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<PAGE> 1
EXHIBIT 10.5
AMENDMENT NO. 5 TO
AMENDED AND RESTATED CREDIT AGREEMENT
THIS AMENDMENT NO. 5 TO AMENDED AND RESTATED CREDIT AGREEMENT (this
"Amendment Agreement") is made and entered into as of this 30th day of June,
2000, by and between APPLICA INCORPORATED, f/k/a Windmere-Durable Holdings,
Inc., a Florida corporation (the "Borrower"), BANK OF AMERICA, N.A., f/k/a
NationsBank, National Association, as Agent (the "Agent") and as a Lender, and
the other Lenders party thereto (together with the Agent, the "Lenders"). Unless
the context requires otherwise, all capitalized terms used herein without
definition shall have the respective meanings assigned thereto in the Credit
Agreement (as defined below).
W I T N E S S E T H:
WHEREAS, the Lenders and the Borrower have entered into that certain
Amended and Restated Credit Agreement dated as of August 7, 1998 (as heretofore
and hereby amended, and as further amended, supplemented or restated from time
to time, the "Credit Agreement"); and
WHEREAS, the Borrower has requested that the Lenders consent to amend
certain provisions of the Credit Agreement and the Loan Documents; and
WHEREAS, the Lenders are willing to consent to the amendments to the
Credit Agreement requested by the Borrower, as more fully set forth herein; and
NOW, THEREFORE, in consideration of the premises, the terms, covenants
and conditions hereinafter appearing, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to
be legally bound, the parties hereto agree as follows:
1. AMENDMENT TO CREDIT AGREEMENT. Section 10.22(d) of the Credit
Agreement is hereby deleted and the following new subsection (d) is inserted in
replacement thereof:
(d) CONSOLIDATED LEVERAGE RATIO. Permit Consolidated Leverage
Ratio to be greater than the ratio indicated below at any time during
the period indicated:
April 1, 1999 through
September 30, 1999 6.25 to 1.00
October 1, 1999 through
March 31, 2000 5.00 to 1.00
April 1, 2000 through
September 30, 2000 4.50 to 1.00
October 1, 2000 through
December 31, 2000 3.75 to 1.00
January 1, 2001 through
June 30, 2001 3.00 to 1.00
July 1, 2001 through
September 30, 2001 3.50 to 1.00
October 1, 2001
and thereafter 3.00 to 1.00
<PAGE> 2
3. REPRESENTATIONS, WARRANTIES AND COVENANTS.
(a) By its execution and delivery hereof, the Borrower
certifies that:
(i) all of the representations and warranties made by
the Borrower in the Credit Agreement and in each of the other Loan
Documents are true and correct as of the date hereof as if each of said
representations and warranties were set out in full herein and made as
of the date of execution and delivery hereof, except that all
representations and warranties that refer to the financial statements
of the Borrower shall be deemed to refer to the financial statements of
the Borrower most recently delivered in accordance with SECTION 9.1 of
the Credit Agreement; and
(ii) no event has occurred and no condition exists
which, upon the consummation of the transaction contemplated hereby,
will constitute a Default or an Event of Default on the part of the
Borrower under the Credit Agreement or any other Loan Document either
immediately or with the lapse of time or the giving of notice, or both.
(b) The Borrower further covenants and agrees that the
representations and warranties contained in the Credit Agreement and the other
Loan Documents, as hereby reaffirmed, and the representations and warranties
made herein shall survive the execution and delivery of this Amendment
Agreement.
4. EXPENSES. The Borrower agrees to reimburse the Agent and the Lenders
for all costs and out-of-pocket expenses, including, without limitation,
attorneys' fees and disbursements, incurred in connection with the negotiation,
preparation, execution and delivery of this Amendment Agreement.
5. ENTIRE AGREEMENT. This Amendment Agreement sets forth the entire
understanding and agreement of the parties hereto in relation to the subject
matter hereof and supersedes any prior negotiations and agreements among the
parties relative to such subject matter. No promise, condition, representation
or warranty, express or implied, not herein set forth shall bind any party
hereto, and none of them has relied on any such promise, condition,
representation or warranty. Each of the parties hereto acknowledges that, except
as set forth in this Amendment Agreement or otherwise expressly stated, no
representations, warranties or commitments, express or implied, have been made
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<PAGE> 3
by any party. None of the terms or conditions of this Amendment Agreement may be
changed, modified, waived or canceled orally or otherwise, except by writing,
signed by all the parties hereto, specifying such change, modification, waiver
or cancellation of such terms or conditions, or of any preceding or succeeding
breach thereof.
6. FULL FORCE AND EFFECT OF AGREEMENT. Except as hereby specifically
amended, modified or supplemented, the Credit Agreement and all of the other
Loan Documents are hereby confirmed and ratified in all respects and shall
remain in full force and effect according to their respective terms.
7. GOVERNING LAW. This Amendment Agreement shall in all respects be
governed by, and construed in accordance with, the laws of the state of New
York.
8. ENFORCEABILITY. Should any one or more of the provisions of this
Amendment Agreement be determined to be illegal or unenforceable as to one or
more of the parties hereto, all other provisions nevertheless shall remain
effective and binding on the parties hereto.
9. COUNTERPARTS. This Amendment Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original as against any
party whose signature appears thereon, and all of which shall together
constitute one and the same instrument.
[Signature pages follow.]
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<PAGE> 4
IN WITNESS WHEREOF, the Borrower and the Lenders have caused this
Amendment Agreement to be duly executed under seal by their duly authorized
officers, all as of the day and year first above written.
BORROWER:
APPLICA INCORPORATED, FORMERLY KNOWN
AS WINDMERE-DURABLE HOLDINGS, INC.,
as Borrower
By: /s/ Terry Polistina
-----------------------------------
Name: Terry Polistina
-----------------------------------
Title: S.V.P. - Finance & Administration
----------------------------------
AGENT:
BANK OF AMERICA, N.A., FORMERLY KNOWN
AS NATIONSBANK, NATIONAL ASSOCIATION,
as Agent
By: /s/ Adam Kaplan
-----------------------------------
Name: Adam Kaplan
-----------------------------------
Title: Vice President
----------------------------------
LENDERS:
BANK OF AMERICA, N.A., FORMERLY KNOWN
AS NATIONSBANK, NATIONAL ASSOCIATION
By: /s/ Adam Kaplan
-----------------------------------
Name: Adam Kaplan
-----------------------------------
Title: Vice President
----------------------------------
ABN AMRO BANK N.V.
By:
-----------------------------------
Name:
-----------------------------------
Title:
----------------------------------
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<PAGE> 5
ALLIANCE CAPITAL MANAGEMENT L.P., as
Manager on behalf of ALLIANCE CAPITAL
FUNDING, L.L.C.
By: ALLIANCE CAPITAL MANAGEMENT
CORPORATION, General Partner of
Alliance Capital Management L.P.
By: /s/ James E. Kennedy
-------------------------------
Name: James E. Kennedy
-------------------------------
Title: Senior Vice President
------------------------------
OAK MOUNTAIN LIMITED
By: ALLIANCE CAPITAL MANAGEMENT L.P.,
as Investment Manager
By: ALLIANCE CAPITAL MANAGEMENT
CORPORATION, as General Partner
By: /s/ Joel Serebransky
-------------------------------
Name: Joel Serebransky
-------------------------------
Title: Senior Vice President
------------------------------
ARES LEVERAGED INVESTMENT FUND, L.P.
By: ARES Management, L.P.
Its: General Partner
By: /s/ David A. Sachs
-------------------------------
Name: David A. Sachs
-------------------------------
Title: Vice President
------------------------------
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<PAGE> 6
ARES LEVERAGED INVESTMENT FUND II,
L.P.
By: ARES Management II, L.P.
Its: General Partner
By: /s/ David A. Sachs
-------------------------------
Name: David A. Sachs
-------------------------------
Title: Vice President
------------------------------
ARES III CLO LTD.
By: ARES CLO Management, LLC
Its: General Partner
By: /s/ David A. Sachs
-------------------------------
Name: David A. Sachs
-------------------------------
Title: Vice President
------------------------------
BALANCED HIGH-YIELD FUND II LTD
By: BHF (USA) Capital Corporation,
acting through its New York
Branch, as attorney-in-fact
By: /s/ Richard Cameron
-------------------------------
Name: Richard Cameron
-------------------------------
Title: Vice President
------------------------------
By: /s/ Thomas J. Seito
-------------------------------
Name: Thomas J. Seito
-------------------------------
Title: Vice President
------------------------------
BHF (USA) CAPITAL CORPORATION
By: /s/ Richard Cameron
-------------------------------
Name: Richard Cameron
-------------------------------
Title: Vice President
------------------------------
By: /s/ Thomas J. Seito
-------------------------------
Name: Thomas J. Seito
-------------------------------
Title: Vice President
------------------------------
BANKATLANTIC
By: /s/ Arthur L. Bigelow
-------------------------------
Name: Arthur L. Bigelow
-------------------------------
Title: President - Broward County
------------------------------
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<PAGE> 7
BANK AUSTRIA CREDITANSTALT CORPORATE
FINANCE, INC.
By:
-------------------------------
Name:
-------------------------------
Title:
------------------------------
BANK LEUMI LE-ISRAEL B.M.
By: /s/ Joseph F. Kealini
-------------------------------
Name: Joseph F. Kealini
-------------------------------
Title: Vice President
------------------------------
BARCLAYS BANK PLC
By: /s/ Gregory Roll
-------------------------------
Name: Gregory Roll
-------------------------------
Title: Vice President
------------------------------
CIBC (F/K/A CANADIAN IMPERIAL BANK)
By:
-------------------------------
Name:
-------------------------------
Title:
------------------------------
CITIZENS BANK OF MASSACHUSETTS
(AS SUCCESSOR TO US TRUST)
By:
-------------------------------
Name:
-------------------------------
Title:
------------------------------
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<PAGE> 8
DRESDNER BANK LATEINAMERIKA AG, MIAMI
AGENCY
By: /s/ Alan Hills
-------------------------------
Name: Alan Hills
-------------------------------
Title: Vice President, CCB-NA
------------------------------
By: /s/ Carlos Lamourtte
-------------------------------
Name: Carlos Lamourtte
-------------------------------
Title: A.V.P., CCB-NA
------------------------------
ERSTE BANK NEW YORK
By: /s/ Arcinee Hovanessian
-------------------------------
Name: Arcinee Hovanessian
-------------------------------
Title: Vice President
------------------------------
By: /s/ John S. Runnion
-------------------------------
Name: John S. Runnion
-------------------------------
Title: First Vice President
------------------------------
FLEET BANK, N.A.
By: /s/ Thomas J. Levy
-------------------------------
Name: Thomas J. Levy
-------------------------------
Title: Vice President
------------------------------
FLEET BUSINESS CREDIT CORPORATION
By: /s/ Wes Manus
-------------------------------
Name: Wes Manus
-------------------------------
Title: Vice President
------------------------------
GENERAL ELECTRIC CAPITAL CORPORATION
By:
-------------------------------
Name:
-------------------------------
Title:
------------------------------
HARCH CLO I, LTD.
By: /s/ Michael E. Lewitt
-------------------------------
Name: Michael E. Lewitt
-------------------------------
Title: Authorized Signatory
------------------------------
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<PAGE> 9
INDOSUEZ CAPITAL FUNDING III, LIMITED
By: INDOSUEZ CAPITAL, as Portfolio
Advisor
By: /s/ Melissa Marano
-------------------------------
Name: Melissa Marano
-------------------------------
Title: Vice President
------------------------------
INTERNATIONAL BANK OF MIAMI
By:
-------------------------------
Name:
-------------------------------
Title:
------------------------------
THE MITSUBISHI TRUST AND BANKING
CORPORATION
By: /s/ Toshihiro Hayashi
-------------------------------
Name: Toshihiro Hayashi
-------------------------------
Title: Senior Vice President
------------------------------
NATIONAL BANK OF CANADA
By: /s/ Michael Bloomenfeld
-------------------------------
Name: Michael Bloomenfeld
-------------------------------
Title: VP & Manager
------------------------------
By: /s/ Jean Page
-------------------------------
Name: Jean Page
-------------------------------
Title: Vice President
------------------------------
NATIONAL CITY BANK OF KENTUCKY
By: /s/ Tom Gurbach
-------------------------------
Name: Tom Gurbach
-------------------------------
Title: Vice President
------------------------------
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<PAGE> 10
SCOTIABANC INC.
By: /s/ Frank F. Sandler
-------------------------------
Name: Frank F. Sandler
-------------------------------
Title: Director
------------------------------
SUMMIT BANK
By:
-------------------------------
Name:
-------------------------------
Title:
------------------------------
SUNTRUST BANK
By: /s/ W. David Wisdom
-------------------------------
Name: W. David Wisdom
-------------------------------
Title: Vice President
------------------------------
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<PAGE> 11
THE UNDERSIGNED GUARANTORS HEREBY ACKNOWLEDGE AND CONSENT TO THE CONSENT AND
AMENDMENT NO. 4 TO THE AMENDED AND RESTATED CREDIT AGREEMENT AND REAFFIRM THEIR
OBLIGATIONS UNDER THE FACILITY GUARANTY THIS 30TH DAY OF JUNE, 2000.
APPLICA CONSUMER PRODUCTS, INC. f/k/a
WINDMERE CORPORATION
By: /s/ Lisa R. Carstarphen
-------------------------------
Name: Lisa R. Carstarphen
-------------------------------
Title: Assistant Secretary
------------------------------
WINDMERE HOLDINGS CORPORATION
By: /s/ Lisa R. Carstarphen
-------------------------------
Name: Lisa R. Carstarphen
-------------------------------
Title: Secretary
------------------------------
WINDMERE HOLDINGS CORPORATION II
By: /s/ Lisa R. Carstarphen
-------------------------------
Name: Lisa R. Carstarphen
-------------------------------
Title: Secretary
------------------------------
BAY BOOKS & TAPES, INC.
By: /s/ Lisa R. Carstarphen
-------------------------------
Name: Lisa R. Carstarphen
-------------------------------
Title: Secretary
------------------------------
FORTUNE PRODUCTS, INC.
By: /s/ Lisa R. Carstarphen
-------------------------------
Name: Lisa R. Carstarphen
-------------------------------
Title: Secretary
------------------------------
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<PAGE> 12
HP DELAWARE, INC.
By: /s/ Lisa R. Carstarphen
-------------------------------
Name: Lisa R. Carstarphen
-------------------------------
Title: Secretary
------------------------------
APPLICA AMERICAS, INC. f/k/a HP
AMERICAS, INC.
By: /s/ Lisa R. Carstarphen
-------------------------------
Name: Lisa R. Carstarphen
-------------------------------
Title: Secretary
------------------------------
HPG LLC
By: /s/ Lisa R. Carstarphen
-------------------------------
Name: Lisa R. Carstarphen
-------------------------------
Title: Secretary
------------------------------
HP INTELLECTUAL CORP
By: /s/ Lisa R. Carstarphen
-------------------------------
Name: Lisa R. Carstarphen
-------------------------------
Title: Secretary
------------------------------
WD DELAWARE, INC.
By: /s/ Lisa R. Carstarphen
-------------------------------
Name: Lisa R. Carstarphen
-------------------------------
Title: Secretary
------------------------------
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