Document:

form10q-exhibit10d.htm

Exhibit 10(d)

 

EXECUTION VERSION

 

 

AMENDMENT NO. 1 TO LETTER OF CREDIT AGREEMENT

 

AMENDMENT dated as of August 2, 2011 (this “Amendment”) to the Letter of Credit Agreement dated as of April 29, 2011 (the “Credit Agreement”) among KENTUCKY UTILITIES COMPANY (the “Borrower”), the LENDERS from time to time party thereto (the “Lenders”), BANCO BILBAO VIZCAYA ARGENTARIA, S.A., NEW YORK BRANCH, as Administrative Agent and Lender (the “Agent”) and SUMITOMO MITSUI BANKING CORPORATION, NEW YORK BRANCH, as Issuing Lender and Lender.

 

RECITALS:

 

WHEREAS, the parties hereto desire to amend the Credit Agreement to modify the definitions of “Applicable Percentage” and “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 “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 the applicable rate for the Facility Fee for any day for purposes of Section 2.03(a), the appropriate applicable percentage set forth below corresponding to 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

Facility Fees

	
Category A

	
> A from S&P / A2 from

Moody’s

	
1.000%

	
Category B

	
> A- from S&P / A3 from

Moody’s

	
1.100%

  

1

  

	
Category C

	
BBB+ from S&P / Baa1 from

Moody’s

	
1.200%

	
Category D

	
BBB from S&P / Baa2 from

Moody’s

	
1.325%

	
Category E

	
BBB- from S&P / Baa3 from

Moody’s

	
1.500%

	
Category F

	
≤BB+ from S&P / Ba1

from Moody’s

	
1.625%

(b)  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 rating that is one notch below the senior secured long-term debt rating of the Borrower from S&P or Moody’s.

 

Section 3.  Applicable Percentage.  For the avoidance of doubt, as of the date hereof, the Applicable Percentage (as determined by reference to the Borrower’s Rating as of the date hereof), is as specified for Category B Borrower’s Ratings.

 

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

 

Section 5.  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 6.  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 7.  Effectiveness.  This Amendment shall become effective 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.

 

  

2

  

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.

 

	
KENTUCKY UTILITIES COMPANY

	 
	
By:

	/s/ Daniel K. Arbough
	 	
Name:  Daniel K. Arbough

	 	
Title:   Treasurer

[Signature Page to Amendment No. 1 to Letter of Credit Agreement]

  

  

  

	
BANCO BILBAO VIZCAYA ARGENTARIA, S.A., NEW YORK BRANCH, as Administrative Agent and Lender

	 	 
	
By:

	/s/ Michael Oka
	 	
Name: Michael Oka

	 	
Title:   Executive Director

	  
	
By:

	 
/s/ Nietzsche Rodricks  

	 	
Name:  Nietzsche Rodricks

	 	
Title:    Executive Director

[Signature Page to Amendment No. 1 to Letter of Credit Agreement]

  

  

  

	
SUMITOMO MITSUI BANKING CORPORATION, NEW YORK BRANCH, as Issuing Lender and Lender

	 
	
By:

	/s/ Masakazu Hasegawa  
	 	
Name:  Masakazu Hasegawa  

	 	
Title:    General Manager

[Signature Page to Amendment No. 1 to Letter of Credit Agreement]form10q-exhibit10a.htm

Exhibit 10a

 

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 KENTUCKY UTILITIES 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.

 

	
KENTUCKY UTILITIES 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

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