Quarterly Report — Form 10-Q
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 10-Q Samsonite Corp. - Form 10-Q 27 138K
2: EX-10.1 3rd Amd. to Revolving Credit & Term Loan Agreement 25 50K
3: EX-10.4 Schenley Pension Plan 20 72K
4: EX-10.5 McCrory Pension Plan 20 72K
5: EX-10.6 Purchase Agreement 6 21K
6: EX-21 Subsidiaries of Samsonite 2 7K
7: EX-27 Financial Data Schedule 2 9K
EX-10.1 — 3rd Amd. to Revolving Credit & Term Loan Agreement
| EX-10.1 | 1st Page of 25 | TOC | ↑Top | Previous | Next | ↓Bottom | Just 1st |
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EXHIBIT 10.1
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THIRD AMENDMENT
TO REVOLVING CREDIT AND TERM LOAN AGREEMENT
Third Amendment dated as of July 1, 1996 to Revolving Credit and Term Loan
Agreement (this "Amendment"), by and among SAMSONITE CORPORATION, a Delaware
corporation (the "Company") and THE FIRST NATIONAL BANK OF BOSTON, BANK OF
AMERICA ILLINOIS and the other lending institutions listed on Schedule 1 to the
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Credit Agreement (as hereinafter defined) (collectively, the "Lenders"),
amending certain provisions of the Revolving Credit and Term Loan Agreement
dated as of July 14, 1995 (as amended by the First Amendment thereto dated as of
December 27, 1995, the Second Amendment thereto dated as of April 30, 1996 and
as the same may be further amended, modified, supplemented, and in effect from
time to time, the "Credit Agreement") by and among the Company, the Lenders, THE
FIRST NATIONAL BANK OF BOSTON and BANK OF AMERICA ILLINOIS as managing agents
for the Lenders (in such capacity, the "Managing Agents"), BANK OF AMERICA
ILLINOIS as documentation agent for the Managing Agents and the Lenders and THE
FIRST NATIONAL BANK OF BOSTON as administrative agent for the Managing Agents
and the Lenders. Terms not otherwise defined herein which are defined in the
Credit Agreement shall have the same respective meanings herein as therein.
WHEREAS, the Company and the Lenders have agreed to modify certain terms
and conditions of the Credit Agreement as specifically set forth in this
Amendment;
NOW, THEREFORE, in consideration of the premises and the mutual agreements
contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:
(S)1. AMENDMENTS TO THE CREDIT AGREEMENT. Subject to the satisfaction
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of the applicable conditions precedent set forth in (S)3 hereof, the Credit
Agreement is hereby amended as follows:
(S)1.1 APPLICABLE MARGIN. Effective as of July 1, 1996, the
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definition of Applicable Margin is hereby amended to read as follows:
"Applicable Margin. For each period commencing on an
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Adjustment Date (or, as applicable, the Closing Date) through the
date immediately preceding the next (or, as applicable, the
first) Adjustment Date (each a "Rate Adjustment Period"), the
Leverage Ratio shall be determined for the applicable fiscal
period ending on the fiscal quarter end date occurring on or
about the date fifty (50) days before the applicable Adjustment
Date, and the resulting margin shall be as set forth
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below. The pricing tier applicable for the Leverage Ratio
applicable for such period as set forth below shall then be the
Applicable Margin for such Rate Adjustment Period.
[Enlarge/Download Table]
====================================================================================================================================
Documentary
Pricing Eurodollar Letter of Credit Base Commitment
Tier Leverage Ratio Rate Loans Fee Rate Rate Loans Fee
Rate
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(basis points) (basis points) (basis points) (basis points)
------------ ------------ ------------ ------------
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Greater than or equal 250 168 100 50
--------------------- --- --- --- --
Tier 6 to 4.90:1.00
------ ------------
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Less than 4.90:1.00, 225 151 75 50
------------------- --- --- -- --
Tier 5 but greater than or
------ -------------------
equal to 4.50:1.00
------------------
------------------------------------------------------------------------------------------------------------------------------------
Less than 4.50:1.00 200 134 50 50
------------------- --- --- -- --
Tier 4 but greater than or
------ -------------------
equal to 4.00:1.00
------------------
------------------------------------------------------------------------------------------------------------------------------------
Less than 4:00 but 162.5 118 12.5 37.5
------------------ ----- --- ---- ----
Tier 3 greater than or equal
------ ---------------------
to 3.25:1.00
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Less than 3.25 but 125 83 0 37.5
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Tier 2 greater than or equal
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to 2.50:1.00
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Less than 2.50:1.00 75 50 0 25
Tier 1 ------------------- -- -- - --
------
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Notwithstanding the foregoing,
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(a) for purposes of interest on Loans outstanding, Commitment
--- ---------------------------------------------------------
Fee Rate and Documentary Letter of Credit Fee Rate with respect to the
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period commencing on July 1, 1996 through the date immediately preceding
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the Adjustment Date occurring on September 19, 1996, the Applicable Margin
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shall be the Applicable Margin set forth in Tier 3 above;
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(b) in the event the Borrowers' estimates of the Leverage Ratio
--- -----------------------------------------------------------
based on the Borrowers' fourth quarter performance in any fiscal year
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pursuant to (S)9.4(d) hereof proves to be inaccurate after final
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calculations of fourth quarter financial statements pursuant to the audited
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financial statements for such fiscal year and the result of such inaccuracy
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was such that the Applicable Margin applied for any applicable such Rate
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Adjustment Period was (i) too low, the Borrowers shall, within five (5)
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Business Days upon becoming aware of (or receiving notice from the
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Administrative Agent in reasonable detail, requesting an adjustment
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hereunder with respect to) such inaccuracy, pay to the Administrative Agent
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for the respective ratable accounts of the Lenders the difference between
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the interest, Commitment Fees, and Shared Documentary Letter of Credit Fees
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the Borrowers should have paid with respect to such Rate Adjustment Period
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and what was actually paid or (ii) too high, the Lenders severally, on a
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ratable basis, shall (within five (5) Business Days after receiving notice
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thereof from the Company, in reasonable detail, requesting an adjustment
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hereunder with respect thereto) credit to the next interest payment,
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payment of Commitment Fees, or payment of Shared Documentary Letter of
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Credit Fees (but not the Documentary Letter of Credit Fronting Fee) due by
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the Borrowers with (or if no Obligations are owing hereunder, severally, on
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a ratable basis, shall refund to the Borrowers) the difference between the
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interest, Commitment Fees, and Shared Documentary Letter of Credit Fees
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(but not the Documentary Letter of Credit Fronting Fee) the Borrowers
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actually paid with respect to such Rate Adjustment Period and what should
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have been paid; and
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(c) if the Borrowers fail to deliver any quarterly financial
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statements or quarterly Compliance Certificate when required by (S)9.4(b)
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or (S)9.4(d) hereof then, for the period commencing on the Adjustment Date
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immediately following the period for which such quarterly financial
-------------------------------------------------------------------
statements or quarterly Compliance Certificates are delinquent and
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continuing through the next Adjustment Date, the Applicable Margin shall be
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the Applicable Margin set forth in Tier 6 above."
-------------------------------------------------
(S)1.2. SWING LINE LOANS. Section 3.1.2 of the Credit Agreement
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is hereby amended by deleting the word "seventh" and inserting in its place
the phrase "fourteenth (14th)".
(S)1.3. INTEREST MARGIN TEST COMPUTATIONS. Section 9.4(d) of
-------- ------ ---- ------------
the Credit Agreement is hereby amended by deleting the phrase "and Interest
Margin Test" which appears in (S)9.4(d).
(S)1.4. MISCELLANEOUS MODIFICATIONS. The form of Compliance
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Certificate set forth as Exhibit E to the Credit Agreement is hereby
------- -
modified by (a) deleting the phrase "and Interest Margin Test" which
appears immediately after the words "Leverage Ratio" in the third paragraph
of Exhibit E; and (b) properly and appropriately reflecting the applicable
------- -
provisions of this Amendment relating to the periodic determination of the
Applicable Margin so as to delete all references to the calculation of the
Interest Margin Test in the determination of the Applicable Margin.
(S)2. AMENDMENT FEE. The Company shall pay to the Agent for the
--------- ---
respective accounts of each of the Lenders an amendment fee, subject to and
simultaneously with the effectiveness of this Amendment, on the Amendment Date
(as hereinafter defined), equal to eight (8) basis points (0.08%) as applied to
the total of such Lender's Commitment and such Lender's ratable portion of the
Term Loan outstanding.
(S)3. CONDITIONS TO EFFECTIVENESS. This Amendment shall become
---------- -- -------------
effective on July 1, 1996 (the "Amendment Date") in the manner, and to the
extent, provided below, subject to the satisfaction of the following applicable
conditions precedent on or prior to such date:
(a) the receipt, on or prior to the Amendment Date, by the
Administrative Agent of one or more counterparts of this Amendment signed
by each of the Obligors and each of the Lenders, the Issuing Banks, the
Swing Line Lenders, and the Agents; and
(b) the receipt, on or prior to the Amendment Date, by the
Administrative Agent, of the amendment fee provided for in Section 2 of
this Amendment, for the respective accounts of each of the Lenders, in
immediately available funds.
(S)4. REPRESENTATIONS AND WARRANTIES. The Company hereby repeats, on
--------------- --- ----------
and as of the date hereof and the Amendment Date, each of the representations
and warranties made by it in (S)8 of the Credit Agreement (except to the extent
of changes resulting from matters contemplated or permitted by the Credit
Agreement and the other Loan Documents, changes occurring in the ordinary course
of business that singly or in the aggregate are not materially adverse, and to
the extent that such representations and warranties relate expressly to an
earlier date), provided, that all references therein to the Credit Agreement
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shall refer to such Credit Agreement as amended hereby. In addition, the Company
hereby represents and warrants that the execution and delivery by the Company of
this Amendment and the performance by the Company of all of its agreements and
obligations under this Amendment
-4-
and the Credit Agreement as amended hereby are within the corporate power and
authority of the Company and have been duly authorized by all necessary
corporate action on the part of the Company, and further represents and warrants
that the execution and delivery by the Company of this Amendment and the
performance by the Company of the transactions contemplated hereby will not
contravene any term or condition set forth in any agreement or instrument to
which the Company is a party or by which the Company is bound, including but not
limited to the Subordinated Indenture.
(S)5. RATIFICATION, ETC. Except as expressly amended hereby, the
------------ ---
Credit Agreement and all documents, instruments and agreements related thereto,
including, but not limited to the Security Documents, are hereby ratified and
confirmed in all respects and shall continue in full force and effect. The
Credit Agreement and this Amendment shall be read and construed as a single
agreement. This Amendment shall constitute one of the Loan Documents, and the
obligations of the Obligors under this Amendment shall constitute Obligations
for all purposes of the Loan Documents. All references in the Credit Agreement,
the Loan Documents or any related agreement or instrument to the Credit
Agreement shall hereafter refer to the Credit Agreement as amended hereby.
(S)6. NO WAIVER. Nothing contained herein shall constitute a waiver
-- ------
of, impair or otherwise adversely affect any Obligations, any other obligation
of the Company or any rights of the Agents or the Lenders consequent thereon.
(S)7. COUNTERPARTS. This Amendment may be executed in one or more
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counterparts, each of which shall be deemed an original but which together shall
constitute one and the same instrument.
(S)8. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
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CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT
REFERENCE TO CONFLICT OF LAWS).
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
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IN WITNESS WHEREOF, the parties hereto have executed this Amendment
under seal by their respective officers thereunto duly authorized.
[Signature Pages Follow]
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Signature Pages for Borrowers and Guarantors
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The undersigned Borrower hereby consents and agrees to all of the
provisions of the foregoing Amendment:
The Company: SAMSONITE CORPORATION
--- -------
By: /s/ Thomas R. Sandler
---------------------------------------
Name: Thomas R. Sandler
-------------------------------------
Title: CFO & Treasurer
------------------------------------
Each of the undersigned Guarantors hereby acknowledges and consents to all
of the provisions of the foregoing Amendment and agrees that its Guarantee dated
as of July 14, 1995, in favor of the Lenders and the Agents, and all other Loan
Documents to which such Guarantor is a party, remain in full force and effect,
and each of the undersigned Guarantors confirms and ratifies all of its
obligations thereunder.
The Guarantors: A.T. RETAIL, INC.
--- ----------
By: /s/ Thomas R. Sandler
---------------------------------------
Name: Thomas R. Sandler
-------------------------------------
Title: V.P.
------------------------------------
MCGREGOR CORPORATION
By: /s/ Thomas R. Sandler
---------------------------------------
Name: Thomas R. Sandler
-------------------------------------
Title: President
------------------------------------
-7-
Signature Pages for Lenders
---------------------------
The undersigned Lender hereby consents and agrees to the foregoing
Amendment:
THE FIRST NATIONAL BANK OF BOSTON, as
Lender, Issuing Bank, Swing Line Lender,
Administrative Agent, and Managing Agent
By: /s/ Richard D. Hill, Jr.
---------------------------------------
Name:_____________________________________
Title: Director
------------------------------------
-8-
Signature Pages for Lenders
---------------------------
The undersigned Lender hereby consents and agrees to the foregoing
Amendment:
BANK OF AMERICA ILLINOIS, as Lender, Issuing
Bank, Swing Line Lender, Documentation
Agent, and Managing Agent
By: /s/ Elizabeth A. Borow
---------------------------------------
Name: Elizabeth A. Borow
-------------------------------------
Title: Sr. Vice President
------------------------------------
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Signature Pages for Lenders
---------------------------
The undersigned Lender hereby consents and agrees to the foregoing
Amendment:
BHF-BANK AKTIENGESELLSCHAFT
NEW YORK BRANCH
By: /s/ David Fraeukel
---------------------------------------
Name: David Fraeukel
-------------------------------------
Title: Vice President
------------------------------------
By: /s/ Dan Dobrjanskyj
---------------------------------------
Name: Dan Dobrjanskyj
-------------------------------------
Title: Assistant Treasurer
------------------------------------
-10-
Signature Pages for Lenders
---------------------------
The undersigned Lender hereby consents and agrees to the foregoing
Amendment:
THE LONG-TERM CREDIT BANK OF
JAPAN, LTD.
By: /s/ Genichi Imai
---------------------------------------
Name: Genichi Imai
-------------------------------------
Title: Joint General Manager
------------------------------------
-11-
Signature Pages for Lenders
---------------------------
The undersigned Lender hereby consents and agrees to the foregoing
Amendment:
THE MITSUBISHI TRUST AND
BANKING CORPORATION, LOS
ANGELES AGENCY
By: /s/ Hiroaki Koseki
---------------------------------------
Name: Hiroaki Koseki
-------------------------------------
Title: Sr. Vice President & Chief Manager
------------------------------------
-12-
Signature Pages for Lenders
---------------------------
The undersigned Lender hereby consents and agrees to the foregoing
Amendment:
SOCIETE GENERALE
By: /s/ Erick R. Rinner
---------------------------------------
Name: Erick R. Rinner
-------------------------------------
Title: Assistant Vice President
------------------------------------
-13-
Signature Pages for Lenders
---------------------------
The undersigned Lender hereby consents and agrees to the foregoing
Amendment:
THE BANK OF NEW YORK
By: /s/ Robert Louk
---------------------------------------
Name: Robert Louk
-------------------------------------
Title: Vice President
------------------------------------
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Signature Pages for Lenders
---------------------------
The undersigned Lender hereby consents and agrees to the foregoing
Amendment:
BANQUE FRANCAISE DU COMMERCE
EXTERIEUR
By: /s/ Henry Lee
---------------------------------------
Name: Henry Lee
------------------------------------
Title: Assistant Vice President
------------------------------------
By: /s/ Daniel Touffu
---------------------------------------
Name: Daniel Touffu
-------------------------------------
Title: First VP and Regional Manager
------------------------------------
-15-
Signature Pages for Lenders
---------------------------
The undersigned Lender hereby consents and agrees to the foregoing
Amendment:
BANQUE PARIBAS
By: /s/ Mark S. Black
----------------------------------
Name: Mark S. Black
--------------------------------
Title: Assistant Vice President
-------------------------------
By: /s/ Mary T. Finnegan
---------------------------------------
Name: Mary T. Finnegan
-------------------------------------
Title: Group Vice President
------------------------------------
-16-
Signature Pages for Lenders
---------------------------
The undersigned Lender hereby consents and agrees to the foregoing
Amendment:
CITICORP USA, INC.
By: /s/ Keith R. Karako
---------------------------------------
Name: Keith R. Karako
-------------------------------------
Title: Vice President
------------------------------------
-17-
Signature Pages for Lenders
---------------------------
The undersigned Lender hereby consents and agrees to the foregoing
Amendment:
CREDIT LYONNAIS NEW YORK
BRANCH
By: /s/ Attila Koc
---------------------------------------
Name: Attila Koc
-------------------------------------
Title: Vice President
------------------------------------
-18-
Signature Pages for Lenders
---------------------------
The undersigned Lender hereby consents and agrees to the foregoing
Amendment:
CREDIT LYONNAIS CAYMAN
ISLAND BRANCH
By: /s/ Attila Koc
--------------------------------------
Name: Attila Koc
------------------------------------
Title: Authorized Signature
-----------------------------------
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Signature Pages for Lenders
---------------------------
The undersigned Lender hereby consents and agrees to the foregoing
Amendment:
GENERALE BANK
By: /s/ E. Matthews /s/ A. Verschueren
---------------------------------------
Name: E. Matthews A. Verschueren
-------------------------------------
Title: SVP SVP
------------------------------------
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Signature Pages for Lenders
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The undersigned Lender hereby consents and agrees to the foregoing
Amendment:
KREDIETBANK NV
By: /s/ Robert Snauffer
---------------------------------------
Name: Robert Snauffer
-------------------------------------
Title: Vice President
------------------------------------
By: /s/ Tod R. Angus
---------------------------------------
Name: Tod R. Angus
-------------------------------------
Title: Vice President
------------------------------------
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Signature Pages for Lenders
---------------------------
The undersigned Lender hereby consents and agrees to the foregoing
Amendment:
NATIONAL CITY BANK
By: /s/ Barry C. Robinson
---------------------------------------
Name: Barry C. Robinson
-------------------------------------
Title: Vice President
------------------------------------
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Signature Pages for Lenders
---------------------------
The undersigned Lender hereby consents and agrees to the foregoing
Amendment:
THE NIPPON CREDIT BANK,
LOS ANGELES AGENCY
By: /s/ Bernardo E. Correa-Henschke
---------------------------------------
Name: Bernardo E. Correa-Henschke
-------------------------------------
Title: Vice President & Senior Manager
------------------------------------
-23-
Signature Pages for Lenders
---------------------------
The undersigned Lender hereby consents and agrees to the foregoing
Amendment:
NORWEST BANK COLORADO,
NATIONAL ASSOCIATION
By: /s/ Sandra A. Sauer
---------------------------------------
Name: Sandra A. Sauer
-------------------------------------
Title: Vice President
------------------------------------
Norwest Bank Colorado, N.A.-Denver
-24-
Signature Pages for Lenders
---------------------------
The undersigned Lender hereby consents and agrees to the foregoing
Amendment:
UNION BANK OF CALIFORNIA, N.A.
(AS SUCCESSOR BY MERGER TO UNION BANK)
By: /s/ Anthony B. Kwee
---------------------------------------
Name: Anthony B. Kwee
-------------------------------------
Title: Vice President
------------------------------------
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Signature Pages for Lenders
---------------------------
The undersigned Lender hereby consents and agrees to the foregoing
Amendment:
VAN KAMPEN AMERICAN CAPITAL PRIME
RATE INCOME TRUST
By: /s/ Brian W. Good
---------------------------------------
Name: Brian W. Good
-------------------------------------
Title: Vice President
------------------------------------
Dates Referenced Herein and Documents Incorporated by Reference
| Referenced-On Page |
|---|
| This ‘10-Q’ Filing | | Date | | First | | Last | | | Other Filings |
|---|
| |  |
| | 9/19/96 | | 2 |
| Filed on: | | 9/10/96 |
| For Period End: | | 7/31/96 |
| | 7/1/96 | | 1 | | 3 |
| | 4/30/96 | | 1 | | | | | 10-Q, 10-Q/A |
| | 12/27/95 | | 1 |
| | 7/14/95 | | 1 | | 6 |
| List all Filings |
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