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Title: |
Master Note Purchase Agreement |
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Entities: |
Banc of America Securities LLC; Cigna Investments, Inc.; JPMorgan Chase Bank; Gardner Carton & Douglas; Jenkens & Gilchrist |
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Date: |
2003 |
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Size: |
Preview shows 18KB of 162KB total |
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Price: |
$74 |
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ID: |
#910400 |
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CONFORMED COPY
================================================================================
KIRBY CORPORATION
---------
MASTER NOTE PURCHASE AGREEMENT
---------
Dated as of February 15, 2003
Providing for the Issuance of Senior Notes in Series
Without Limitation as to Principal Amount
Initial Issuance of
$250,000,000
Floating Rate Senior Notes
Series 2003-A, Due February 28, 2013
================================================================================
PPN: 497266 A* 7
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Section Page
------- ----
<S> <C>
1. AUTHORIZATION OF NOTES............................................................. 1
1.1. Amount; Establishment of Series............................................. 1
1.2. The Series 2003-A Notes..................................................... 2
2. SALE AND PURCHASE OF SERIES 2003-A NOTES........................................... 3
3. CLOSING............................................................................ 4
4. CONDITIONS TO CLOSING.............................................................. 4
4.1. Representations and Warranties.............................................. 4
4.2. Performance; No Default..................................................... 4
4.3. Compliance Certificates..................................................... 4
4.4. Opinions of Counsel......................................................... 5
4.5. Purchase Permitted By Applicable Law, etc................................... 5
4.6. Sale of Other Series 2003-A Notes........................................... 5
4.7. Payment of Special Counsel Fees............................................. 5
4.8. Private Placement Number.................................................... 5
4.9. Changes in Corporate Structure.............................................. 6
4.10. Proceedings and Documents................................................... 6
5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY...................................... 6
5.1. Organization; Power and Authority........................................... 6
5.2. Authorization, etc.......................................................... 6
5.3. Disclosure.................................................................. 7
5.4. Organization and Ownership of Shares of Subsidiaries; Affiliates............ 7
5.5. Financial Statements........................................................ 8
5.6. Compliance with Laws, Other Instruments, etc................................ 8
5.7. Governmental Authorizations, etc............................................ 8
5.8. Litigation; Observance of Agreements, Statutes and Orders................... 8
5.9. Taxes....................................................................... 9
5.10. Title to Property; Leases................................................... 9
5.11. Licenses, Permits, etc...................................................... 9
5.12. Compliance with ERISA....................................................... 10
5.13. Private Offering by the Company............................................. 11
5.14. Use of Proceeds; Margin Regulations......................................... 11
5.15. Existing Debt; Future Liens................................................. 11
5.16. Foreign Assets Control Regulations, Anti-Terrorism Order, etc............... 12
5.17. Status under Certain Statutes............................................... 12
5.18. Environmental Matters....................................................... 12
</TABLE>
i
<PAGE>
<TABLE>
<CAPTION>
Section Page
------- ----
<S> <C>
6. REPRESENTATIONS OF THE PURCHASERS.................................................. 13
6.1. Purchase for Investment..................................................... 13
6.2. Source of Funds............................................................. 13
7. INFORMATION AS TO COMPANY.......................................................... 15
7.1. Financial and Business Information.......................................... 15
7.2. Officer's Certificate....................................................... 17
7.3. Inspection.................................................................. 18
8. PREPAYMENT OF THE NOTES............................................................ 19
8.1. No Scheduled Prepayments.................................................... 19
8.2. Optional Prepayments........................................................ 19
8.3. Allocation of Partial Prepayments........................................... 19
8.4. Maturity; Surrender, etc.................................................... 19
8.5. Purchase of Notes........................................................... 19
8.6. LIBOR Breakage Amount....................................................... 20
9. AFFIRMATIVE COVENANTS.............................................................. 20
9.1. Compliance with Law......................................................... 20
9.2. Insurance................................................................... 20
9.3. Maintenance of Properties................................................... 21
9.4. Payment of Taxes and Claims................................................. 21
9.5. Corporate Existence, etc.................................................... 21
10. NEGATIVE COVENANTS................................................................. 22
10.1. Debt; Priority Debt......................................................... 22
10.2. Interest Coverage........................................................... 22
10.3. Liens....................................................................... 22
10.4. Sale of Assets.............................................................. 23
10.5. Mergers, Consolidations, etc................................................ 24
10.6. Designation of Restricted and Unrestricted Subsidiaries..................... 25
10.7. Nature of Business.......................................................... 26
10.8. Transactions with Affiliates................................................ 26
11. EVENTS OF DEFAULT.................................................................. 26
12. REMEDIES ON DEFAULT, ETC........................................................... 28
12.1. Acceleration................................................................ 28
12.2. Other Remedies.............................................................. 29
12.3. Rescission.................................................................. 29
12.4. No Waivers or Election of Remedies, Expenses, etc........................... 29
13. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES...................................... 29
13.1. Registration of Notes....................................................... 29
13.2. Transfer and Exchange of Notes.............................................. 30
13.3. Replacement of Notes........................................................ 30
</TABLE>
ii
<PAGE>
<TABLE>
<CAPTION>
Section Page
------- ----
<S> <C>
14. PAYMENTS ON NOTES.................................................................. 31
14.1. Place of Payment............................................................ 31
14.2. Home Office Payment......................................................... 31
15. EXPENSES, ETC...................................................................... 31
15.1. Transaction Expenses........................................................ 31
15.2. Survival.................................................................... 32
16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT....................... 32
17. AMENDMENT AND WAIVER............................................................... 32
17.1. Requirements................................................................ 32
17.2. Solicitation of Holders of Notes............................................ 33
17.3. Binding Effect, etc......................................................... 33
17.4. Series 2003-A Notes held by Company, etc.................................... 33
18. NOTICES............................................................................ 34
19. REPRODUCTION OF DOCUMENTS.......................................................... 34
20. CONFIDENTIAL INFORMATION........................................................... 34
21. SUBSTITUTION OF PURCHASER.......................................................... 35
22. MISCELLANEOUS...................................................................... 36
22.1. Successors and Assigns...................................................... 36
22.2. Payments Due on Non-Business Days........................................... 36
22.3. Severability................................................................ 36
22.4. Construction................................................................ 36
22.5. Counterparts................................................................ 36
22.6. Governing Law............................................................... 36
22.7. Limitation on Interest...................................................... 37
</TABLE>
iii
<PAGE>
<TABLE>
<S> <C>
SCHEDULE A -- Information Relating to Purchasers
SCHEDULE B -- Defined Terms
SCHEDULE B-1 -- Existing Investments
SCHEDULE 4.9 -- Changes in Corporate Structure
SCHEDULE 5.3 -- Disclosure Materials
SCHEDULE 5.4 -- Subsidiaries; Affiliates
SCHEDULE 5.5 -- Financial Statements
SCHEDULE 5.8 -- Litigation
SCHEDULE 5.11 -- Licenses, Permits, etc.
SCHEDULE 5.14 -- Use of Proceeds
SCHEDULE 5.15 -- Existing Debt
SCHEDULE 10.3 -- Liens
EXHIBIT 1.1(a) -- Form of Senior Note
EXHIBIT 1.1(b) -- Form of Supplement
EXHIBIT 1.2 -- Form of Series 2003-A Senior Note
EXHIBIT 4.4(a) -- Form of Opinion of Counsel for the Company
EXHIBIT 4.4(b) -- Form of Opinion of Special Counsel for the Purchasers
</TABLE>
iv
<PAGE>
KIRBY CORPORATION
55 Waugh Drive
Suite 1000
Houston, Texas 77007
(713) 435-1000
Fax: (713) 435-1011
Senior Notes Issuable in Series
Without Limitation as to Principal Amount
$250,000,000
Floating Rate Senior Notes
Series 2003-A, Due February 28, 2013
Dated as of February 15, 2003
TO EACH OF THE PURCHASERS LISTED IN
THE ATTACHED SCHEDULE A:
Ladies and Gentlemen:
KIRBY CORPORATION, a Nevada corporation (the "Company"), agrees with you as
follows:
1. AUTHORIZATION OF NOTES.
1.1. AMOUNT; ESTABLISHMENT OF SERIES.
The Company desires to provide for the issuance from time to time of Senior
Notes in series (the "Notes," such term to include any such Notes issued in
substitution therefor pursuant to Section 13 of this Agreement), without
limitation as to the aggregate principal amount that may be issued. The Notes
will be substantially in the form set out in Exhibit 1.1(a), with such changes
therefrom, if any, as may be approved by the purchasers of such Notes, or series
thereof, and the Company. Certain capitalized terms used in this Agreement are
defined in Schedule B; references to a "Schedule" or an "Exhibit" are, unless
otherwise specified, to a Schedule or an Exhibit attached to this Agreement.
Each series of Notes may consist of one or more tranches.
Each series of Notes, other than the Series 2003-A Notes, will be issued
pursuant to a supplement to this Agreement (a "Supplement") in substantially the
form of Exhibit 1.1(b), and will be subject to the following terms and
conditions:
<PAGE>
(a) the designation of each series of Notes shall distinguish the
Notes of one series from the Notes of all other series;
(b) the Notes of each series shall rank pari passu with each other
series of the Notes and the Company's other outstanding senior unsecured
Debt;
(c) each series of Notes shall be dated the date of issue, bear
interest at such rate or rates, mature on such date or dates, be subject to
such mandatory prepayments, if any, on the dates and with the make-whole
amounts, premiums or breakage amounts, if any, as are provided in the
Supplement under which such Notes are issued, and shall have such
additional or different conditions precedent to closing and such additional
or different representations and warranties or, subject to Section 1.1(d),
other terms and provisions as shall be specified in such Supplement;
(d) except to the extent provided in foregoing clause (c), all of the
provisions of this Agreement shall apply to the Notes of each series; and
(e) the issuance of any subsequent series of Notes shall not dilute or
otherwise affect the relative priority or other rights of the holders of
the Series 2003-A Notes or in any way affect the percentages of Series
2003-A Notes required to approve an amendment or effectuate a waiver under
the provisions of Section 17 or the percentages of Series 2003-A Notes
required to accelerate the Series 2003-A Notes or rescind such an
acceleration under the provisions of Section 12.1 or 12.3.
1.2. THE SERIES 2003-A NOTES.
(a) Amount; Designation. The Company has authorized, as the initial
series of Notes hereunder, the issue and sale of $250,000,000 aggregate
principal amount of Floating Rate Notes, Series 2003-A, due February 28,
2013 (the "Series 2003-A Notes," such term to include any such Notes issued
in substitution therefor pursuant to Section 13 of this Agreement). The
Series 2003-A Notes shall be substantially in the form set out in Exhibit
1.2, with such changes therefrom, if any, as may be approved by you and the
Company. The Notes shall bear interest (computed on the basis of a 360-day
year and the actual number of days elapsed) (i) on the unpaid principal
thereof at a floating rate equal to the Adjusted LIBOR Rate from time to
time, payable quarterly on each Interest Payment Date until the principal
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