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Abt Building Products Corp – ‘10-K’ for 12/31/97 – EX-10.24

As of:  Friday, 3/20/98   ·   For:  12/31/97   ·   Accession #:  950130-98-1359   ·   File #:  0-21856

Previous ‘10-K’:  ‘10-K’ on 3/25/97 for 12/31/96   ·   Latest ‘10-K’:  This Filing

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 3/20/98  Abt Building Products Corp        10-K       12/31/97   13:769K                                   Donnelley R R & S… 02/FA

Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         59    358K 
 2: EX-4.2      Letter From the Company to the S.E.C.                  1      8K 
 3: EX-10.24    3rd Amended & Restated Credit Agree. Dtd. 03/11/97    36     39K 
 4: EX-10.25    1st Amended to 3rd Amended & Restated Cr Agree.      116    401K 
                          2/2/98                                                 
 5: EX-10.26    Consulting Agreement Dated 12/03/97                    3     16K 
 6: EX-10.27    Consulting Agreement Dated 06/30/97                    4     15K 
 7: EX-10.28    Consulting Agreement Dated 10/01/97                    2     12K 
 8: EX-10.29    Labor Agree Between Abt's Canexel Hardboard           76    190K 
 9: EX-10.30    Labor Agree. Between Abt's Acton Plant                39    105K 
10: EX-10.31    Labor Agreement Between Abt's Alpina Plant            31    116K 
11: EX-11.1     Statement Re Computation of Per Share Earnings         1      7K 
12: EX-21.1     List of Subsidiaries of the Company                    1      6K 
13: EX-27.1     Financial Data Schedule                                2      9K 


EX-10.24   —   3rd Amended & Restated Credit Agree. Dtd. 03/11/97

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EXHIBIT 10.24 FIRST AMENDMENT TO ABT BUILDING PRODUCTS CORPORATION THIRD AMENDED AND RESTATED CREDIT AGREEMENT ------------------------------------------- This Amendment is dated as of the _____ day of February, 1998 by and between COMERICA BANK, a Michigan banking corporation, CREDITANSTALT AG (f/k/a Creditanstalt-Bankverein), a bank organized under the laws of the Republic of Austria, FIRST UNION NATIONAL BANK OF NORTH CAROLINA, a national banking association, HARRIS TRUST AND SAVINGS BANK, an Illinois banking corporation, NATIONAL CITY BANK, a national banking association, BANK ONE-WISCONSIN (successor in interest hereunder to Bank One Dayton, N.A.), a national banking association, FIRSTAR BANK MILWAUKEE, N.A., a national banking association, LASALLE NATIONAL BANK, a national banking association, U.S. BANK NATIONAL ASSOCIATION f/k/a and d/b/a FIRST BANK NATIONAL ASSOCIATION, a national banking association (collectively, "Banks"), COMERICA BANK, as agent for the Banks ("Agent") and ABT BUILDING PRODUCTS CORPORATION, a Delaware corporation, ABTCO, INC., a Delaware corporation, and ABT CANADA, LTD., a Nova Scotia corporation (collectively, "Company"), in connection with that certain Third Amended and Restated Revolving Credit and Term Credit Agreement executed by and among them (and KenTech Plastics, Inc., a Delaware corporation that was subsequently merged into ABTco, Inc. as of December 31, 1997) as of March 11, 1997. ("Agreement"). WHEREAS, Company has requested Agent and the Banks to amend certain provisions of the Agreement and Agent and the Banks are willing to do so on the terms and conditions set forth herein; NOW, THEREFORE, it is agreed: A. DEFINITIONS 1. Capitalized terms used herein and not defined to the contrary have the meanings given them in the Agreement. B. AMENDMENTS 1. Section 1.39 of the Agreement is hereby amended and restated in its entirety as follows: "1.39 `EBITDA' shall mean, as of the last day of any fiscal quarter, for the four fiscal quarters immediately preceding any calculation thereof, Net Income (before impact of extraordinary non-cash items) plus the aggregate amounts deducted in determining Net Income for such period in respect of: (i) the provision for taxes based on income; (ii) Interest Expense; (iii) depreciation and amortization; and (iv) the Five Million Eight Hundred Seventy Nine Thousand Six Hundred One Dollar ($5,879,601) non-cash fixed asset write-down taken at -1-
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KenTech as of June 30, 1997 shown on the financial statements for Company and the Subsidiaries as of such date delivered to Agent and the Banks; all determined for Company and the Subsidiaries or (where the context so indicates) the Company and the Restricted Subsidiaries, on a Consolidated basis in accordance with GAAP." 2. Section 1.95 of the Agreement is hereby amended and restated in its entirety as follows: "1.95 `Permitted Borrowers' shall mean ABT and ABT Canada." 3. Section 1.117 of the Agreement is hereby amended and restated in its entirety as follows: "1.117 `Revolving Credit Maturity Date' shall mean March 10, 2003, or such later date as to which it may be extended, at the request of Company, pursuant to Section 2.10 hereof." 4. Schedule 1.79 of the Agreement is hereby replaced with Schedule 1.79 attached hereto. 5. Schedule 1.96 of the Agreement is hereby replaced with Schedule 1.96 attached hereto. 6. Clauses (a) through (c) of Section 2.10 of the Agreement is hereby amended and restated in its entirety as follows: "(a) Extension Request. Notwithstanding anything contained in this ----------------- Agreement to the contrary, not later than four (4) years and sixty (60) days prior to the Revolving Credit Maturity Date then in effect, the Company may, by delivery of a duly completed Extension Request, irrevocably request that each Bank extend the then Existing Revolving Credit Maturity Date for additional periods, (i) in the case of the extension of the Revolving Credit Maturity Date from March 10, 2003, to a date not later than fifteen (15) months after such date, and (ii) in the case of any other extension of the Revolving Credit Maturity Date, for additional periods not greater than the year. Promptly upon receipt of an Extension Request, the Agent shall notify each Bank thereof by delivery to each Bank a copy of the Extension Request. (b) Responses to Extension Request. Each Bank shall: (i) in the case ------------------------------ of an Extension Request requesting the extension of the Revolving Credit Maturity Date from March 10, 2003, within one hundred twenty (120) days after receipt of the Extension Request, and (ii) in each other case, within thirty (30) days after receipt of the -2-
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Extension Request, notify the Agent whether it consents to the request of Company set forth in such Extension Request, such consent to be in the sole discretion of such Bank. If any Bank does not so notify the Agent within such time period, such Bank shall be deemed not to have consented to such request. (c) Notice of Consent. The Agent shall notify Company whether the ----------------- Banks have consented to the request set forth in an Extension Request. If the Agent does not notify the Company within five (5) days after the expiration of the period for Bank responses set forth in clause (b) above, the Agent shall be deemed to have notified the Company that the Banks have not consented to the request." 7. Schedule 11.4 of the Agreement is hereby replaced with Schedule 11.4 attached hereto. 8. Section 11.14 of the Agreement is hereby amended by deleting therefrom, in each place it appears, the word "KenTech". 9. Section 13.4 of the Agreement is hereby amended and restated in its entirety as follows: "13.4 Financial Covenants. Each of them will not permit, with ------------------- respect to both the Company and the Subsidiaries and (by separate determination) the Company and the Restricted Subsidiaries: (a) the Fixed Charge Coverage Ratio, as of the last day of any fiscal quarter, to be less than: (i) from the Closing Date until September 29, 1998, 1.1 to 1; (ii) from and including September 30, 1998 until December 30, 1998, 1.25 to 1; and (iii) from and including December 31, 1998 and at all times thereafter, 1.5 to 1; (b) the Leverage Ratio, as of the last day of any fiscal quarter, to be more than: (i) from the Closing Date until September 29, 1998, 3.5 to 1.0; and (ii) from and including September 30, 1998 and at all time thereafter, 3.25 to 1. -3-
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(c) to have a Tangible Net Worth, as of the last day of any fiscal quarter, of less than the sum of: (i) Eighty Four Million Seven Hundred Eighty Two Thousand Dollars ($84,782,000), and (ii) fifty percent (50%) of the greater of the Net Income (if positive) of Company and the Subsidiaries or Company and the Restricted Subsidiaries earned (in each case) in each fiscal quarter subsequent to the fiscal quarter ended December 31, 1996. C. REPRESENTATIONS Company hereby represents and warrants that: 1. Execution, delivery and performance of this Amendment and any other documents and instruments required under this Amendment or the Agreement are within Company's powers, have been duly authorized, are not in contravention of law or the terms of Company's Articles of Incorporation or Bylaws, and do not require the consent or approval of any governmental body, agency or authority. 2. This Amendment, and the Agreement as amended by this Amendment, and any other documents and instruments required under this Amendment or the Agreement ("Documents"), when issued and delivered under this Amendment or the Agreement, will be valid and binding in accordance with their terms. 3. The continuing representations and warranties of Company set forth in Sections 11.1 through 11.9 and 11.11 through 11.20 of the Agreement are true and correct on and as of the date hereof with the same force and effect as if made on and as of the date hereof. 4. The continuing representations and warranties of Company set forth in Section 11.10 of the Agreement are true and correct as of the date hereof with respect to the most recent financial statements furnished to the Agent by Company in accordance with Section 12.1 of the Agreement. 5. No Default or Event of Default has occurred and is continuing as of the date hereof. D. MISCELLANEOUS 1. This Amendment may be executed in as many counterparts as Agent, Banks and Company deem convenient and shall become effective upon: (a) delivery to Agent of counterparts hereof executed by each of the parties; (b) delivery by Company to Agent of each of the Documents listed on the Checklist attached as Exhibit "A" hereto; and (c) payment by Company to Agent of an Amendment Fee equal to One Hundred Seventy Five Thousand Dollars ($175,000), provided however that upon such delivery and payment, the restatement of Section 1.39 of the Agreement set forth in Section B.1 of this Amendment shall be deemed to be effective -4-
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as of June 30, 1997. 2. Company, Agent and the Banks acknowledge and agree that, except as specifically amended by this Amendment, all of the terms and conditions of the Agreement and the Documents remain in full force and effect in accordance with their original terms. 3. Company shall pay all of Agent's legal costs and expenses (including attorneys' fees and expenses) incurred in the negotiation, preparation and closing hereof. 4. Except as specifically set forth herein, nothing set forth in this Amendment shall constitute, or be interpreted or construed to constitute, a waiver of any right or remedy of Agent or the Banks, or of any Default or Event of Default whether now existing or hereafter arising. WITNESS the due execution hereof as of the day and year first above written. ABT BUILDING PRODUCTS COMERICA BANK, CORPORATION as Agent By:_____________________________________ By:_______________________________ Dale H. VonBehren Gregory N. Block Its: Vice President Finance - Treasurer Its: Vice President One Neenah Center, Suite 600 One Mid America Plaza Neenah, WI 54956-3070 Suite 612 Telephone: (414) 751-4984 Oakbrook Terrace, Illinois 60181 Facsimile: (414) 751-0370 Telephone: (630) 575-2160 Facsimile: (630) 575-2164 ABTco, INC ABT CANADA, LTD. By:_____________________________________ By:_______________________________ Dale H. VonBehren Dale H. VonBehren Its: Vice President Finance - Treasurer Its: Assistant Secretary One Neenah Center, Suite 600 One Neenah Center, Suite 600 Neenah, Wisconsin 54956-3070 Neenah, Wisconsin 54956-3070 Telephone: (414) 751-4982 Telephone: (414) 751-4982 Facsimile: (414) 751-0370 Facsimile: (414) 751-0370 -5-
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COMERICA BANK By:_______________________________ Gregory N. Block Its: Vice President One Mid America Plaza Suite 612 Oakbrook Terrace, Illinois 60181 Telephone: (630) 575-2160 Facsimile: (630) 575-2164 -6-
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FIRST UNION NATIONAL BANK OF NORTH CAROLINA, as Documentation Agent and Bank By:_______________________________ Its:_______________________________ 301 S. College Street One First Union Center, TW-19 Charlotte, North Carolina 28288-0745 Telephone: (704) 374-4367 Facsimile: (704) 374-2802 -9-
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HARRIS TRUST AND SAVINGS BANK as Syndication Agent and Bank By:_______________________________ Its:_______________________________ 111 West Monroe P.O. Box 755 Chicago, Illinois 60690 Telephone: (312) 461-7788 Facsimile: (312) 461-2591 ABA No. 071-000288 -12-
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CREDITANSTALT AG By:_______________________________ Its:_______________________________ -and- By:_______________________________ Its:_______________________________ Creditanstalt AG 2 Greenwich Plaza Greenwich, CT 06830 Telephone: (203) 861-1499 Facsimile: (203) 861-1475 -15-
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NATIONAL CITY BANK By:__________________________________ Its:__________________________________ National City Center 1900 E. 9th Street Cleveland, Ohio 44114 Telephone: (810) 644-0502 Facsimile: (810) 644-0432 -18-
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BANK ONE-WISCONSIN By:___________________________________ Its:__________________________________ 111 East Wisconsin Avenue Milwaukee, WI 53202-2033 Telephone: (414) 765-3111 Facsimile: (414) 765-2176 -21-
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FIRSTAR BANK MILWAUKEE, N.A. By:___________________________________ Its:__________________________________ 777 East Wisconsin Avenue Milwaukee, WI 53201 Telephone: (414) 765-5971 Facsimile: (414) 765-4632 -24-
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LASALLE NATIONAL BANK By:___________________________________ Its:__________________________________ 135 South LaSalle Street Chicago, Illinois 60603-3499 Telephone: (312) 904-2868 Facsimile: (312) 904-2340 -27-
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U.S. BANK NATIONAL ASSOCIATION, f/k/a and d/b/a First Bank National Association By:___________________________________ Its:__________________________________ First Bank Place 601 Second Avenue South, MPFP0601 Minneapolis, MN 55402-4302 Telephone: (612) 973-0690 Facsimile: (612) 973-0821 -30-
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EXHIBIT "A" ----------- FIRST AMENDMENT TO ABT BUILDING PRODUCTS CORPORATION THIRD AMENDED AND RESTATED CREDIT AGREEMENT CLOSING CHECKLIST ----------------- 1. First Amendment to Credit Agreement a. Exhibit "A" - Checklist b. Schedule 1.79 - Margin c. Schedule 1.96 - Permitted Borrower Maximums d. Schedule 11.4 - Litigation 2. Recertification and Amendment of Authority Documents (Company) 3. Recertification and Amendment of Authority Documents (ABT) a. Exhibit "A" - Certificate of Merger with KenTech 4. Recertification and Amendment of Authority Documents (Canada) -33-
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SCHEDULE 1.79 MARGINS ------- [Enlarge/Download Table] ==================================================================================================================================== Leverage Ratio less than 1.5:1.0 more than 1.5:1.0 more than 2.0:1.0 more than 2.60:1.0 more than 3.0:1.0 more than 3.25:1.0 - - - - - But But But But less than 2.0:1.0 less than 2.60:1.0 less than 3.0:1.0 less than 3.25:1.0 ==================================================================================================================================== Margin for 10.00 15.00 17.50 20.00 25.00 35.00 Revolving Credit Facility Fees ------------------------------------------------------------------------------------------------------------------------------------ Margin for 28.50 40.00 50.00 62.50 75.00 100.00 Revolving Credit Eurocurrency- based Advances ------------------------------------------------------------------------------------------------------------------------------------ Margin for 28.50 40.00 50.00 62.50 75.00 100.00 Letters of Credit ------------------------------------------------------------------------------------------------------------------------------------ Margin for Line 9.00 11.00 12.50 15.00 20.00 30.00 of Credit Facility Fees ------------------------------------------------------------------------------------------------------------------------------------ Margin for Line 29.50 44.00 55.00 67.50 80.00 105.00 of Credit Eurocurrency- based Advances ==================================================================================================================================== -34-
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SCHEDULE 1.96 ------------- PERMITTED BORROWER MAXIMUMS --------------------------- ABT $175,000,000 ABT Canada $60,000,000 -35-
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SCHEDULE 11.4 ------------- LITIGATION ---------- [TO BE PROVIDED BY COMPANY] -36-

Dates Referenced Herein   and   Documents Incorporated by Reference

Referenced-On Page
This ‘10-K’ Filing    Date First  Last      Other Filings
3/10/032
12/31/983
12/30/983
9/30/98310-Q
9/29/983
3/23/98
Filed on:3/20/98
For Period End:12/31/971
6/30/972510-Q,  10-Q/A
3/11/971
12/31/96410-K
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