Exhibit 10.1

 

AMENDMENT NO. 1 TO FIVE-YEAR CREDIT AGREEMENT

 

AMENDMENT dated as of October 9, 2007 to the Five-Year Credit Agreement dated as
of October 21, 2005 (the “Agreement”) among GENERAL MILLS, INC., a Delaware
corporation (the “Company”), the several financial institutions from time to
time party thereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent (the
“Agent”).

W I T N E S S E T H :

WHEREAS, the parties hereto desire to amend the Agreement as set forth herein;

NOW, THEREFORE, the parties hereto agree as follows:

SECTION 1. Defined Terms; References. Unless otherwise specifically defined
herein, each term used herein which is defined in the Agreement has the meaning
assigned to such term in the Agreement. Each reference to “hereof”, “hereunder”,
“herein” and “hereby” and each other similar reference and each reference to
“this Agreement” and each other similar reference contained in the Agreement
shall, on and as of the Amendment Effective Date, refer to the Agreement as
amended hereby.

SECTION 2. Amendments. (a) The definitions of “Material Adverse Effect” and
“Ratio of Earnings to Fixed Charges” in Section 1.01 are amended to read as
follows:

“Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, any of the operations, business, properties or condition
(financial or otherwise) of the Company and its Subsidiaries taken as a whole;
(b) a material impairment of the ability of the Company to perform under any
Loan Document and avoid any Event of Default; or (c) a material adverse effect
upon the legality, validity, binding effect or enforceability of any Loan
Document.

“Ratio of Earnings to Fixed Charges” means the Ratio of Earnings to Fixed
Charges as reported by the Company in its most recent Form 10-K Annual Report
filed with the Securities and Exchange Commission or in its most recent
officer’s certificate delivered pursuant to Section 6.01(c), provided that the
components of the numerator and denominator of such ratio are computed in each
such filing or certificate in the same manner as computed in the Company’s Form
10-K Annual Report for the period ended May 27, 2007. For purposes of computing
this ratio, earnings represent earnings before income taxes and after-tax

 

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earnings of joint ventures, distributed income of equity investees, fixed
charges, and amortization of capitalized interest, net of interest capitalized.
Fixed charges represent gross interest expense (excluding interest on taxes) and
subsidiary preferred distributions to minority interest holders, plus one-third
(the proportion deemed representative of the interest factor) of rent expense.

 

(b)

The last sentence of Section 5.10 is amended to read as follows:

Except as disclosed in the Company’s annual report on Form 10-K for the fiscal
year ended May 27, 2007, there is no tax assessment against the Company or any
of its Subsidiaries which, if sustained, would have a Material Adverse Effect.

 

(c)

The last sentence of Section 6.01 is amended to read as follows:

Any financial statement or report required to be delivered pursuant to this
Section 6.01 or Section 6.02(b) shall be deemed to have been delivered on the
date on which the Company posts such financial statement on its website on the
Internet at www.generalmills.com or when such financial statement is posted on
the SEC’s website on the Internet at www.sec.gov; provided that the Company
shall give notice of any such posting to the Administrative Agent (who shall
then give notice of any such posting to the Banks); provided, further, that the
Company shall deliver paper copies of any delivery referred to in this Section
6.01 to the Administrative Agent if the Administrative Agent requests the
Company to deliver such paper copies until notice to cease delivering such paper
copies is given by the Administrative Agent.

 

(d)

The second sentence of Section 7.06 is amended to read as follows:

The Company shall compute its Ratio of Earnings to Fixed Charges in the same
manner as computed in the Company’s Form 10-K Annual Report for the period ended
May 27, 2007 and shall report such ratio to the Administrative Agent on a
quarterly basis concurrently with the delivery of the financial statements
referred to in subsections 6.01(a) and (b).

SECTION 3. Representations of Company. The Company represents and warrants that
(i) the representations and warranties of the Company set forth in Article 5 of
the Agreement will be true on and as of the Amendment Effective Date and (ii) no
Default or Event of Default will have occurred and be continuing on such date.

SECTION 4. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of New York.

 

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SECTION 5. Counterparts. This Amendment may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.

SECTION 6. Effectiveness. This Amendment shall become effective as of the date
hereof on the date (“Amendment Effective Date”) when the Agent shall have
received from each of the Company and the Majority Banks a counterpart hereof
signed by such party or facsimile or other written confirmation (in form
satisfactory to the Agent) that such party has signed a counterpart hereof.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first above written.

 

 

GENERAL MILLS, INC.

 

 

By:

/s/ Daralyn B. Peifer

 

Name:      Daralyn B. Peifer

 

Title:        Vice President, Treasurer

   

 

JPMORGAN CHASE BANK, N.A.

as Administrative Agent and as a Bank

 

 

By:

/s/ Tony Yung

 

Name       Tony Yung

 

Title:        Vice President

   

 

CITIBANK, N.A.

 

 

By:

/s/ Kevin A. Ege

 

Name:      Kevin A. Ege

 

Title:        Vice President

   

 

BANK OF AMERICA, N.A.

 

 

By:

/s/ David L. Catherall

 

Name:      David L. Catherall

 

Title:        Senior Vice President

 

 

 

 

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BARCLAYS BANK PLC

 

 

By:

/s/ Nicholas Bell

 

Name:      Nicholas Bell

 

Title:        Director

   

 

DEUTSCHE BANK AG NEW YORK BRANCH

 

 

By:

/s/ Heidi Sandquist

 

Name:      Heidi Sandquist

 

Title:        Vice President

 

 

By:

/s/ Ming K. Chu

 

Name:      Ming K. Chu

 

Title:        Vice President

 

 

   

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

 

By:

/s/ Allison S. Gelfman

 

Name:      Allison S. Gelfman

 

Title:        Vice President

   

 

CALYON NEW YORK BRANCH

 

 

By:

/s/ Blake Wright

 

Name:      Blake Wright

 

Title:        Managing Director

 

 

By:

/s/ Greg Hennenfent

 

Name:      Greg Hennenfent

 

Title:        Director

 

 

 

 

 

 

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CREDIT SUISSE FIRST BOSTON

 

 

By:

/s/ Karl Studer

 

Name:      Karl Studer

 

Title:        Director

 

 

By:

/s/ Petra Jack

 

Name:      Petra Jack

 

Title:        Assistant Vice President

 

 

   

 

LEHMAN BROTHERS COMMERCIAL BANK

 

 

By:

/s/ Brian McNany

 

Name:      Brian McNany

 

Title:        Authorized Signatory

   

 

MERRILL LYNCH BANK USA

 

 

By:

/s/ Louis Alder

 

Name:      Louis Alder

 

Title:        Director

   

 

MORGAN STANLEY BANK

 

 

By:

/s/ Daniel Twenge

 

Name:      Daniel Twenge

 

Title:        Authorized Signatory

 

 

 

 

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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

 

 

By:

/s/ Victor Pierzchalski

 

Name:      Victor Pierzchalski

 

Title:        Vice President & Manager

   

 

U.S. BANK NATIONAL ASSOCIATION

 

 

By:

/s/ Karen Weathers

 

Name:      Karen Weathers

 

Title:        Vice President

   

 

WILLIAM STREET COMMITMENT CORPORATION

(Recourse only to assets of William Street Commitment Corporation)

 

 

By:

/s/ Mark Walton

 

Name:

 

Title:

   

 

BNP PARIBAS

 

 

By:

/s/ Jo Ellen Bender

 

Name:      Jo Ellen Bender

 

Title:        Managing Director

   

 

 

/s/ Nader Tannous

 

Name:      Nader Tannous

 

Title:        Director

 

 

 

 

 

 

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MELLON BANK, N.A.

 

 

By:

/s/ John T. Smathers

 

Name:      John T. Smathers

 

Title:        First Vice President

   

 

MIZUHO CORPORATE BANK, LTD.

 

 

By:

/s/ Raymond Ventura

 

Name:      Raymond Ventura

 

Title:        Deputy General Manager

   

 

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.,
“Rabobank International” New York Branch

 

 

By:

 

 

Name:

 

Title:

   

 

SUMITOMO MITSUI BANKING CORPORATION

 

 

By:

/s/ Yoshihiro Hyakutome

 

Name:      Yoshihiro Hyakutome

 

Title:        General Manager

   

 

SUNTRUST BANK

 

 

By:

 

 

Name:

 

Title:

 

 

 

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THE BANK OF NEW YORK

 

 

By:

/s/ John T. Smathers

 

Name:      John T. Smathers

 

Title:        Vice President

   

 

ABN AMRO BANK N.V.

 

 

By:

/s/ Alex Blodi

 

Name:      Alex Blodi

 

Title:        Managing Director

 

 

By:

/s/ Marc Brondyke

 

Name:      Marc Brondyke

 

Title:        Associate

   

 

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

 

 

By:

 

 

Name:

 

Title:

   

 

BANCO SANTANDER CENTRAL HISPANO, S.A.

 

 

By:

 

 

Name:

 

Title:

 

 

 

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NATIONAL AUSTRALIA BANK

 

 

By:

/s/ Courtney Cloe

 

Name:      Courtney Cloe

 

Title:        Director

   

 

ROYAL BANK OF CANADA

 

 

By:

 

 

Name:

 

Title:

   

 

SOCIETE GENERALE

 

 

By:

/s/ Kimberly A. Metzger

 

Name:      Kimberly A. Metzger

 

Title:        Director

   

 

STANDARD CHARTERED BANK

 

 

By:

/s/ John S. Hutchins

 

Name:      John S. Hutchins

 

Title:        Managing Director

   

 

WACHOVIA BANK, NATIONAL ASSOCIATION

 

 

By:

 

 

Name:

 

Title:

 

 

 

 

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