------------------------------------------
Category 6
BB+/Ba1 1.125% .250%
--------------------------------------------------------------------------------------------------
Category 7
BB/Ba2 or lower 1.325% .300%
--------------------------------------------------------------------------------------------------
(b) Section 6.05 of the Credit Agreement is hereby amended to read as
follows:
"Section 6.05. Interest Coverage Ratio. Permit the Interest
Coverage Ratio for the period of four consecutive fiscal quarters
ending on any date set forth below to be less than the ratio set forth
below opposite such date:
Date Ratio
---- -----
March 31, 2001 2.50 to 1.00
June 30, 2001 2.00 to 1.00
September 30, 2001 2.00 to 1.00
December 31, 2001 2.50 to 1.00
March 31, 2002 2.75 to 1.00
Each fiscal quarter end thereafter 3.00 to 1.00"
SECTION 2. Effectiveness. This Amendment shall become effective as
of March 27, 2001, but only if the Administrative Agents (or their counsel)
shall have received (a) copies hereof that, when taken together, bear the
signatures of the Borrower and the Required Lenders and (b) the amendment fees
due under Section 3. The date on which this Amendment shall become effective
is referred to as the "Effective Date."
SECTION 3. Amendment Fees. The Borrower shall pay to the
Administrative Agents on March 27,2001, for the account of each Lender that
shall have executed this Amendment on or prior to such date, an amendment fee
equal to .25% of the sum of such Lender's Revolving Exposure and unused
Commitment as of such date.
SECTION 4. Applicable Law. This Amendment shall be construed in
accordance with and governed by the law of the State of New York.
SECTION 5. No Other Amendments. Except as expressly set forth
herein, this Amendment shall not by implication or otherwise limit, impair,
constitute a waiver of, or otherwise affect the rights and remedies of any party
under, the Credit Agreement, nor alter, modify, amend or in any way affect any
of the terms, conditions, obligations, covenants or agreements contained in the
Credit Agreement, all of which are ratified and affirmed in all respects and
shall continue in full force and effect.
SECTION 6. Counterparts. This Amendment may be executed in two or
more counterparts, each of which shall constitute an original, but all of which
when taken together shall constitute but one contract. Delivery of an executed
counterpart of a signature page of this Amendment by facsimile transmission
shall be as effective as delivery of a manually executed counterpart of this
Amendment.
SECTION 7. Headings. Section headings used herein are for
convenience of reference only, are not part of this Amendment and are not to
affect the construction of, or to be taken into consideration in interpreting,
this Amendment.
SECTION 8. Expenses. The Borrower shall reimburse the Administrative
Agents for their reasonable out-of-pocket expenses incurred in connection with
this Amendment, including the reasonable fees and expenses of Cravath, Swaine &
Xxxxx, counsel for the Administrative Agents.
IN WITNESS WHEREOF, the Borrower, Millennium America Inc. and the
undersigned Lenders have caused this Amendment to be duly executed by their duly
authorized officers, all as of the date first above written.
EQUISTAR CHEMICALS, LP
by /s/ Xxxxxx X. X'Xxxxx
---------------------------
Name: Xxxxxx X. X'Xxxxx
Title: Vice President
MILLENNIUM AMERICA, INC.
by /s/ Xxxxxxxxx Xxxxxxxxxx
---------------------------
Name: Xxxxxxxxx Xxxxxxxxxx
Title: Vice President & Treasurer
BANK OF AMERICA, N. A., individually and
as Administrative Agent, Documentation
Agent and Servicing Agent,
by /s/ Xxxxxxx X. Xxxxxx
---------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Managing Director
THE CHASE MANHATTAN BANK,
individually and as Administrative Agent
and Syndication Agent,
by /s/ Xxxxx X. Xxxxxxxx
---------------------------
Name: Xxxxx X. Xxxxxxxx
Title: Managing Director
4
ABN AMRO BANK N.V.,
by /s/ Xxxxxx Noique
---------------------------
Name: Xxxxxx Noique
Title: Vice President
by /s/ Xxxxx X. Xxxxxx
---------------------------
Name: Xxxxx X. Xxxxxx
Title: Group Vice President
BANK ONE, N.A.,
by /s/ Xxxxxx X. Xxxxx
---------------------------
Name: Xxxxxx X. Xxxxx
Title: Vice President
BANK AUSTRIA AG,
by /s/ Xxxxx XxXxxxxx
---------------------------
Name: Xxxxx XxXxxxxx
Title: Vice President
by /s/ Xxxxxxx X. Xxxxxx
---------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Vice President
THE BANK OF NEW YORK,
by /s/ Xxxxxxx X. Xxxxxx
---------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Vice President
THE BANK OF NOVA SCOTIA,
by /s/ M.D. Xxxxx
---------------------------
Name: M.D. Xxxxx
Title: Agent Operations
THE BANK OF TOKYO-MITSUBISHI,
by /s/ X. Xxxxxxxxx
---------------------------
Name: X. Xxxxxxxxx
Title: VP & Manager
5
BANQUE NATIONALE DE PARIS,
by /s/ Xxxx Xxxxxxx
---------------------------
Name: Xxxx Xxxxxxx
Title: Vice President
by /s/ Xxxxxx Xxxxxx
---------------------------
Name: Xxxxxx Xxxxxx
Title: Vice President
CIBC INC., by CIBC XXXXXXXXXXX CORP,
as Agent,
by /s/ Xxxxxxx Xxxxxxxx
----------------------------
Name: Xxxxxxx Xxxxxxxx
Title: Executive Director
CITIBANK, N.A.,
by /s/ Xxxxxxx Xxxxxxxx
----------------------------
Name: Xxxxxxx Xxxxxxxx
Title: Vice President/Managing
Director
COMMERZBANK AG,
by /s/ Xxxxx Xxxxxx
----------------------------
Name: Xxxxx Xxxxxx
Title: SVP & Manager
by /s/ Xxxxx Xxxxxxx
----------------------------
Name: Xxxxx Xxxxxxx
Title: Vice President
CREDIT LYONNAIS NEW YORK BRANCH,
by /s/ Philippe Soustra
----------------------------
Name: Philippe Soustra
Title: Executive Vice President
THE DAI-ICHI-KANGO BANK, LTD.,
by /s/ Perzemek T. Blaziak
----------------------------
Name: Perzemek T. Blaziak
Title: Account Officer
6
DEUTSCHE GENOSSENSCHAFTSBANK AG,
by /s/ Xxxx X. Xxxxxxxx
----------------------------
Name: Xxxx X. Xxxxxxxx
Title: Vice President
by /s/ Xxxxxxx X. Xxxxxxx
----------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: Vice President
THE FUJI BANK LIMITED,
by /s/ Xxxxxxx Xxxxxxx
----------------------------
Name: Xxxxxxx Xxxxxxx
Title: Senior Vice President &
Manager
GENERAL ELECTRIC CAPITAL CORPORATION,
by /s/ Xxxxxx X. Xxxxxxx
----------------------------
Name: Xxxxxx X. Xxxxxxx
Title: Duly Authorized Signatory
GUARANTY FEDERAL BANK, F.S.B.,
by /s/ Xxx X. Xxxxxxxx
----------------------------
Name: Xxx X. Xxxxxxxx
Title: Vice President
HSBC BANK USA,
by /s/ Xxxxxx Xxxxxxx
----------------------------
Name: Xxxxxx Xxxxxxx
Title: Vice President
THE INDUSTRIAL BANK OF JAPAN, LTD.,
by /s/ Xxxxxxx X. Xxxxx
----------------------------
Name: Xxxxxxx X. Xxxxx
Title: Senior Vice President,
Houston Office
7
KBC BANK N. V.,
by /s/ Xxxxxx Xxxxxxxx
---------------------------
Name: Xxxxxx Xxxxxxxx
Title: First Vice President
XXXXXX GUARANTY TRUST COMPANY
OF NEW YORK,
by /s/ Xxxx X. Xxxxxxx Xx.
--------------------------
Name: Xxxx X. Xxxxxxx Xx.
Title: Vice President
THE SANWA BANK LIMITED,
by /s/ Xxxx-Xxxxxx Patovic
---------------------------
Name: Xxxx-Xxxxxx Patovic
Title: Vice President
SOCIETE GENERALE,
by /s/ Xxxxxxx Xxxxxxxx
---------------------------
Name: Xxxxxxx Xxxxxxxx
Title: Director
THE SUMITOMO BANK, LTD.,
by /s/ P.R.C. Knight
---------------------------
Name: P.R.C. Knight
Title: Senior Vice President
SUNTRUST BANK, ATLANTA,
by /s/ Xxxxxx X. Xxxxx
---------------------------
Name: Xxxxxx X. Xxxxx
Title: Vice President
8
THE TORONTO-DOMINION BANK,
by /s/ Xxxxxxx X. Xxxxx
---------------------------
Name: Xxxxxxx X. Xxxxx
Title: Mgr. Cr. Admin.
WESTERN CONFERENCE TEAMSTERS,
by /s/ Xxxxx X. Xxxxxxxxxx
---------------------------
Name: Xxxxx X. Xxxxxxxxxx
Title: Executive Vice President
WESTDEUTSCHE LANDESBANK GIROZENTRALE,
NEW YORK BRANCH,
by /s/ Xxxx X. Xxxxxx
---------------------------
Name: Xxxx X. Xxxxxx
Title: Associate Director
by /s/ Xxxxx X. Xxxxxx
---------------------------
Name: Xxxxx X. Xxxxxx
Title: Manager
