Exhibit 10.3c

 

EXECUTION VERSION

 

AMENDMENT NO. 4 TO THE AMENDED AND RESTATED CREDIT AGREEMENT

 

AMENDMENT NO. 4 TO THE AMENDED AND RESTATED CREDIT AGREEMENT, dated as of
June 12, 2009 (this “Amendment”), by and among STEEL DYNAMICS, INC., an Indiana
corporation (the “Borrower”), the banks, financial institutions and other
lenders listed on the signature pages hereof, NATIONAL CITY BANK (“National
City”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells Fargo”), as
co-administrative agents and NATIONAL CITY, as paying agent (“Paying Agent”).

 

PRELIMINARY STATEMENTS:

 

(1)   The Borrower, the lenders listed on the signature pages thereto, National
City, as collateral agent (the “Collateral Agent”), National City and Wells
Fargo, as co-administrative agents, National City as paying agent, Bank of
America, N.A. (“Bank of America”), General Electric Capital Corporation, Fifth
Third Bank and BMO Capital Markets Financing, Inc., as Documentation Agents,
Bank of America and National City, as syndication agents, and BAS and National
City, as joint lead arrangers are parties to that certain Amended and Restated
Credit Agreement dated as of June 19, 2007, as amended by Amendment No. 1 dated
as of July 11, 2007, as further amended by Amendment No. 2 dated as of
September 11, 2007 and as further amended by Amendment No. 3 dated as of
March 31, 2008 (as supplemented or otherwise modified prior to the date hereof,
the “Credit Agreement”).  Capitalized terms not otherwise defined in this
Amendment have the same meanings as specified in the Credit Agreement.

 

(2)   The Borrower has requested that the Required Lenders amend the Credit
Agreement in certain respects, and the Required Lenders have agreed, subject to
the terms and conditions hereinafter set forth, to amend the Credit Agreement as
hereinafter set forth.

 

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

 

SECTION 1.       Amendments to the Credit Agreement.  Upon, and subject to, the
satisfaction of the conditions precedent set forth in Section 2 below, the
Credit Agreement is hereby amended as follows

 

(A)   SECTION 1.01 IS HEREBY AMENDED BY (I) DELETING THE DEFINITION OF
“APPLICABLE TERM A MARGIN” APPEARING THEREIN AND (II) INSERTING THEREIN IN
PROPER ALPHABETICAL ORDER THE FOLLOWING DEFINED TERMS:

 

“ “Amendment No. 4” means that certain Amendment No. 4 to this Agreement dated
as of June 12, 2009 by and among the Borrower, National City, Wells Fargo and
the Lenders listed on the signature pages thereto.

 

“Amendment No. 4 Effective Date” means the date on which the conditions to
effectiveness set forth in Section 2 of Amendment No 4 have been satisfied.

 

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“Borrowing Base” means the aggregate of (a) 85% of the book value of accounts
receivables that constitute Collateral and (b) 65% of the book value of
inventory that constitutes Collateral.

 

“Borrowing Base Obligations” means the sum of (a) the aggregate principal amount
of outstandings under the Revolving Credit Facility and the Term A Facility at
such time (including outstanding Letters of Credit and Swing Line Advances) plus
(b) the aggregate amount of obligations outstanding under Secured Cash
Management Agreements at such time plus (c) the aggregate Agreement Value of all
Secured Hedge Agreements at such time.

 

“First Lien Debt/Consolidated EBITDA Ratio” means at any date of determination,
the ratio of Consolidated Debt for Borrowed Money of the Borrower and its
Subsidiaries that is secured by a security interest (which security interest is
not expressly made subordinate and second to the Liens securing the Obligations
pursuant to an intercreditor agreement on terms reasonably satisfactory to the
Administrative Agent) on any real or personal property of the Borrower and its
Subsidiaries as at such date of determination to Consolidated EBITDA of the
Borrower and its Subsidiaries for the most recently ended fiscal quarter of the
Borrower for which financial statements are required to be delivered to the
Lender Parties pursuant to Section 5.03(b) or (c), as the case may be, and the
immediately preceding three fiscal quarters.”

 

(B)   THE DEFINITION OF APPLICABLE MARGIN APPEARING IN SECTION 1.01 IS HEREBY
AMENDED BY DELETING THE FIRST PARAGRAPH CONTAINED THEREIN AND SUBSTITUTING IN
LIEU THEREOF THE FOLLOWING:

 

“ “APPLICABLE MARGIN” MEANS, IN RESPECT OF THE REVOLVING CREDIT FACILITY AND THE
TERM A ADVANCES, A PERCENTAGE PER ANNUM DETERMINED BY REFERENCE TO THE TOTAL
DEBT/CONSOLIDATED EBITDA RATIO AS SET FORTH BELOW:

 

“Total
Debt/Consolidated
EBITDA Ratio

 

Base Rate
Advances

 

Eurodollar Rate Advances

 

Level I
< than 5.0 : 1.0

 

1.00

%

3.00

%

Level II
> 5.0 : 1.0,
but < than 7.5 : 1.0

 

1.25

%

3.25

%

Level III
> 7.5 : 1.0

 

1.50

%

3.50

%”

 

(C)   THE DEFINITION OF APPLICABLE PERCENTAGE CONTAINED IN SECTION 1.01 IS
HEREBY AMENDED BY DELETING SUCH DEFINITION IN ITS ENTIRETY AND SUBSTITUTING IN
LIEU THEREOF THE FOLLOWING:

 

“ “Applicable Percentage” means at all times, 0.50% per annum”

 

(D)   THE DEFINITION OF NET CASH PROCEEDS CONTAINED IN SECTION 1.01 IS HEREBY
AMENDED AND RESTATED IN ITS ENTIRETY TO READ AS FOLLOWS:

 

“Net Cash Proceeds” means (a) with respect to any Extraordinary Receipt, the
aggregate amount of cash and Cash Equivalents received in connection therewith
and (b) with respect to the incurrence or issuance of any Debt, the excess of
(x) the sum of the cash and Cash Equivalents received in connection with such
incurrence or issuance of Debt less (y) the investment banking

 

2

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fees, underwriting discounts, commissions, costs and other out-of-pocket fees
and expenses incurred the Borrower or its Subsidiaries in connection with such
incurrence or issuance of Debt to the extent such amounts were not deducted in
determining the amount referred to in clause (x).

 

(E)   SECTION 2.06(B) IS HEREBY AMENDED BY (I) INSERTING THE FOLLOWING NEW
CLAUSE (V) THEREIN AND (II) RENUMBERING THE EXISTING CLAUSES (V) AND
(VI) ACCORDINGLY:

 

“(v)      No later than the fifth Business Day following the incurrence or
issuance by the Borrower or any of its Subsidiaries of any Debt (other than any
Debt permitted to be incurred or issued pursuant to clauses (i)(A), (i)(B),
(ii)(A), (ii)(C) and (iii)(A) of Section 5.02(b)), if as of the date of such
incurrence, before or after giving effect thereto, or as of such fifth Business
Day, the Total Debt/Consolidated EBITDA Ratio is greater than 5.00:1.00, then
the Borrower shall prepay an aggregate principal amount of Revolving Credit
Advances equal to 100% of all Net Cash Proceeds received therefrom by the
Borrower or its Subsidiaries.”

 

(F)    SECTION 2.06(B)(IV) IS HEREBY AMENDED AND RESTATED IN ITS ENTIRETY TO
READ AS FOLLOWS:

 

“(IV)     IF AT ANY TIME THE BORROWING BASE OBLIGATIONS EXCEED THE BORROWING
BASE AT SUCH TIME, THEN THE BORROWER SHALL IMMEDIATELY PREPAY SUCH EXCESS FIRST
BY PREPAYING THE REVOLVING CREDIT FACILITY AS SET FORTH IN CLAUSE (V) BELOW AND
SECOND BY PREPAYING THE TERM A ADVANCES (WHICH PREPAYMENTS OF TERM A ADVANCES
SHALL BE APPLIED TO THE REMAINING PRINCIPAL REPAYMENT INSTALLMENTS OF THE TERM A
FACILITY ON A PRO RATA BASIS).”

 

(G)   SECTION 2.06(B)(V) IS HEREBY AMENDED BY (I) DELETING THE “OR” APPEARING
IMMEDIATELY BEFORE EACH REFERENCE TO CLAUSE (IV) CONTAINED THEREIN AND
SUBSTITUTING IN LIEU THEREOF A COMMA AND (II) INSERTING “OR (V)” IMMEDIATELY
AFTER EACH REFERENCE TO CLAUSE (IV) CONTAINED THEREIN.

 

(H)   SECTION 3.02(A)(III) IS HEREBY AMENDED AND RESTATED IN ITS ENTIRETY TO
READ AS FOLLOWS:

 

“(III)     AFTER GIVING EFFECT TO SUCH BORROWING OR ISSUANCE OR RENEWAL, THE
BORROWING BASE OBLIGATIONS AT SUCH TIME WILL NOT EXCEED THE BORROWING BASE AT
SUCH TIME;”

 

(I)    SECTION 5.02(O) IS HEREBY AMENDED AND RESTATED IN ITS ENTIRETY TO READ AS
FOLLOWS:

 

“(o)      The Borrower shall not permit the Borrowing Base Obligations at any
time to exceed the Borrowing Base at such time.”

 

(J)    SECTION 5.03(D) IS HEREBY AMENDED AND RESTATED IN ITS ENTIRETY TO READ AS
FOLLOWS:

 

“(D)         MONTHLY CERTIFICATE.  WITHIN 15 DAYS AFTER THE END OF EACH MONTH, A
CERTIFICATE OF A FINANCIAL OFFICER OF THE BORROWER, IN FORM AND SUBSTANCE
SATISFACTORY TO THE JOINT LEAD ARRANGERS AND THE ADMINISTRATIVE AGENTS,
DEMONSTRATING THAT THE BORROWING BASE AT SUCH TIME EXCEEDS BORROWING BASE
OBLIGATIONS AT SUCH TIME.”

 

(K)   SECTION 5.04 IS HEREBY AMENDED AND RESTATED IN ITS ENTIRETY TO READ AS
FOLLOWS:

 

“SECTION 5.04.  FINANCIAL COVENANTS.  SO LONG AS ANY ADVANCE OR ANY OTHER
OBLIGATION OF ANY LOAN PARTY UNDER ANY LOAN DOCUMENT SHALL REMAIN UNPAID, ANY
LETTER OF CREDIT SHALL BE OUTSTANDING OR ANY LENDER PARTY SHALL HAVE ANY
COMMITMENT HEREUNDER, THE BORROWER WILL:

 

3

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(A)           TOTAL DEBT TO CONSOLIDATED EBITDA RATIO.  MAINTAIN THROUGH THE END
OF THE FOUR FISCAL QUARTER PERIOD ENDED MARCH 31, 2009 AND BEGINNING AGAIN WITH
THE PERIOD OF FOUR FISCAL QUARTERS ENDING DECEMBER 31, 2010 AND AT ALL TIMES
THEREAFTER, A TOTAL DEBT/CONSOLIDATED EBITDA RATIO OF NOT MORE THAN 5.00 : 1.00.

 

(B)           FIRST LIEN DEBT TO CONSOLIDATED EBITDA RATIO.  MAINTAIN A FIRST
LIEN DEBT/CONSOLIDATED EBITDA RATIO AT ALL TIMES DURING EACH PERIOD OF FOUR
FISCAL QUARTERS ENDING ON A DATE SET FORTH BELOW THAT IS NOT MORE THAN THE RATIO
SET FORTH BELOW FOR SUCH PERIOD:

 

Four Fiscal Quarters Ending

 

First Lien Debt/Consolidated EBITDA
Ratio

 

April 1, 2009 through and including the fiscal quarter ending September 30, 2010

 

2.50 : 1.00

 

December 31, 2010 and thereafter

 

3.00 : 1.00

 

 

(c)           Interest Coverage Ratio.  Maintain an Interest Coverage Ratio as
of the end of each period of four fiscal quarters ending on a date set forth
below that is not less than the ratio set forth below opposite such fiscal
period:

 

Four Fiscal Quarters Ending

 

Interest Coverage Ratio

 

June 30, 2009 through and including the fiscal quarter ending on December 31,
2009

 

1.25 : 1.00

 

March 31, 2010 through and including the fiscal quarter ending June 30, 2010

 

2.00 : 1.00

 

September 30, 2010 and thereafter

 

2.50 : 1.00

 

 

SECTION 2.       Conditions to Effectiveness of Amendments.  This Amendment and
the amendments to the Credit Agreement set forth herein shall become effective
on the date when each of the conditions set forth in this Section 2 shall have
been satisfied:

 

(A)   EXECUTION OF COUNTERPARTS.  THE PAYING AGENT SHALL HAVE RECEIVED
COUNTERPARTS OF (I) THIS AMENDMENT EXECUTED BY (A) THE BORROWER AND (B) THE
REQUIRED LENDERS AND (II) THE CONSENT ATTACHED HERETO (THE “CONSENT”) EXECUTED
BY EACH GUARANTOR.

 

(B)   PAYMENT OF FEES AND EXPENSES.  THE BORROWER SHALL HAVE PAID:

 

(I)           TO EACH LENDER EXECUTING THIS AMENDMENT ON OR BEFORE 12:00 P.M.
EASTERN STANDARD TIME ON JUNE 12, 2009 A FEE EQUAL TO 0.25% OF THE OF THE
AGGREGATE PRINCIPAL AMOUNT OF OUTSTANDING TERM A ADVANCES OWING TO (IMMEDIATELY
PRIOR TO GIVING EFFECT TO THE PREPAYMENT OF TERM A ADVANCES REFERRED TO IN
CLAUSE (D) BELOW), AND THE REVOLVING CREDIT COMMITMENTS OF, EACH SUCH LENDER

 

4

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(II)        TO BANC OF AMERICA SECURITIES LLC (THE “LEAD ARRANGER”) FOR ITS OWN
ACCOUNT SUCH FEES AS HAVE BEEN SEPARATELY AGREED IN WRITING BETWEEN THE BORROWER
AND THE LEAD ARRANGER,

 

(III)       ALL COSTS AND EXPENSES (INCLUDING THE REASONABLE FEES AND EXPENSES
OF SHEARMAN & STERLING LLP) INCURRED BY THE LEAD ARRANGER, BANK OF AMERICA, AS
SYNDICATION AGENT, AND NATIONAL CITY, AS CO-ADMINISTRATIVE AGENT IN CONNECTION
WITH THE PREPARATION, NEGOTIATION AND EXECUTION OF THIS AMENDMENT OR OTHERWISE
REQUIRED TO BE PAID UNDER THE LOAN DOCUMENTS AND REMAINING OUTSTANDING ON OR
PRIOR TO THE DATE OF THIS AMENDMENT, IN EACH CASE FOR WHICH THE INVOICE FOR SUCH
FEES AND EXPENSES SHALL HAVE BEEN PRESENTED TO THE BORROWER.

 

(C)   LEGAL OPINIONS.  THE PAYING AGENT AND THE LEAD ARRANGER SHALL HAVE
RECEIVED FAVORABLE OPINIONS OF BARRETT & MCNAGNY, LLP AND GREENBERG TRAURIG,
LLP, COUNSEL FOR THE LOAN PARTIES, ADDRESSED TO THE LEAD ARRANGER, THE
ADMINISTRATIVE AGENTS AND THE LENDERS PARTY HERETO, AS TO SUCH MATTERS AS THE
ADMINISTRATIVE AGENTS OR THE LEAD ARRANGER MAY REASONABLY REQUEST.

 

(D)   PREPAYMENT OF TERM A ADVANCES.  THE BORROWER SHALL HAVE PREPAID THE TERM A
ADVANCES IN FULL, TOGETHER WITH ACCRUED AND UNPAID INTEREST THEREON; PROVIDED
THAT NO MORE THAN $150,000,000 OF PROCEEDS UNDER THE REVOLVING CREDIT FACILITY
MAY BE USED IN CONNECTION WITH SUCH PREPAYMENT.

 

SECTION 3.       Novation of Commitments.  Effective as of the date hereof, ABN
AMRO Bank, N.V. wishes to and does hereby transfer by novation to RBS Citizens,
N.A., and RBS Citizens, N.A. wishes to and does hereby accept the transfer by
novation of, all the rights, liabilities, duties and obligations of ABN AMRO
Bank, N.V. under and in respect of the Loan Documents, including the Commitments
of, and the Advances owing to, ABN AMRO Bank, N.V..  Borrower wishes to and does
hereby accept this novation.

 

SECTION 4.       Representations and Warranties.  In order to induce the Lenders
to execute and deliver this Amendment, the Borrower represents and warrants to
the Agents, the Lenders and the Issuing Bank that, after giving effect to the
terms of this Amendment, the following statements are true and correct:  (a) the
representations and warranties set forth in Article IV of the Credit Agreement
and in the other Loan Documents are true and correct on the and as of the date
of this Amendment as if made on the date of this Amendment and after giving
effect to this Amendment (unless stated to relate solely to an earlier date, in
which case such representations and warranties were true and correct in all
material respects as of such earlier date) and (b) no Default has occurred and
is continuing.

 

SECTION 5.       Reference to and Effect on the Credit Agreement and the Loan
Documents.

 

(A)   ON AND AFTER THE EFFECTIVENESS OF THIS AMENDMENT, EACH REFERENCE IN THE
CREDIT AGREEMENT TO “THIS AGREEMENT”, “HEREUNDER”, “HEREOF” OR WORDS OF LIKE
IMPORT REFERRING TO THE CREDIT AGREEMENT AND EACH REFERENCE IN THE NOTES AND
EACH OF THE OTHER LOAN DOCUMENTS TO “THE CREDIT AGREEMENT”, “THEREUNDER”,
“THEREOF” OR WORDS OF LIKE IMPORT REFERRING TO THE CREDIT AGREEMENT SHALL MEAN
AND BE A REFERENCE TO THE CREDIT AGREEMENT, AS AMENDED BY THIS AMENDMENT.

 

(B)   THE CREDIT AGREEMENT, THE NOTES AND EACH OF THE OTHER LOAN DOCUMENTS, AS
SPECIFICALLY AMENDED BY THIS AMENDMENT (AND AS CONTEMPLATED TO BE AMENDED,
MODIFIED, SUPPLEMENTED, RESTATED, SUBSTITUTED OR REPLACED BY THIS AMENDMENT)
ARE, AND SHALL CONTINUE TO BE, IN FULL FORCE AND EFFECT AND IS HEREBY IN ALL
RESPECTS RATIFIED AND CONFIRMED.  WITHOUT LIMITING THE GENERALITY OF THE
FOREGOING, THE COLLATERAL DOCUMENTS AND ALL OF THE COLLATERAL DESCRIBED THEREIN
DO AND SHALL CONTINUE TO SECURE THE PAYMENT OF ALL OBLIGATIONS OF THE LOAN
PARTIES UNDER THE LOAN DOCUMENTS (AND AS CONTEMPLATED TO BE AMENDED, MODIFIED,
SUPPLEMENTED, RESTATED, SUBSTITUTED OR REPLACED BY THIS AMENDMENT).

 

5

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(C)   THE EXECUTION, DELIVERY AND EFFECTIVENESS OF THIS AMENDMENT SHALL NOT,
EXCEPT AS EXPRESSLY PROVIDED HEREIN, OPERATE AS A WAIVER OF ANY RIGHT, POWER OR
REMEDY OF ANY LENDER OR THE PAYING AGENT UNDER ANY OF THE LOAN DOCUMENTS, NOR
CONSTITUTE A WAIVER OF ANY PROVISION OF ANY OF THE LOAN DOCUMENTS.  ON AND AFTER
THE EFFECTIVENESS OF THIS AMENDMENT, THIS AMENDMENT SHALL FOR ALL PURPOSES
CONSTITUTE A LOAN DOCUMENT.

 

SECTION 6.       Execution in Counterparts.  This Amendment may be executed in
any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute but one and the same
agreement.  Delivery of an executed counterpart of a signature page to this
Amendment by telecopier, facsimile or other electronic transmission (i.e. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of
this Amendment.

 

SECTION 7.       Governing Law.  This Amendment shall be governed by, and
construed in accordance with, the laws of the State of New York.

 

[Remainder of this page intentionally left blank.]

 

6

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

 

 

STEEL DYNAMICS, INC.

 

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name:

Theresa E. Wagler

 

 

Title: 

Executive Vice President and
Chief Financial Officer

 

[Amendment No. 4]

 

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BANK OF AMERICA, N.A.,

 

as a Lender

 

 

 

 

 

By:

/s/ David McCauley

 

 

Name:

David McCauley

 

 

Title: 

Senior Vice President

 

[Amendment No. 4]

 

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NATIONAL CITY BANK,

 

as Administrative Agent

 

 

 

 

 

By:

/s/ David G. McNeely

 

 

Name:

David G. McNeely

 

 

Title: 

Senior Vice President

 

 

 

 

NATIONAL CITY BANK,

 

as a Lender

 

 

 

 

 

By:

/s/ David G. McNeely

 

 

Name:

David G. McNeely

 

 

Title: 

Senior Vice President

 

[Amendment No. 4]

 

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WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

as Administrative Agent

 

 

 

By:

/s/ Rosalie P. Hawley

 

 

Name:

Rosalie P. Hawley

 

 

Title:

Vice President

 

 

 

 

 

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

as a Lender

 

 

 

By:

/s/ Rosalie P. Hawley

 

 

Name:

Rosalie P. Hawley

 

 

Title:

Vice President

 

[Amendment No. 4]

 

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ABN AMRO BANK N.V.,

 

as a Lender

 

 

 

By:

/s/ Scott Donaldson

 

 

Name:

Scott Donaldson

 

 

Title:

Director

 

 

 

 

By:

/s/ Todd Vaubel

 

 

Name:

Todd Vaubel

 

 

Title:

Vice President

 

[Amendment No. 4]

 

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ABN AMRO BANK, as a Lender

 

 

 

 

 

By:

 

 

 

Name:Scott Donaldson

 

 

Title:Director

 

 

 

 

 

 

 

By:

 

 

 

Name:Todd Vaubel

 

 

Title:Vice President

 

 

 

 

 

 

 

Ascension Loan Vehicle LLC, as a Lender

 

 

 

 

 

By:

 

 

 

Name: Melissa James

 

 

Title:Vice President

 

 

 

 

 

 

 

BMO Capital Markets Financing, as a Lender

 

 

 

 

 

By:

 

 

 

Name:Thad Rasche

 

 

Title:Director

 

 

 

 

 

 

 

CHANG HWA Commercial Bank LTD. Los Angeles Branch, as a Lender

 

 

 

 

 

By:

 

 

 

Name:Beverley Chen

 

 

Title:VP & General Manager

 

 

 

 

 

 

 

Citibank N.A., as a Lender

 

 

 

 

 

By:

 

 

 

Name: Raymond G. Dunning

 

 

Title: Vice President

 

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Export Development Canada, as a Lender

 

 

 

 

 

By:

 

 

 

Name:Matthew Devine

 

 

Title:Asset Manager

 

 

 

 

 

 

 

By:

 

 

 

Name: Shawn Cusick

 

 

Title: Loan Portfolio Manager

 

 

 

 

 

 

 

Firth Third Bank , as a Lender

 

 

 

 

 

By:

 

 

 

Name:David O’Neal

 

 

Title:Vice President

 

 

 

 

 

 

 

First Merit Bank, N.A. , as a Lender

 

 

 

 

 

By:

 

 

 

Name:Robert G. Morlan

 

 

Title:Senior Vice President

 

 

 

 

 

 

 

Goldman Sachs Credit Partners, L.P., as a Lender

 

 

 

 

 

By:

 

 

 

Name:John Makrinos

 

 

Title:Authorized Signatory

 

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Hua Han Commerical Bank Ltd. New York
Agency, as a Lender

 

 

 

 

 

 

 

By:

 

 

 

Name:Henry Hsieh

 

 

Title:Assistant Vice President

 

 

 

 

 

 

 

JPMORGAN CHASE BANK, N.A., as a Lender

 

 

 

 

 

 

 

By:

 

 

 

Name:Stacey Haimes

 

 

Title:Executive Director

 

 

 

 

 

 

 

Keybank National Association, as a Lender

 

 

 

 

 

 

 

By:

 

 

 

Name:Suzannah Harris

 

 

Title:Vice President

 

 

 

 

 

 

 

Mizuho Corporate Bank (USA), as a Lender

 

 

 

 

 

 

 

By:

 

 

 

Name:Bertram Tang

 

 

Title:Senior Vice President & Team

 

 

 

 

 

 

 

Morgan Stanley Bank, N.A., as a Lender

 

 

 

 

 

 

 

By:

 

 

 

Name:James E. Boneffo

 

 

Title:Authorized Signatory

 

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Morgan Stanley Senior Funding, Inc. as a Lender

 

 

 

 

 

 

 

By:

 

 

 

Name:Stephen B King

 

 

Title:Vice President

 

 

 

 

 

 

 

The Norinchunkin Bank New York Branch as a Lender

 

 

 

 

 

 

 

By:

 

 

 

Name:Noritsugi Sato

 

 

Title:General Manager

 

 

 

 

 

 

 

The Northern Trust Company. as a Lender

 

 

 

 

 

 

 

By:

 

 

 

Name:Phillip McCaulay

 

 

Title:Vice President

 

 

 

 

 

 

 

PNC Bank National Association. as a Lender

 

 

 

 

 

 

 

By:

 

 

 

Name:David B Gookin

 

 

Title:Senior Vice President

 

 

 

 

 

 

 

Raymond James Bank FSB as a Lender

 

 

 

 

 

 

 

By:

 

 

 

Name:Joseph A Ciccolini

 

 

Title:VP - Senior Corporate Banker

 

 

 

 

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RBS Citizens, N.A. ,as a Lender

 

 

 

 

 

By:

 

 

 

Name:Andre A. Nazareth

 

 

Title:Senior Vice President

 

 

 

 

 

Scotiabanc Inc.. as a Lender

 

 

 

 

 

By:

 

 

 

Name:J.F. Todd

 

 

Title:Managing Director

 

 

 

 

 

Sun Trust Bank . as a Lender

 

 

 

 

 

By:

 

 

 

Name:Baerbel Freudenthaler

 

 

Title:Vice President

 

 

 

 

 

TD Bank, N.A. (fka TD Banknorth) as a Lender

 

 

 

 

 

By:

 

 

 

Name:J.R. Riley

 

 

Title:Managing Director

 

 

 

 

 

Taipei Fubon Commercial Bank Los Angeles Branch. as a Lender

 

 

 

 

 

By:

 

 

 

Name:Sophia Jing

 

 

Title:FVP & GM

 

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Union Bank of California. as a Lender

 

 

 

 

 

By:

 

 

 

Name:Christopher Freeman

 

 

Title:Vice President

 

 

 

 

 

US Bank National Association. as a Lender

 

 

 

 

 

By:

 

 

 

Name:John Eyerman

 

 

Title:Portfolio Manager

 

 

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CONSENT

 

Dated as of June 12, 2009

 

Each of the undersigned, as Guarantor under the Amended and Restated Subsidiary
Guaranty and Grantor under the Amended and Restated Security Agreement (as
amended by the Amendment No. 3 to the Credit Agreement and Amendment No. 1 to
the Security Agreement dated as of the March 31, 2008), for the benefit of the
Paying Agent and the benefit of the Lenders parties to the Credit Agreement
referred to in the foregoing Amendment, hereby consents to such Amendment and
hereby confirms and agrees that (a) notwithstanding the effectiveness of such
Amendment, each of the Amended and Restated Subsidiary Guaranty and Amended and
Restated Security Agreement is, and shall continue to be, in full force and
effect and is hereby ratified and confirmed in all respects, except that, on and
after the effectiveness of such Amendment, each reference in the Amended and
Restated Subsidiary Guaranty and Amended and Restated Security Agreement to the
“Credit Agreement”, “thereunder”, “thereof” or words of like import shall mean
and be a reference to the Credit Agreement, as amended by such Amendment, and
(b) the Collateral Documents to which such Grantor is a party and all of the
Collateral described therein do, and shall continue to, secure the payment of
all of the Secured Obligations (in each case, as defined therein).

 

This Consent shall be governed by, and construed in accordance with, the laws of
the State of New York

 

[signature pages to follow]

 

[Amendment No. 4]

 

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SDI INVESTMENT COMPANY

 

 

 

 

By

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: President

 

 

 

 

NEW MILLENNIUM BUILDING SYSTEMS, LLC

 

 

 

 

By:

STEEL DYNAMICS, INC., its sole member

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

STEEL DYNAMICS SALES NORTH AMERICA, INC.

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

ROANOKE ELECTRIC STEEL CORPORATION

 

 

 

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

JOHN W. HANCOCK, JR., LLC

 

 

 

 

By:

ROANOKE ELECTRIC STEEL CORPORATION, MANAGER AND SOLE MEMBER

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

NEW MILLENNIUM BUILDING SYSTEMS, INC.

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

SOCAR OF OHIO, INC.

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

[Amendment No. 4]

 

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

 

 

STEEL OF WEST VIRGINIA, INC.

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

SWVA, INC.

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

MARSHALL STEEL, INC.

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

STEEL VENTURES, INC.

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

SHREDDED PRODUCTS II, LLC

 

 

 

 

By:

STEEL DYNAMICS, INC., MANAGER AND SOLE MEMBER

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

THE TECHS INDUSTRIES, INC.

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

ADMETCO, INC.

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

[Amendment No. 4]

 

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

 

 

AUBURN INVESTMENT COMPANY, LLC

 

 

 

 

By:

OMNISOURCE CORPORATION, SOLE MEMBER

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

CAPITOL CITY METALS, LLC

 

 

 

 

By:

OMNISOURCE INDIANAPOLIS, SOLE MEMBER

 

 

 

BY:

OMNISOURCE CORPORATION, SOLE MEMBER

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

 

 

 

GLOBAL SHREDDING TECHNOLOGIES, LTD., LLC

 

 

 

 

By:

OMNISOURCE CORPORATION, SOLE MEMBER

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

INDUSTRIAL SCRAP CORPORATION

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

INDUSTRIAL SCRAP, LLC

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

JACKSON IRON & METAL COMPANY, INC.

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

[Amendment No. 4]

 

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

 

 

LUCKY STRIKE METALS, LLC

 

 

 

 

By:

OMNISOURCE CORPORATION, SOLE MEMBER

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

MICHIGAN PROPERTIES ECORSE, LLC

 

 

 

 

By:

OMNISOURCE CORPORATION, SOLE MEMBER

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

OMNISOURCE BAY CITY, LLC

 

 

 

 

By:

JACKSON IRON & METAL COMPANY, INC., SOLE MEMBER

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

OMNISOURCE ATHENS DIVISION, LLC

 

 

 

 

By:

OMNISOURCE CORPORATION, SOLE MEMBER

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

OMNISOURCE CORPORATION

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

OMNISOURCE INDIANAPOLIS, LLC

 

 

 

 

By:

OMNISOURCE CORPORATION, SOLE MEMBER

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

[Amendment No. 4]

 

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

 

 

OMNISOURCE MEXICO, LLC

 

 

 

 

By:

OMNISOURCE CORPORATION, SOLE MEMBER

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

OMNISOURCE TRANSPORT, LLC

 

 

 

 

By:

OMNISOURCE CORPORATION, SOLE MEMBER

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

OMNISOURCE, LLC

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

RECOVERY TECHNOLOGIES, LLC

 

 

 

 

By:

OMNISOURCE CORPORATION, SOLE MEMBER

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

SCIENTIFIC RECYCLING GROUP, LLC

 

 

 

 

By:

OMNISOURCE CORPORATION, SOLE MEMBER

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

 

 

 

SUPERIOR ALUMINUM ALLOYS, LLC

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Name: Theresa E. Wagler

 

 

Title: Vice President

 

[Amendment No. 4]

 

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

 

 

OMNISOURCE SOUTHEAST, LLC

 

 

 

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Theresa E. Wagler, Vice President

 

 

 

 

COHEN & GREEN SALVAGE CO., INC.

 

 

 

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Theresa E. Wagler, Vice President

 

 

 

 

LUMBERTON RECYCLING COMPANY, INC.

 

 

 

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Theresa E. Wagler, Vice President

 

 

 

 

RAEFORD SALVAGE COMPANY, INC.

 

 

 

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Theresa E. Wagler, Vice President

 

 

 

 

CAROLINAS RECYCLING GROUP, LLC

 

 

 

 

BY:

OMNISOURCE SOUTHEAST, LLC, MANAGER AND SOLE MEMBER

 

 

 

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Theresa E. Wagler, Vice President

 

 

 

 

 

 

 

ATLANTIC SCRAP AND PROCESSING-WILMINGTON, LLC

 

 

 

 

BY:

OMNISOURCE SOUTHEAST, LLC, MANAGER AND SOLE MEMBER

 

 

 

 

By:

/s/ Theresa E. Wagler

 

 

Theresa E. Wagler, Vice President

 

[Amendment No. 4]

 

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