Exhibit 10(b)
 
AMENDMENT NO. 1 TO REVOLVING CREDIT AGREEMENT
 
AMENDMENT dated as of June 13, 2011 (this “Amendment”) to the Revolving Credit
Agreement dated as of November 1, 2010 (the “Credit Agreement”) among LOUISVILLE
GAS AND ELECTRIC COMPANY (the “Borrower”), the LENDERS party thereto (the
“Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent,
Issuing Lender and Swingline Lender (the “Agent”).
 
RECITALS:
 
WHEREAS, the parties hereto desire to amend the Credit Agreement to modify the
definition of “Borrower’s Rating”.  The parties hereto therefore agree as
follows:
 
Section 1.  Defined Terms; References. Unless otherwise specifically defined
herein, each term used herein that is defined in the Credit Agreement has the
meaning assigned to such term in the Credit 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 Credit Agreement shall, after this Amendment becomes effective,
refer to the Credit Agreement as amended hereby and each reference to “thereof”,
“thereunder”, “therein” and “thereby” and each other similar reference to the
Credit Agreement contained in any other Loan Document shall, after this
treatment becomes effective refer to the Credit Agreement as amended hereby.
 
Section 2.  Amendments of Credit Agreement Definitions.
 
(a)  The definition of “Borrower’s Rating” set forth in Section 1.01 of the
Credit Agreement is hereby amended to read in its entirety:
 
“Borrower’s Rating” means the senior secured long-term debt rating of the
Borrower from S&P or Moody’s.
 
(b)  The definition of “Applicable Percentage” set forth in Section 1.01 of the
Credit Agreement is hereby amended to read in its entirety:
 
“Applicable Percentage” means, for purposes of calculating (i) the applicable
interest rate for any day for any Base Rate Loans or Euro-Dollar Loans, (ii) the
applicable rate for the Commitment Fee for any day for purposes of Section
2.07(a) or (iii) the applicable rate for the Letter of Credit Fee for any day
for purposes of Section 2.07(b), the appropriate applicable percentage set forth
below corresponding to one rating level below the then current highest
Borrower’s Ratings; provided, that, in the event that the Borrower’s Ratings
shall fall within different levels and ratings are maintained by both Rating
Agencies, the applicable rating shall be based on the higher of the two ratings
unless one of the ratings is two or more levels lower than the other, in which
case the applicable rating shall be determined by reference to the level one
rating lower than the higher of the two ratings:
 

 
Borrower’s Ratings
(S&P /Moody’s)
Applicable Percentage for Commitment Fees
Applicable Percentage for Base Rate Loans
Applicable Percentage for Euro-Dollar Loans and Letter of Credit Fees
Category A
> A- from S&P / A3 from
Moody’s
0.200%
0.75%
1.75%
Category B
BBB+ from S&P / Baa1 from
Moody’s
0.250%
1.00%
2.00%
Category C
BBB from S&P / Baa2 from
Moody’s
0.375%
1.25%
2.25%
Category D
BBB- from S&P / Baa3 from
Moody’s
0.500%
1.50%
2.50%
Category E
≤BB+ from S&P / Ba1
from Moody’s
0.625%
2.00%
3.00%

 
Section 3.  Governing Law.  This Amendment shall be governed by and construed in
accordance with the laws of the State of New York.
 
Section 4. Full Force and Effect; Ratification.  Except as expressly modified
herein, all of the terms and conditions of the Credit Agreement are unchanged,
and, as modified hereby, the Borrower confirms and ratifies all of the terms,
covenants and conditions of the Credit Agreement. This Amendment constitutes the
entire and final agreement among the parties hereto with respect to the subject
matter hereof and there are no other agreements, understandings, undertakings,
representations or warranties among the parties hereto with respect to the
subject matter hereof except as set forth herein.

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 retroactively effective
as of May 1, 2011, on the date when the Agent shall have received from each of
the Borrower and the Lenders 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.
 

 
 

--------------------------------------------------------------------------------

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed by their respective authorized officers as of the day and year first
above written.
 

LOUISVILLE GAS AND ELECTRIC COMPANY
   
By:
/s/ Daniel K. Arbough
 
Name:  Daniel K. Arbough
 
Title:    Treasurer

 
 

--------------------------------------------------------------------------------

 

WELLS FARGO BANK, NATIONAL ASSOCIATION as Administrative Agent, Issuing Lender,
Swingline Lender and Lender
   
By:
/s/ Nick Schmiesing
 
Name:  Nick Schmiesing
 
Title:    Assistant Vice President

 
 

--------------------------------------------------------------------------------

 

Bank of America, N.A.
   
By:
/s/ Mike Mason
 
Name:  Mike Mason
 
Title:    Director

 
 

--------------------------------------------------------------------------------

 

CREDIT SUISSE AG, Cayman Islands Branch
   
By:
/s/ Jay Chall
 
Name:  Jay Chall
 
Title:    Director

By:
/s/ Vipul Dhadda
 
Name:  Vipul Dhadda
 
Title:    Associate

 
 

--------------------------------------------------------------------------------

 

Barclays Bank PLC
 
By:
/s/ May Huang
 
Name:  May Huang
 
Title:    Assistant Vice President

 
 

--------------------------------------------------------------------------------

 

BNP Paribas
 
By:
/s/ Pasquale A. Perraglia IV
 
Name:  Pasquale A. Perraglia IV
 
Title:    Vice President

By:
/s/ Mark A. Renaud
 
Name:  Mark A. Renaud
 
Title:    Managing Director

 
 

--------------------------------------------------------------------------------

 

CITIBANK, N.A.
 
By:
/s/ Mary Beth Mandanas
 
Name:  Mary Beth Mandanas
 
Title:    Vice President

 
 

--------------------------------------------------------------------------------

 

JPMorgan Chase Bank, N.A., as a Lender
 
By:
/s/ Juan Javellana
 
Name:  Juan Javellana
 
Title:    Executive Director

 
 

--------------------------------------------------------------------------------

 

MORGAN STANLEY BANK, N.A.
 
By:
/s/ Scott Taylor
 
Name:  Scott Taylor
 
Title:    Authorized Signatory

 
 

--------------------------------------------------------------------------------

 

ROYAL BANK OF CANADA
 
By:
/s/ Thomas Casey
 
Name:  Thomas Casey
 
Title:    Authorized Signatory

 
 

--------------------------------------------------------------------------------

 

THE BANK OF NOVA SCOTIA
 
By:
/s/ Thane Rattew
 
Name:  Thane Rattew
 
Title:    Managing Director

 
 

--------------------------------------------------------------------------------

 

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
 
By:
/s/ Mary Coseo
 
Name:  Mary Coseo
 
Title:    Vice President

 
 

--------------------------------------------------------------------------------

 

Union Bank, N.A.
 
By:
/s/ Hideyuki Okamoto
 
Name:  Hideyuki Okamoto
 
Title:    Vice President

 
 

--------------------------------------------------------------------------------

 
 
The Royal Bank of Scotland plc as a Lender
 
By:
/s/ Andrew N. Taylor
 
Name:  Andrew N. Taylor
 
Title:    Vice President

 
 

--------------------------------------------------------------------------------

 
UBS Loan Finance LLC
 
By:
/s/ Irja R. Otsa
 
Name:  Irja R. Otsa
 
Title:    Associate Director

By:
/s/ Mary E. Evans
 
Name:  Mary E. Evans
 
Title:    Associate Director

 
 

--------------------------------------------------------------------------------

 

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
 
By:
/s/ Dixon Schultz
 
Name:  Dixon Schultz
 
Title:    Managing Director

By:
/s/ Sharada Manne
 
Name:  Sharada Manne
 
Title:    Director

 
 

--------------------------------------------------------------------------------

 

DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
 
By:
/s/ Phillippe Sandmeier
 
Name:  Phillippe Sandmeier
 
Title:    Managing Director

By:
/s/ Edward D. Herko
 
Name:  Edward D. Herko
 
Title:    Director

 
 

--------------------------------------------------------------------------------

 

KEYBANK NATIONAL ASSOCIATION as Lender
 
By:
/s/ Paul J. Pace
 
Name:  Paul J. Pace
 
Title:    Senior Vice President

 
 

--------------------------------------------------------------------------------

 

Lloyds TSB Bank plc
 
By:
/s/ Deborah Carlson
 
Name:  Deborah Carlson
 
Title:    Director
             Corporate Banking USA
             C103

By:
/s/ Christian Hammerbeck
 
Name:  Christian Hammerbeck
 
Title:    Vice President
             Corporate Banking USA
             H057

 
 

--------------------------------------------------------------------------------

 

U.S. Bank National Association
 
By:
/s/ Paul Vastola
 
Name:  Paul Vastola
 
Title:    Sr. Vice President

 
 

--------------------------------------------------------------------------------

 

BANCO BILBAO VIZCAYA ARGENTARIA S.A. – NEW YORK BRANCH
 
By:
/s/ Nietzsche Rodricks
 
Name:  Nietzsche Rodricks
 
Title:    Senior Banker

By:
/s/ Michael Oka
 
Name:  Michael Oka
 
Title:    Executive Director

 
 

--------------------------------------------------------------------------------

 

THE BANK OF NEW YORK MELLON
 
By:
/s/ John N. Watt
 
Name:  John N. Watt
 
Title:    Vice President

 
 

--------------------------------------------------------------------------------

 

Bayerische Landesbank, New York Branch
 
By:
/s/ Rolf Siebert
 
Name:  Rolf Siebert
 
Title:    Senior Vice President

By:
/s/ Michael Hintz
 
Name:  Michael Hintz
 
Title:    First Vice President

 
 

--------------------------------------------------------------------------------

 

MIZUHO CORPORATE BANK, LTD.
 
By:
/s/ Leon Mo
 
Name:  Leon Mo
 
Title:    Authorized Signatory

 
 

--------------------------------------------------------------------------------

 

Sovereign Bank
 
By:
/s/ Robert D. Lanigan
 
Name:  Robert D. Lanigan
 
Title:    SVP

 
 

--------------------------------------------------------------------------------

 

SUNTRUST BANK
 
By:
/s/ Andrew Johnson
 
Name:  Andrew Johnson
 
Title:    Director

 
 

--------------------------------------------------------------------------------

 

CIBC Inc.
 
By:
/s/ Robert Casey
 
Name:  Robert Casey
 
Title:    Executive Director

By:
/s/ Josh Hogarth
 
Name:  Josh Hogarth
 
Title:    Director

 
 

--------------------------------------------------------------------------------

 

Fifth Third Bank
 
By:
/s/ Randolph J. Stierer
 
Name:  Randolph J. Stierer
 
Title:    Vice President

 
 

--------------------------------------------------------------------------------

 

PNC Bank, National Association
 
By:
/s/ Edward M. Tessalone
 
Name:  Edward M. Tessalone
 
Title:    Senior Vice President
             PNC Bank, N.A.

 
 

--------------------------------------------------------------------------------

 

Sumitomo Mitsui Banking Corporation
 
By:
/s/ Masakazu Hasegawa
 
Name:  Masakazu Hasegawa
 
Title:    General Manager

 
 

--------------------------------------------------------------------------------

 

Wing Lung Bank Ltd., Los Angeles Branch, as a Lender
 
By:
/s/ Anthony P.S. Yip
 
Name:  Anthony P.S. Yip
 
Title:    V.P. & Manager

 
 

--------------------------------------------------------------------------------

 

THE NORTHERN TRUST COMPANY
 
By:
/s/ Peter J. Hallan
 
Name:  Peter J. Hallan
 
Title:    Vice President