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EX-4.1 - EX-4.1 - URS CORP /NEW/d646861dex41.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 19, 2013

 

 

URS CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

LOGO

DELAWARE

(State or other jurisdiction of incorporation)

 

1-7567   94-1381538
(Commission File No.)   (IRS Employer Identification No.)

600 Montgomery Street, 26th Floor

San Francisco, California 94111-2728

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (415) 774-2700

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

(a)

On December 19, 2013, we entered into a Second Amendment to Credit Agreement and First Amendment to Subsidiary Guaranty (the “Amendment”), with some of our foreign subsidiaries as borrowers, some of our domestic subsidiaries as guarantors, a syndicate of lenders and Wells Fargo Bank, National Association, as administrative agent, swing line lender and an L/C issuer. The Amendment amends our Credit Agreement, dated as of October 19, 2011, as amended by the first amendment dated as of May 23, 2013 (the “Credit Agreement”) by and among the Company, some of our foreign subsidiaries as borrowers, a syndicate of lenders party thereto, Bank of America, N.A., BNP Paribas, and Citibank, N.A., as syndication agents, Mizuho Corporate Bank, Ltd, as documentation agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, BNP Paribas Securities Corp., and Citigroup Global Markets Inc., as joint lead arrangers, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC, as joint book managers and Wells Fargo Bank, National Association as administrative agent for the lenders and our Subsidiary Guaranty, dated as of October 19, 2011 (the “Subsidiary Guaranty”).

The Amendment amends the Credit Agreement by (a) extending the maturity date of the credit facility by two years to December 19, 2018, (b) increasing the sublimit for alternative currency revolving loans from $400.0 million to $500.0 million, (c) establishing a $500.0 million sublimit for financial letters of credit, (d) adding an additional level to the pricing grid which now provides (i) for the per annum applicable margin for Eurocurrency rate borrowings on all loans and financial letters of credit to range from 1.125% to 2.00%, (ii) that the Eurocurrency rate for performance and commercial letters of credit will range from 0.70% to 1.20%, and (iii) that fees payable for unused portions of the revolving line of credit will range from 0.125% to 0.30%, in each case based on the better of our debt ratings and leverage ratio in accordance with the pricing grid, and (e) deleting any requirement to provide any Lien to secure obligations under the Credit Agreement. In addition, the existing amortization schedule was revised so that quarterly principal payments, commencing with the last Business Day of our fiscal year ending closest to December 31, 2014, are required in aggregate annual amounts expressed as a percentage of the original principal amount of the term loans as follows:

 

Last Business Day of the fiscal quarter or fiscal year ending closest to:

   Percentage of the initial aggregate principal
amount of the Term Facility
 

December 31, 2014

March 31, 2015

June 30, 2015

September 30, 2015

     1.250

December 31, 2015

March 31, 2016

June 30, 2016

September 30, 2016

December 31, 2016

March 31, 2017

June 30, 2017

September 30, 2017

     1.875

December 31, 2017

March 31, 2018

June 30, 2018

September 30, 2018

     2.500

Maturity Date of the Term Facility

     All remaining outstanding amounts   

The Amendment amends the Subsidiary Guaranty to provide for customary limitations on the guarantee of any hedge agreements by any guarantor that is not an “eligible contract participant” under the Commodity Exchange Act, as amended.

Capitalized terms used herein and not otherwise defined have the meanings given in the Credit Agreement or the Subsidiary Guaranty, as applicable. The foregoing description of the Amendment is qualified in its entirety by reference to the Amendment, a copy of which is filed as an exhibit to this report and is incorporated by reference into this report.

 

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

 

Exhibit
Number

  

Exhibit Description

4.1    Second Amendment to Credit Agreement and First Amendment to Subsidiary Guaranty dated as of December 19, 2013, entered into by and among URS Corporation, certain foreign subsidiaries party thereto as borrowers, certain domestic subsidiaries as guarantors, a syndicate of lenders party thereto and Wells Fargo Bank, National Association, administrative agent, swing line lender and an L/C issuer.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, URS has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  URS CORPORATION
Dated: December 19, 2013   By:  

/s/ Reed Brimhall

    Reed Brimhall
    Vice President and Chief Accounting Officer


EXHIBIT INDEX

 

Exhibit
Number

  

Exhibit Description

4.1    Second Amendment to Credit Agreement and First Amendment to Subsidiary Guaranty dated as of December 19, 2013, entered into by and among URS Corporation, certain foreign subsidiaries party thereto as borrowers, certain domestic subsidiaries as guarantors, a syndicate of lenders party thereto and Wells Fargo Bank, National Association, administrative agent, swing line lender and an L/C issuer.