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Title: |
Underwriting Agreement |
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Entities: |
Banc of America Securities LLC; BNP Paribas Securities Corp.; Credit Suisse First Boston LLC; Giant Industries, Inc.; Bank of America, NA; Bank of New York |
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Date: |
2004 |
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Size: |
Preview shows 12KB of 147KB total |
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Price: |
$63 |
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ID: |
#866334 |
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GIANT INDUSTRIES, INC.
3,000,000 Shares
Common Stock
UNDERWRITING AGREEMENT
dated April [__], 2004
BANC OF AMERICA SECURITIES LLC
CREDIT SUISSE FIRST BOSTON LLC
FRIEDMAN, BILLINGS, RAMSEY & CO., INC.
<PAGE>
TABLE OF CONTENTS
<TABLE>
<S> <C>
SECTION 1. REPRESENTATIONS AND WARRANTIES.............................. 5
(a) Compliance with Registration Requirements.......................... 5
(b) Exchange Act Compliance............................................ 6
(c) Offering Materials Furnished to Underwriters....................... 6
(d) Distribution of Offering Material By the Company................... 6
(e) Authorization of the Underwriting Agreement........................ 6
(f) Authorization of the Common Shares................................. 6
(g) No Applicable Registration or Other Similar Rights................. 6
(h) No Material Adverse Change......................................... 6
(i) Independent Accountants............................................ 7
(j) Preparation of the Financial Statements............................ 7
(k) Incorporation and Good Standing of the Company and its Subsidiaries 7
(l) Capitalization and Other Capital Stock Matters..................... 8
(m) Stock Exchange Listing............................................. 8
(n) Non-Contravention of Contracts; No Further Authorizations or
Approvals Required.................................................. 8
(o) Notice of Term Loan Prepayment..................................... 9
(p) No Material Actions or Proceedings................................. 9
(q) No Labor Disputes.................................................. 9
(r) Intellectual Property Rights....................................... 9
(s) All Necessary Permits, etc......................................... 9
(t) Title to Properties................................................ 9
(u) Tax Law Compliance................................................. 10
(v) Company Not an "Investment Company"................................ 10
(w) Insurance.......................................................... 10
(x) No Mandatory Redemption............................................ 10
(y) Solvency........................................................... 10
(z) No Price Stabilization or Manipulation............................. 11
(aa) Related Party Transactions........................................ 11
(bb) No Unlawful Contributions or Other Payments....................... 11
(cc) Company's Accounting System....................................... 11
(dd) Compliance with Environmental Laws................................ 11
(ee) Periodic Review of Costs of Environmental Compliance.............. 12
(ff) ERISA Compliance.................................................. 12
(gg) Brokers........................................................... 12
(hh) No Outstanding Loans or Other Indebtedness........................ 12
(ii) Compliance with Laws.............................................. 13
(jj) No Event of Default............................................... 13
(kk) Disclosure Controls and Procedures................................ 13
SECTION 2. PURCHASE, SALE AND DELIVERY OF THE COMMON SHARES............ 13
(a) The Firm Common Shares............................................. 13
(b) The First Closing Date............................................. 13
(c) The Optional Common Shares; the Second Closing Date................ 14
(d) Public Offering of the Common Shares............................... 14
(e) Payment for the Common Shares...................................... 14
(f) Delivery of the Common Shares...................................... 15
(g) Delivery of Prospectus to the Underwriters......................... 15
SECTION 3. ADDITIONAL COVENANTS OF THE COMPANY......................... 15
(a) Representatives' Review of Proposed Amendments and Supplements..... 15
(b) Securities Act Compliance.......................................... 15
</TABLE>
<PAGE>
2
<TABLE>
<S> <C>
(c) Notification of Breach of this Agreement........................... 16
(d) Amendments and Supplements to the Prospectus and Other Securities
Act Matters........................................................ 16
(e) Copies of any Amendments and Supplements to the Prospectus......... 16
(f) Blue Sky Compliance................................................ 16
(g) Use of Proceeds.................................................... 16
(h) Transfer Agent..................................................... 16
(i) Earnings Statement................................................. 16
(j) Periodic Reporting Obligations..................................... 16
(k) Company to Provide Interim Financial Statements.................... 17
(l) Listing............................................................ 17
(m) Agreement Not to Offer or Sell Additional Securities............... 17
(n) Future Reports to the Representatives.............................. 17
(o) Investment Limitation.............................................. 17
(p) No Manipulation of Price........................................... 18
(q) Existing Lock-Up Agreement......................................... 18
SECTION 4. PAYMENT OF EXPENSES......................................... 18
SECTION 5. CONDITIONS TO OBLIGATIONS OF THE UNDERWRITERS............... 18
(a) No Untrue Statements; Inadvisable to Proceed....................... 19
(b) Corporate Proceedings.............................................. 19
(c) Resolutions........................................................ 19
(d) Accountant's Comfort Letter........................................ 19
(e) Bring-Down Comfort Letters......................................... 19
(f) Compliance with Registration Requirements; No Stop Order; No
Objection from NASD................................................ 20
(g) No Material Adverse Change......................................... 20
(h) Opinion of Counsel for the Company................................. 20
(i) Opinion of Counsel for the Underwriters............................ 20
(j) Officers' Certificate.............................................. 20
(k) Other Certificates................................................. 21
(l) Lock-Up Agreement from Certain Securityholders of the Company...... 21
(m) Additional Documents............................................... 21
(n) Notice of Redemption for 11% Notes................................. 21
SECTION 6. REIMBURSEMENT OF UNDERWRITERS' EXPENSES..................... 21
SECTION 7. EFFECTIVENESS OF THIS AGREEMENT............................. 22
SECTION 8. INDEMNIFICATION............................................. 22
(a) Indemnification of the Underwriters by the Company................. 22
(b) Indemnification of the Company, its Directors and Officers......... 22
(c) Notifications and Other Indemnification Procedures................. 23
(d) Settlements........................................................ 24
SECTION 9. CONTRIBUTION................................................ 24
SECTION 10. DEFAULT OF ONE OR MORE OF THE SEVERAL UNDERWRITERS......... 25
SECTION 11. TERMINATION OF THIS AGREEMENT.............................. 26
SECTION 12. REPRESENTATIONS AND INDEMNITIES TO SURVIVE DELIVERY........ 26
SECTION 13. NOTICES.................................................... 26
SECTION 14. SUCCESSORS................................................. 28
SECTION 15. PARTIAL UNENFORCEABILITY................................... 28
SECTION 16. GOVERNING LAW PROVISIONS................................... 28
SECTION 17. GENERAL PROVISIONS......................................... 28
</TABLE>
<PAGE>
3
UNDERWRITING AGREEMENT
April [__], 2004
BANC OF AMERICA SECURITIES LLC
CREDIT SUISSE FIRST BOSTON LLC
FRIEDMAN, BILLINGS, RAMSEY & CO., INC.
As Representatives of the several Underwriters
c/o BANC OF AMERICA SECURITIES LLC
9 West 57th Street
New York, New York 10019
Ladies and Gentlemen:
Introductory. Giant Industries Inc., a Delaware corporation (the
"Company"), proposes to issue and sell to the several underwriters named in
Schedule A (the "Underwriters") an aggregate of 3,000,000 shares (the "Firm
Common Shares") of its common stock, par value $0.01 per share (the "Common
Stock"). In addition, the Company has granted to the Underwriters an option
to purchase up to an additional 450,000 shares (the "Optional Common Shares")
of Common Stock, as provided in Section 2. The Firm Common Shares and, if and
to the extent such option is exercised, the Optional Common Shares are
collectively called the "Common Shares". Banc of America Securities LLC
("BAS"), Credit Suisse First Boston LLC and Friedman, Billings, Ramsey & Co.,
Inc., have agreed to act as representatives of the several Underwriters (in
such capacity, the "Representatives") in connection with the offering and
sale of the Common Shares.
The Company has prepared and filed with the Securities and
Exchange Commission (the "Commission") a registration statement on Form S-3
(File No. 333-113590) for the registration of Common Stock (including the
Common Shares), preferred stock, debt securities, debt and equity warrants,
stock purchase contracts, stock purchase units and units of the Company under
the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder (collectively, the "Securities Act"), and the offering
thereof from time to time in accordance with Rule 415 under the Securities
Act. Such registration statement has been declared effective by the
Commission. Such registration statement, as so amended, if applicable,
including the exhibits and schedules thereto, and including all documents
incorporated or deemed to be incorporated by reference therein pursuant to
Item 12 of Form S-3, prior to the execution of this Agreement, is called the
"Registration Statement". The final prospectus and the final prospectus
supplement relating to the offering of the Common Shares, in the form first
furnished to the Underwriters by the Company for use in connection with the
offering of the Common Shares, including all documents incorporated or deemed
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