Exhibit 10.1

FIRST AMENDMENT TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT dated as of November 2, 2012 (the
“Amendment”) is entered into among Aegion Corporation (as successor to
Insituform Technologies, Inc.), a Delaware corporation (the “Borrower”), the
Guarantors, the Lenders and Bank of America, N.A., as Administrative Agent. All
capitalized terms used herein and not otherwise defined herein shall have the
meanings given to such terms in the Credit Agreement (as defined below).

 

RECITALS

 

WHEREAS, the Borrower, the Guarantors, the Lenders and Bank of America, N.A., as
Administrative Agent entered into that certain Credit Agreement dated as of
August 31, 2011 (as amended and modified from time to time, the “Credit
Agreement”);

 

WHEREAS, the Borrower has requested that the Lenders amend the Credit Agreement
as set forth below;

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

 

1.            Amendments. The Credit Agreement is hereby amended as follows:

 

(a)           The definition of “Consolidated Fixed Charges” in Section 1.01 of
the Credit Agreement is hereby amended to read as follows:

 

“Consolidated Fixed Charges” means, for any period, for the Borrower and its
Subsidiaries on a consolidated basis (inclusive of the acquired operations of
Fyfe, *****, Hockway Ltd. and CRTS, Inc., as applicable, on a Pro Forma Basis),
an amount equal to the sum of (i) Consolidated Interest Charges for such period
plus (ii) Consolidated Scheduled Funded Debt Payments for such period plus (iii)
the amount of cash dividends and other distributions and purchases, redemptions
and acquisitions of Equity Interests made by the Borrower during such period
(other than the Special Share Repurchase) plus (iv) rent and lease expense for
such period, all as determined in accordance with GAAP.

 

(a)            The definition of “Special Share Repurchase” is hereby added to
Section 1.01 of the Credit Agreement in the appropriate alphabetical order to
read as follows:

 

“Special Share Repurchase” means the purchase, redemption or other acquisition
of Equity Interests or options to acquire Equity Interests by the Borrower in an
aggregate amount not to exceed $5,000,000; provided that such purchase,
redemption or other acquisition shall (i) be made with cash of the Borrower and
its Subsidiaries and (ii) occur on or before December 31, 2012.

 

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Confidential Treatment Requested.   Certain confidential information in this
agreement has been redacted in reliance upon the Company's confidential
treatment request that is filed with the Securities and Exchange Commission
pursuant to Rule 24 b-2 under the Securities Exchange Act of 1934. In this
agreement, we indicate such redaction by use of the following symbol [*****].
The Confidential portion has been omitted and filed separately with the
Commission.  

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(c)           Section 7.02(d) of the Credit Agreement is hereby amended to read
as follows:

 

(d)     concurrently with the delivery of the financial statements referred to
in Sections 7.01(a) and (b), a certificate of a Responsible Officer of the
Borrower containing information regarding (i) the amount of all Dispositions,
Involuntary Dispositions, Debt Issuances and Equity Issuances that occurred
during the period covered by such financial statements, in each case, for which
the Borrower is required to make a mandatory prepayment pursuant to Section
2.05(b) and (ii) the amount of all Acquisitions that occurred during the period
covered by such financial statements;

 

(d)           Section 8.06 of the Credit Agreement is hereby amended to replace
the “.” at the end of clause (c) with “; and” and a new clause (d) immediately
following clause (c) to read as follows:

 

(d)     the Borrower may make the Special Share Repurchase; provided that no
Default or Event of Default exists immediately prior to and after giving effect
to the Special Share Repurchase.

 

2.           Conditions Precedent. This Amendment shall be effective upon
receipt by the Administrative Agent of counterparts of this Amendment executed
by the Borrower, the Guarantors, the Lenders and the Administrative Agent.

 

3.             Miscellaneous.

 

(a)         The Credit Agreement and the obligations of the Loan Parties
thereunder and under the other Loan Documents, are hereby ratified and confirmed
and shall remain in full force and effect according to their terms.

 

(b)         Each Guarantor (a) acknowledges and consents to all of the terms and
conditions of this Amendment, (b) affirms all of its obligations under the Loan
Documents and (c) agrees that this Amendment and all documents executed in
connection herewith do not operate to reduce or discharge its obligations under
the Credit Agreement or the other Loan Documents.

 

(c)         The Borrower and the Guarantors hereby represent and warrant as
follows:

 

(i)         Each Loan Party has taken all necessary action to authorize the
execution, delivery and performance of this Amendment.

 

(ii)        This Amendment has been duly executed and delivered by the Loan
Parties and constitutes each of the Loan Parties' legal, valid and binding
obligations, enforceable in accordance with its terms, except as such
enforceability may be subject to (A) bankruptcy, insolvency, reorganization,
fraudulent conveyance or transfer, moratorium or similar laws affecting
creditors' rights generally and (B) general principles of equity (regardless of
whether such enforceability is considered in a proceeding at law or in equity).

 

(iii)        No consent, approval, authorization or order of, or filing,
registration or qualification with, any court or governmental authority or third
party is required in connection with the execution, delivery or performance by
any Loan Party of this Amendment.

 

 
 

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(d)         The Loan Parties represent and warrant to the Lenders that (i) the
representations and warranties of the Loan Parties set forth in Article VI of
the Credit Agreement and in each other Loan Document are true and correct as of
the date hereof with the same effect as if made on and as of the date hereof,
except to the extent such representations and warranties expressly relate solely
to an earlier date and (ii) no event has occurred and is continuing which
constitutes a Default or an Event of Default.

 

(e)         This Amendment may be executed in any number of counterparts, each
of which when so executed and delivered shall be an original, but all of which
shall constitute one and the same instrument. Delivery of an executed
counterpart of this Amendment by telecopy or other secure electronic format
(.pdf) shall be effective as an original and shall constitute a representation
that an executed original shall be delivered.

 

(f)         THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.

 

 

[Signature pages follow]

 

 
 

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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.

 

BORROWER: AEGION CORPORATION,   a Delaware corporation         By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

  

GUARANTORS:

INSITUFORM TECHNOLOGIES USA, LLC,

 

a Delaware limited liability company

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

  

INA ACQUISITION CORP.,

  a Delaware corporation         By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

   

ITI INTERNATIONAL SERVICES, INC.,

  a Delaware corporation         By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

   

MISSISSIPPI TEXTILES CORPORATION,

 

a Mississippi corporation

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

   

AFFHOLDER, INC.,

 

a Missouri corporation

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

 

 

THE BAYOU COMPANIES, LLC,

 

a Delaware limited liability company

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

 

 

 
 

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KINSEL INDUSTRIES, INC.,

 

a Texas corporation

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

  

COMMERCIAL COATING SERVICES INTERNATIONAL, LLC,

 

a Texas limited liability company

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

 

BAYOU WELDING WORKS, LLC,

 

a Louisiana limited liability company

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

   

INFRASTRUCTURE GROUP HOLDINGS, LLC,

 

a Delaware limited liability company

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

   

FIBRWRAP CONSTRUCTION SERVICES, INC.,

 

a Delaware corporation

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

   

FIBRWRAP CONSTRUCTION SERVICES USA, INC.,

 

a Delaware corporation

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

 

 

FYFE CO. LLC,

 

a Delaware limited liability company

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

  

 
 

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SPECIALIZED FABRICS LLC,

 

a Washington limited liability company

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

  

UNITED PIPELINE SYSTEMS INTERNATIONAL, INC.,

 

a Delaware corporation

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

  

UNITED PIPELINE MIDDLE EAST, INC.,

 

a Delaware corporation

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

   

ENERGY & MINING HOLDING COMPANY, LLC,

 

a Delaware limited liability company

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

   

CRTS, INC.,

 

an Oklahoma corporation

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

   

CORRPRO COMPANIES, INC.,

 

an Ohio corporation

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

 

 

CORRPRO COMPANIES INTERNATIONAL, INC.,

 

a Nevada corporation

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

  

 

 
 

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OCEAN CITY RESEARCH CORPORATION,

 

a New Jersey corporation

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

  

CORRPRO CANADA HOLDINGS, INC.,

 

a Delaware corporation

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

    

CORRPRO HOLDINGS LLC,

 

a Delaware limited liability company

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

   

INSITUFORM TECHNOLOGIES, LLC,

 

a Delaware limited liability company

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

   

UNITED PIPELINE SYSTEMS, INC.,

 

a Nevada corporation

        By:

/s/ David A. Martin

    Name: David A. Martin     Title: SVP and CFO  

 

 

 
 

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ADMINISTRATIVE

AGENT:

BANK OF AMERICA, N.A.,

 

as Administrative Agent

        By:

/s/ Linda Lov

    Name: Linda Lov     Title: AVP  

  

LENDERS:

BANK OF AMERICA, N.A.,

 

as a Lender, Swing Line Lender and L/C Issuer

        By:

/s/ Stephen Bode

    Name: Stephen Bode     Title: Senior Vice President  

  

JPMORGAN CHASE BANK, N.A.,

 

as a Lender and L/C Issuer

        By:

/s/ Donna B. Kirtian

    Name: Donna B. Kirtian     Title: Senior Vice President  

   

FIFTH THIRD BANK,

 

as a Lender

        By:

/s/ Traci L. Dodson

    Name: Traci L. Dodson     Title: Vice President  

   

REGIONS BANK,

 

as a Lender

        By:

/s/ John A. Holland

    Name: John A. Holland     Title: Senior Vice President  

   

U.S. BANK, NATIONAL ASSOCIATION,

 

as a Lender

        By:

/s/ Derek L. Martin

    Name: Derek L. Martin     Title: Senior Vice President  

 

 

PNC BANK, NATIONAL ASSOCIATION,

 

as a Lender

        By:

/s/ David Bentzinger

    Name: David Bentzinger     Title: Senior Vice President  

  

 
 

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COMPASS BANK,

 

as a Lender

        By:

/s/ John R. Bozalis, Jr.

    Name:

John R. Bozalis, Jr.

    Title:

Senior Vice President

 

  

KEYBANK NATIONAL ASSOCIATION,

 

as a Lender

        By:

/s/ Suzannah Valdivia

    Name: Suzannah Valdivia     Title: Vice President  

    

BANK OF THE WEST,

 

as a Lender

        By:

/s/ Roger Lumley

    Name: Roger Lumley     Title: Senior Vice President  

   

ASSOCIATED BANK, N.A.,

 

as a Lender

        By:     Name:     Title:  

   

HSBC BANK,

 

as a Lender and L/C Issuer

        By:

/s/ Matt McLaurin

    Name: Matt McLaurin     Title: Vice President  

 

 

BRANCH BANKING & TRUST COMPANY,

 

as a Lender

        By:

/s/ Eric Searls

    Name: Eric Searls     Title: Vice President  

  

COMERICA BANK,

 

as a Lender

        By:

/s/ Mark J. Leveille

    Name: Mark J. Leveille     Title: Vice President  

  

 

 
 

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NATIONAL BANK OF KUWAIT,

 

as a Lender

        By:     Name:     Title:  

  

STIFEL BANK & TRUST,

 

as a Lender

        By:

/s/ Matthew L. Diehl

    Name: Matthew L. Diehl     Title: Senior Vice President