Document:

Exhibit 4.2

 

EXECUTION VERSION

 

FIRST AMENDMENT TO FOURTH AMENDED AND RESTATED INTERCREDITOR AGREEMENT, dated as of June 25, 2019 (this “Amendment”) in respect of the Fourth Amended and Restated Intercreditor Agreement, dated as of June 27, 2018 (as amended, restated, amended and restated, modified and/or supplemented prior to the date hereof, the “Intercreditor Agreement”) among, inter alia, DEUTSCHE BANK AG NEW YORK BRANCH, as Lender Agent for the Lenders party to the Credit Agreement, DEUTSCHE BANK AG NEW YORK BRANCH, as Collateral Agent, and those other persons party thereto;

 

WHEREAS, reference is made to that certain Third Amended and Restated Credit Agreement, dated as of June 25, 2019 (as amended, restated, amended and restated, modified and/or supplemented from time to time, the “Third Amended and Restated Credit Agreement”), among, inter alia, OWENS-ILLINOIS GROUP, INC., a Delaware corporation (“Company”), OWENS-BROCKWAY GLASS CONTAINER INC., a Delaware corporation (“Owens-Brockway”), O-I OPERATIONS (AUSTRALIA) PTY. LIMITED, ABN 94 004 230 326, a limited liability company organized under the laws of Australia (“O-I Australia”), OI EUROPEAN GROUP B.V., a private company with limited liability organized under the laws of the Netherlands with its registered offices (statutaire zetel) in Schiedam, the Netherlands and registered under number 24291478 (“OIEG”), O-I EUROPE SÀRL, a Swiss Société à responsabilité limitée (limited liability corporation) (“OI Europe”), O-I CANADA CORP., a Nova Scotia company (“O-I Canada”), O-I OPERATIONS (NZ) LTD., a limited liability company incorporated under the laws of New Zealand (“O-I NZ”), GLASS INTERNATIONAL OISPV, S.A.P.I. de C.V., S.O.F.O.M., E.N.R.., a sociedad anónima promotora de inversión de capital variable, sociedad financiera de objeto múltiple, entidad no regulada, organized under the laws of Mexico (“O-I Mexico”) and OWENS-ILLINOIS GENERAL INC., a Delaware corporation (“O-I General”), as Borrowers’ Agent (in such capacity “Borrowers’ Agent”), Deutsche Bank AG New York Branch, as Administrative Agent, the lenders party thereto from time to time (the “Lenders”) and the other parties thereto from time to time;

 

WHEREAS, pursuant to Section 8(b) of the Intercreditor Agreement, the Lender Agent and the Collateral Agent desire to amend the Intercreditor Agreement;

 

WHEREAS, pursuant to the Third Amended and Restated Credit Agreement, the Lenders constituting the Requisite Obligees have consented in writing to the terms of this Amendment;

 

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 Intercreditor Agreement has the meaning assigned to such term in the Intercreditor 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 Intercreditor Agreement shall, after the First Amendment Effective Date (as defined below), refer to the Intercreditor Agreement as amended hereby. This Amendment is a Loan Document under (and as defined in) the Third Amended and Restated Credit Agreement.

 

Section 2.                                          Amendments to Intercreditor Agreement. The Intercreditor Agreement is hereby amended as follows:

 

(a)                                 Paragraph 10 of the Recitals is hereby amended and restated in its entirety as follows:

 

10.                               The lenders, Lender Agent and Collateral Agent have entered into a certain Second Amended and Restated Credit Agreement as of June 27, 2018 with the Borrowers named therein, Company and Borrowers’ Agent (as amended, amended 

 

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and restated and/or otherwise modified from time to time, the “2018 Credit Agreement”. The 2018 Credit Agreement replaced the 2015 Credit Agreement in its entirety.

 

(b)                                 The following paragraphs shall be inserted immediately after paragraph 10 of the Recitals:

 

11.                               In connection with the 2018 Credit Agreement, the Lender Agent and the Collateral Agent executed that certain Fourth Amended and Restated Intercreditor Agreement dated as of June 27, 2018 (the “Fourth Amended and Restated Intercreditor Agreement”), which amended and restated the Third Amended and Restated Intercreditor Agreement.

 

12.                               The lenders, Lender Agent and Collateral Agent have entered into a certain Third Amended and Restated Credit Agreement as of June 25, 2019 with the Borrowers named therein, Company and Borrowers’ Agent (as amended, amended and restated and/or otherwise modified from time to time, the “Credit Agreement”, which term shall also include and refer to any successor or replacement facility of Company and/or its Subsidiaries designated in writing as such by Borrowers’ Agent with Collateral Agent’s consent and acknowledgment of the termination or replacement of the predecessor Credit Agreement by an agent for the lenders thereunder). The Credit Agreement replaces the 2018 Credit Agreement in its entirety, is hereby designated in writing as such by the Borrowers’ Agent in accordance with the Fourth Amended and Restated Intercreditor Agreement, and Collateral Agent hereby consents thereto and acknowledges the amendment and restatement and replacement of the predecessor 2018 Credit Agreement. Initially capitalized terms used herein without definition are defined in the Credit Agreement.

 

(c)                                  Paragraph 11 of the Recitals is hereby renumbered as paragraph 13, and (i) the reference therein to “or to the Third Amended and Restated Intercreditor Agreement” shall be replaced with “, to the Third Amended and Restated Intercreditor Agreement or to the Fourth Amended and Restated Intercreditor Agreement” and (ii) the reference therein to “or the Third Amended and Restated Intercreditor Agreement” shall be replaced with “, the Third Amended and Restated Intercreditor Agreement or the Fourth Amended and Restated Intercreditor Agreement”.

 

(d)                                 Paragraph 12 of the Recitals is hereby renumbered as paragraph 14, and is hereby amended and restated in its entirety as follows:

 

14.                               In connection with the Credit Agreement, Lender Agent and Collateral Agent have been directed by the Requisite Obligees, pursuant to Section 9(b) of the Fourth Amended and Restated Intercreditor Agreement, to amend the Fourth Amended and Restated Intercreditor Agreement pursuant to that certain First Amendment to Fourth Amended and Restated Intercreditor Agreement dated as of June 25, 2019.

 

(e)                                  Paragraphs 13, 14 and 15 of the Recitals are hereby renumbered as paragraphs 15, 16 and 17, respectively.

 

(f)                                   Paragraph 16 of the Recitals is hereby renumbered as paragraph 18, and is hereby amended and restated in its entirety as follows:

 

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18.                               On June 25, 2019, each of Company, Owens-Brockway, Packaging and each other Subsidiary Guarantor have agreed to reaffirm and modify their respective obligations under the Company Guaranty, the Domestic Borrowers’ Guaranty, the Subsidiary Guaranty and the Pledge Agreement (as defined below) and the Security Agreement (as defined below) pursuant to the Domestic Guarantor Consent and Reaffirmation, dated as of June 25, 2019 (the “Reaffirmation Agreement”) by and among the Company, Owens-Brockway, Packaging, each other Subsidiary Guarantor and the Collateral Agent.

 

(g)                                  Paragraphs 17, 18, 19, 20, 21, 22, 23 and 24 of the Recitals are hereby renumbered as paragraphs 19, 20, 21, 22, 23, 24, 25 and 26, respectively.

 

(h)                                 Section 1 is hereby amended by removing the text “or the Third Amended and Restated Intercreditor Agreement” appearing therein and inserting the text “, the Third Amended and Restated Intercreditor Agreement or the Fourth Amended and Restated Intercreditor Agreement” in lieu thereof.

 

(i)                                     Section 2(a) is hereby amended by removing the text “the relevant acknowledge hereto” appearing therein and inserting the text “the relevant acknowledgement hereto” in lieu thereof.

 

(j)                                    Section 3(a)(i) is hereby amended by removing the text “deposits into the L/C Collateral Account” and inserting the text “deposited into the L/C Collateral Account” in lieu thereof.

 

(k)                                 Exhibit B to the Intercreditor Agreement is amended and restated in its entirety as set forth on Exhibit A attached hereto.

 

Section 3.                                          Effectiveness. This Amendment shall become effective on the date (the “First Amendment Effective Date”) when the Lender Agent shall have received (x) from the Lender Agent, Collateral Agent and each Guarantor, (i) a counterpart of this Amendment signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy or electronic transmission of a signed signature page of this Amendment) that such party has signed a counterpart of this Amendment and (y) a copy of the Third Amended and Restated Credit Agreement, duly executed by the parties thereto (including, without limitation, the Requisite Obligors).

 

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.                                          Counterparts. This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract.  Delivery of an executed signature page to this Amendment by facsimile transmission or other electronic transmission shall be as effective as delivery of a manually signed counterpart of this Amendment.

 

Section 6. Miscellaneous. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lender Agent, the Collateral Agent, any Secured Party or any Grantor under the Intercreditor Agreement, and shall not (except as expressly set forth herein) alter, modify, amend or in any way affect 

 

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any of the terms, conditions, obligations, covenants or agreements contained in the Intercreditor Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect.

 

[SIGNATURE PAGES FOLLOW]

 

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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.

 

	
DEUTSCHE   BANK AG NEW YORK BRANCH,
    	
 
    
	
as   Lender Agent
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/Michael Strobel
    	
 
    
	
Name:
    	
Michael Strobel
    	
 
    
	
Title:
    	
Vice President
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/Yumi Okabe
    	
 
    
	
Name:
    	
Yumi Okabe
    	
 
    
	
Title:
    	
Vice President
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
DEUTSCHE   BANK AG NEW YORK BRANCH,
    	
 
    
	
as   Collateral Agent
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/Michael Strobel
    	
 
    
	
Name:
    	
Michael Strobel
    	
 
    
	
Title:
    	
Vice President
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/Yumi Okabe
    	
 
    
	
Name:
    	
Yumi Okabe
    	
 
    
	
Title:
    	
Vice President
    	
 
    

 

 

[SIGNATURE PAGE TO OWENS-ILLINOIS FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

 

 

Each GRANTOR, by its execution of this Agreement in the space provided below, HEREBY ACKNOWLEDGES AND AGREES to the foregoing provisions of this Agreement.

 

 

	
On behalf of each entity on the attached Exhibit B, in the   capacity set forth for such entity on such Exhibit B
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Anand Patel
    	
 
    
	
Name:
    	
Anand Patel
    	
 
    

 

 

[SIGNATURE PAGE TO OWENS-ILLINOIS FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

 

 

EXHIBIT A

 

 

EXHIBIT B

TO

FOURTH AMENDED AND RESTATED INTERCREDITOR AGREEMENT

 

	
Lender
    	
 
    	
O-I Legal Entity
    	
 
    	
Type of Credit Exposure
    
	
Bank of America, N.A.
    	
 
    	
Owens-Brockway Glass Container, Inc.
    	
 
    	
Bilateral Term Loan Agreement
    
	
Bank of America, N.A
    	
 
    	
O-I Canada Corp.
    	
 
    	
Currency Obligations
    
	
Bank of America, N.A
    	
 
    	
O-I Europe Sàrl
    	
 
    	
Currency Obligations pursuant to Currency Agreements
    
	
Bank of America, N.A
    	
 
    	
OI European Group B.V.
    	
 
    	
Currency Obligations
    
	
Bank of America, N.A
    	
 
    	
Owens-Brockway Glass Container, Inc.
    	
 
    	
Hedging Agreements
    
	
Bank of America, N.A
    	
 
    	
Owens-Illinois General, Inc.
    	
 
    	
Foreign Exchange Transactions and Foreign Currency   Investments
    
	
Bank of America, N.A
    	
 
    	
Owens-Illinois Group, Inc.
    	
 
    	
Currency Obligations
    
	
Bank of America, N.A.
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
All currency obligations
    
	
Bank of America, N.A.
    	
 
    	
Owens-Illinois General, Inc.
    	
 
    	
All obligations in respect of overdrafts
    
	
Bank of America, N.A.
    	
 
    	
OI European Group B.V.
    	
 
    	
Hedging Agreements
    
	
Bank of America, N.A.
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
Hedging Agreements
    
	
Barclays Bank PLC
    	
 
    	
Owens-Brockway Glass Container, Inc.
    	
 
    	
Hedging Agreements
    
	
BNP Paribas
    	
 
    	
ACI Operations NZ Ltd.
    	
 
    	
364 day Revolving Credit Facility
    
	
BNP Paribas
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
Foreign Exchange
    
	
BNP Paribas
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
Hedging Agreements
    
	
BNP Paribas
    	
 
    	
O-I Europe Sàrl
    	
 
    	
Hedging Agreements (Foreign Exchange)
    
	
BNP Paribas
    	
 
    	
O-I Europe Sàrl
    	
 
    	
Hedging Agreements (Commodity Hedging)
    
	
BNP Paribas
    	
 
    	
OI European Group B.V.
    	
 
    	
Hedging Agreements (Foreign Exchange)
    
	
BNP Paribas
    	
 
    	
O-I Manufacturing France
    	
 
    	
Committed Overdraft Facility
    
	
BNP Paribas
    	
 
    	
Owens-Brockway Glass Container, Inc.
    	
 
    	
Hedging Agreements
    
	
Canadian Imperial Bank of Commerce
    	
 
    	
Owens-Brockway Glass Container, Inc.
    	
 
    	
Hedging Agreements
    

 

 

	
Citigroup Global Markets Limited
    	
 
    	
O-I Europe Sàrl
    	
 
    	
Hedging Agreements
    
	
Coöperatieve Rabobank U.A.
    	
 
    	
ACI Operations NZ Ltd.
    	
 
    	
Hedging Agreements
    
	
Coöperatieve Rabobank U.A.
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
Hedging Agreements
    
	
Coöperatieve Rabobank U.A.
    	
 
    	
OI European Group B.V.
    	
 
    	
Hedging Agreements
    
	
Crédit Agricole Corporate and Investment Bank
    	
 
    	
Owens-Brockway Glass Container, Inc.
    	
 
    	
Bilateral Term Loan Agreement
    
	
Crédit Agricole Corporate and Investment Bank
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
Hedging Agreements
    
	
Crédit Agricole Corporate and Investment Bank
    	
 
    	
Subsidiaries of Owens-Illinois, Inc.
    	
 
    	
Hedging Agreements (Currency Hedging Transactions)
    
	
Crédit Agricole Corporate and Investment Bank
    	
 
    	
Owens-Illinois Group, Inc.
    	
 
    	
Hedging Agreements (Currency Obligations and   Interest Rate Agreement (ISDAs))
    
	
Crédit Agricole Corporate and Investment Bank
    	
 
    	
Owens-Illinois Group, Inc. and its subsidiaries
    	
 
    	
Hedging Agreements (Commodity Hedging Transactions)
    
	
Crédit Agricole Corporate and Investment Bank
    	
 
    	
OI European Group B.V.
    	
 
    	
Hedging Agreements
    
	
Deutsche Bank AG, New York Branch
    	
 
    	
Owens-Illinois Group, Inc. and its subsidiaries
    	
 
    	
Guaranty
    
	
Deutsche Bank AG, New York Branch
    	
 
    	
Owens-Brockway Glass Container, Inc., ACI   Operations Pty. Ltd., OI European Group B.V., O-I Europe Sàrl, O-I Canada   Corp., and Owens-Illinois Group, Inc.
    	
 
    	
Intercreditor Agreement
    
	
Deutsche Bank AG, New York Branch
    	
 
    	
Owens-Brockway Glass Container Inc.
    	
 
    	
Domestic Overdraft Agreement
    
	
Deutsche Bank AG
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
Money Market Account
    
	
Deutsche Bank AG
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
Hedging Agreements
    
	
Deutsche Bank AG
    	
 
    	
OI European Group B.V.
    	
 
    	
Hedging Agreements
    
	
Fifth Third Bank
    	
 
    	
Owens-Illinois
    	
 
    	
Commercial Letter of Credit Agreement
    
	
Fifth Third Bank
    	
 
    	
Owens-Brockway Glass Container, Inc.
    	
 
    	
Hedging Agreements
    
	
Goldman Sachs Bank USA
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
Hedging Agreements
    
	
Goldman Sachs Bank USA
    	
 
    	
OI European Group B.V.
    	
 
    	
Hedging Agreements
    
	
Goldman Sachs Capital Markets, L.P.
    	
 
    	
Owens-Brockway Glass Container, Inc.
    	
 
    	
Hedging Agreements (Interest Rate Agreement)
    
	
JPMorgan Chase Bank, N.A.
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
Hedging Agreements
    
	
JPMorgan Chase Bank, N.A.
    	
 
    	
ACI Operations NZ Ltd.
    	
 
    	
Hedging Agreements
    

 

 

	
JPMorgan Chase Bank, N.A.
    	
 
    	
OI European Group B.V.
    	
 
    	
Hedging Agreements
    
	
JPMorgan Chase Bank, N.A.
    	
 
    	
Owens-Brockway Glass Container, Inc.
    	
 
    	
Any Rate Management Transaction
    
	
JPMorgan Chase Bank, N.A.
    	
 
    	
Owens-Brockway Glass Container, Inc.
    	
 
    	
Hedging Agreements
    
	
JPMorgan Chase Bank, N.A. (f/k/a Bank One, NA)
    	
 
    	
O-I Canada Corp.
    	
 
    	
Rate Management Transaction
    
	
JPMorgan Chase Bank, N.A. (f/k/a Bank One, NA)
    	
 
    	
O-I Canada Corp.
    	
 
    	
Currency Transactions
    
	
JPMorgan Chase Bank, N.A. (f/k/a Bank One, NA)
    	
 
    	
O-I Canada Corp.
    	
 
    	
Interest Rate Transactions
    
	
JPMorgan Chase Bank, N.A. (f/k/a Bank One, NA)
    	
 
    	
O-I Canada Corp.
    	
 
    	
Interest Rate Swap and Currency Transactions
    
	
JPMorgan Chase Bank, N.A. (f/k/a Bank One, NA)
    	
 
    	
Owens-Brockway Glass Container, Inc.
    	
 
    	
Hedging Agreements
    
	
TD Bank, N.A.
    	
 
    	
Owens-Brockway Glass Container, Inc.
    	
 
    	
Bilateral Term Loan Agreement
    
	
The Bank of Nova Scotia
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
Hedging Agreements
    
	
The Bank of Nova Scotia
    	
 
    	
OI European Group B.V.
    	
 
    	
Hedging Agreements
    
	
The Bank of Nova Scotia
    	
 
    	
Owens-Brockway Glass Container, Inc.
    	
 
    	
Bilateral Term Loan Agreement (1)
    
	
The Bank of Nova Scotia
    	
 
    	
Owens-Brockway Glass Container, Inc.
    	
 
    	
Bilateral Term Loan Agreement (2)
    
	
The Bank of Nova Scotia
    	
 
    	
Owens-Brockway Glass Container, Inc.
    	
 
    	
Hedging Agreements
    
	
The Bank of Nova Scotia
    	
 
    	
Owens-Illinois General, Inc.
    	
 
    	
FX and Foreign Currency Investments pursuant to   Letter of Authorization dated 2/18/02
    
	
The Bank of Nova Scotia (Scotiabank)
    	
 
    	
Owens-Brockway Glass Container, Inc.
    	
 
    	
Interest Rate Agreement
    
	
The Toronto-Dominion Bank
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
Hedging Agreements
    
	
Wells Fargo Bank, N.A.
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
Hedging Agreements
    
	
Wells Fargo Bank, N.A.
    	
 
    	
OI European Group B.V.
    	
 
    	
Hedging Agreements
    
	
Westpac Banking Corporation
    	
 
    	
ACI International Pty. Ltd.
    	
 
    	
Hedging Agreements
    
	
Westpac Banking Corporation
    	
 
    	
ACI Operations NZ Ltd.
    	
 
    	
Overdraft
    
	
Westpac Banking Corporation
    	
 
    	
ACI Operations NZ Ltd.
    	
 
    	
Multi-Option Trade Facility
    
	
Westpac Banking Corporation
    	
 
    	
ACI Operations NZ Ltd.
    	
 
    	
Set-Off Facility
    
	
Westpac Banking Corporation
    	
 
    	
ACI Operations NZ Ltd.
    	
 
    	
Net Limit
    

 

 

	
Westpac Banking Corporation
    	
 
    	
ACI Operations NZ Ltd.
    	
 
    	
Gross Limit
    
	
Westpac Banking Corporation
    	
 
    	
ACI Operations NZ Ltd. T/AS O-I New Zealand
    	
 
    	
Multi-Option Trade Facility
    
	
Westpac Banking Corporation
    	
 
    	
ACI Operations NZ Ltd.
    	
 
    	
Hedging Agreements
    
	
Westpac Banking Corporation
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
Corporate Card
    
	
Westpac Banking Corporation
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
Multi-Option Trade Facility
    
	
Westpac Banking Corporation
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
Bank Guarantee Facility
    
	
Westpac Banking Corporation
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
Set-Off Facility
    
	
Westpac Banking Corporation
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
Net Limit
    
	
Westpac Banking Corporation
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
Gross Limit
    
	
Westpac Banking Corporation
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
Financial Markets Dealing Facility
    
	
Westpac Banking Corporation
    	
 
    	
ACI Operations Pty. Ltd.
    	
 
    	
Money Market Account
    
	
Westpac Banking Corporation
    	
 
    	
O-I Europe Sàrl
    	
 
    	
Financial Markets Dealing Facility
    
	
Westpac Banking Corporation
    	
 
    	
OI European Group B.V.
    	
 
    	
Financial Markets Dealing Facility
    

 

 

EXHIBIT B

 

	
Pledgors
    	
 
    	
Title of Officer Executing on Behalf of
   Such Pledgor
    
	
OI Australia Inc.
    	
 
    	
Treasurer
    
	
O-I Packaging Solutions LLC
    	
 
    	
Treasurer
    
	
OI General FTS Inc.
    	
 
    	
Treasurer
    
	
Owens-Brockway Glass Container Inc.
    	
 
    	
Vice President and Treasurer
    
	
Owens-Brockway Packaging, Inc.
    	
 
    	
Treasurer
    
	
Owens-Illinois General Inc.
    	
 
    	
Treasurer
    
	
Owens-Illinois Group, Inc.
    	
 
    	
TreasurerExhibit 4.3

 

EXECUTION VERSION

 

DOMESTIC GUARANTOR CONSENT AND REAFFIRMATION

 

June 25, 2019

 

Reference is made to (i) the Second Amended and Restated Credit Agreement and Syndicated Facility Agreement, dated as of June 27, 2018 (as amended, amended and restated and/or otherwise modified through the date hereof, the “Second Amended and Restated Credit Agreement”), by and among OWENS-ILLINOIS GROUP, INC., a Delaware corporation (“Company”), OWENS-BROCKWAY GLASS CONTAINER INC., a Delaware corporation (“Owens-Brockway”), O-I OPERATIONS (AUSTRALIA) PTY LIMITED, ABN 94 004 230 326, a limited liability company incorporated under the laws of Australia (“O-I Australia”), OI EUROPEAN GROUP B.V., a private company with limited liability organized under the laws of the Netherlands with its registered offices (statutaire zetel) in Schiedam, the Netherlands and registered under number 24291478 (“OIEG”), O-I EUROPE SÀRL, a Swiss Société à responsabilité limitée (limited liability corporation) (“OI Europe”), O-I CANADA CORP., a Nova Scotia company (“O-I Canada”), O-I OPERATIONS (NZ) LTD., a limited liability company incorporated under the laws of New Zealand (“O-I NZ”), and OWENS-ILLINOIS GENERAL INC., a Delaware Corporation (“O-I General”), as Borrowers’ Agent, the Lenders party thereto, DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent for the Lenders (the “Administrative Agent”) and as Collateral Agent for the Lenders (the “Collateral Agent”) and (ii) the Third Amended and Restated Credit Agreement and Syndicated Facility Agreement, dated as of June 25, 2019 (as amended, amended and restated and/or otherwise modified, the “Third Amended and Restated Credit Agreement”), by and among Company, Owens-Brockway, O-I Australia, OIEG, OI Europe, O-I Canada, O-I NZ, GLASS INTERNATIONAL OISPV, S.A.P.I. de C.V., S.O.F.O.M., E.N.R., a sociedad anónima promotora de inversión de capital variable, sociedad financiera de objeto múltiple, entidad no regulada, organized under the laws of Mexico (“O-I Mexico”), and O-I General, as Borrowers’ Agent, the Lenders party thereto from time to time and the Administrative Agent and the Collateral Agent. Capitalized terms used but not otherwise defined in this Domestic Guarantor Consent and Reaffirmation (this “Reaffirmation”) are used with the meanings attributed thereto in the Second Amended and Restated Credit Agreement.

 

This Reaffirmation is delivered in connection with Section 5.1(i)(vi) of the Third Amended and Restated Credit Agreement. Each Guarantor party hereto expects to realize, or has realized, substantial direct and/or indirect benefits as a result of the Third Amended and Restated Credit Agreement becoming effective and the consummation of the transactions contemplated thereby.

 

Each Guarantor party hereto hereby consents to the terms and conditions of the Third Amended and Restated Credit Agreement, including the incurrence by the Borrowers of the Obligations and the incurrence of Other Lender Guarantied Obligations, in each case as contemplated thereby (including, without limitation, under and with respect to the Tranche A Term Facility, the Tranche B Term Facility, the Tranche C Term Facility, the Tranche D Facility, the Dollar Revolving Facility, the Multicurrency Revolving Facility, the Domestic Overdraft Agreement and each Offshore Overdraft Agreement), and agrees that (a) each reference to the Second Amended and Restated Credit Agreement in the Loan Documents to which each such Guarantor is a party shall, on and after the Closing Date, be deemed to be a reference to the Third Amended and Restated Credit Agreement and (b) each reference to the Intercreditor Agreement in the Loan Documents to which each such Guarantor is a party shall, on and after the Closing Date, be deemed to be a reference to the Intercreditor Agreement (as defined in the Third Amended and Restated Credit Agreement) (for the avoidance of doubt, as amended as of the date hereof).  In addition, each Guarantor party hereto

 

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acknowledges and agrees that, pursuant to the Intercreditor Agreement (for the avoidance of doubt, as amended as of the date hereof), the Borrowers’ Agent has designated the Third Amended and Restated Credit Agreement to be the successor and replacement facility of Company and that the Collateral Agent consented to and acknowledged the termination of the Second Amended and Restated Credit Agreement by the Administrative Agent.

 

Each Guarantor hereby acknowledges and agrees that, after giving effect to the Third Amended and Restated Credit Agreement, all of its respective obligations and liabilities under the Loan Documents to which it is a party (including, without limitation, under the Domestic Borrowers’ Guaranty, the Subsidiary Guaranty, the Security Agreement and the Pledge Agreement, in each case to the extent such Guarantor is party thereto), as such obligations and liabilities have been amended by the Third Amended and Restated Credit Agreement (including, without limitation, pursuant to the incurrence of the Tranche A Term Facility, the Tranche B Term Facility, the Tranche C Term Facility, the Tranche D Facility, the Dollar Revolving Facility, the Multicurrency Revolving Facility, the Domestic Overdraft Agreement and each Offshore Overdraft Agreement) and this Reaffirmation, together with all of its obligations with respect to the Other Lender Guarantied Obligations (including, as of the Closing Date, those specified on Exhibit B of the Intercreditor Agreement (for the avoidance of doubt, as amended as of the date hereof)), are in each case reaffirmed, and remain in full force and effect.

 

After giving effect to the Third Amended and Restated Credit Agreement, each Guarantor party hereto reaffirms each Lien granted by it to the Collateral Agent for the benefit of the Secured Parties under each of the Loan Documents to which it is a party (including, without limitation, under the Security Agreement and the Pledge Agreement, to the extent such Guarantor is party thereto), which Liens shall continue in full force and effect during the term of the Third Amended and Restated Credit Agreement, and shall continue to secure the Obligations (after giving effect to the Third Amended and Restated Credit Agreement and including, without limitation, under and with respect to the Tranche A Term Facility, the Tranche B Term Facility, the Tranche C Term Facility, the Tranche D Facility, the Dollar Revolving Facility, the Multicurrency Revolving Facility, the Domestic Overdraft Agreement and each Offshore Overdraft Agreement), together with all of its obligations with respect to the Other Lender Guarantied Obligations (including, as of the Closing Date, those specified on Exhibit B of the Intercreditor Agreement (for the avoidance of doubt, as amended as of the date hereof)), in each case, on and subject to the terms and conditions set forth in the Second Amended and Restated Credit Agreement, as amended by the Third Amended and Restated Credit Agreement, the Intercreditor Agreement and the other Loan Documents.

 

Nothing in this Reaffirmation shall create or otherwise give rise to any right to consent on the part of the Guarantors party hereto to the extent not required by the express terms of the Loan Documents.

 

This Reaffirmation shall not extinguish the obligations for the payment of money outstanding under the Second Amended and Restated Credit Agreement or discharge or release or alter the priority of any Loan Document (as defined in the Second Amended and Restated Credit Agreement) or any other guarantee or security therefor.  Nothing herein shall be construed as a substitution or novation of the Obligations outstanding under the Second Amended and Restated Credit Agreement or any Lien securing the same, and it is the intent of the parties hereto to confirm that all obligations of each Guarantor under the Loan Documents to which it is a party shall remain in full force and effect, except to the extent modified hereby, by the Third Amended and Restated Credit Agreement or by instruments executed concurrently herewith.

 

2

 

This Reaffirmation is a Loan Document and shall be governed by, and construed and interpreted in accordance with, the law of the State of New York.  Section 12.9 of the Third Amended and Restated Credit Agreement is incorporated herein, mutatis mutandis.

 

This Reaffirmation may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Reaffirmation.  Delivery of an executed counterpart of a signature page of this Reaffirmation by telecopy or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Reaffirmation.

 

*          *          *

 

3

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Reaffirmation as of the date first set forth above.

 

	
 
    	
OWENS-ILLINOIS GROUP, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Anand Patel
    
	
 
    	
 
    	
Name:
    	
Anand Patel
    
	
 
    	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
OWENS-BROCKWAY PACKAGING INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Anand Patel
    
	
 
    	
 
    	
Name:
    	
Anand Patel
    
	
 
    	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
OI GENERAL FTS INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Anand Patel
    
	
 
    	
 
    	
Name:
    	
Anand Patel
    
	
 
    	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
O-I PACKAGING SOLUTIONS LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Anand Patel
    
	
 
    	
 
    	
Name:
    	
Anand Patel
    
	
 
    	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
OI AUSTRALIA INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Anand Patel
    
	
 
    	
 
    	
Name:
    	
Anand Patel
    
	
 
    	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
OI GENERAL FINANCE INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Anand Patel
    
	
 
    	
 
    	
Name:
    	
Anand Patel
    
	
 
    	
 
    	
Title:
    	
Treasurer
    

 

[Signature Page to 2019 Owens-Illinois Domestic Guarantor Consent and Reaffirmation]

 

 

	
 
    	
OWENS-BROCKWAY GLASS CONTAINER INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Anand Patel
    
	
 
    	
 
    	
Name:
    	
Anand Patel
    
	
 
    	
 
    	
Title:
    	
Vice President and Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
OWENS-ILLINOIS GENERAL INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Anand Patel
    
	
 
    	
 
    	
Name:
    	
Anand Patel
    
	
 
    	
 
    	
Title:
    	
Treasurer
    

 

[Signature Page to 2019 Owens-Illinois Domestic Guarantor Consent and Reaffirmation]

 

 

	
 
    	
 
    
	
Acknowledged and agreed to
    	
 
    
	
as of the date set forth above:
    	
 
    
	
 
    	
 
    
	
DEUTSCHE   BANK AG NEW YORK
   BRANCH, as   Administrative Agent and
   Collateral Agent
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/Michael Strobel
    	
 
    
	
Name:
    	
Michael Strobel
    	
 
    
	
Title:
    	
Vice President
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/Yumi Okabe
    	
 
    
	
Name:
    	
Yumi Okabe
    	
 
    
	
Title:
    	
Vice President
    	
 
    
				

 

[Signature Page to 2019 Owens-Illinois Domestic Guarantor Consent and Reaffirmation]

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