Entry into a Material Definitive Agreement, Financial Statements and Exhibits
16-Nov-2007
Item 1.01. Entry into a Material Definitive Agreement.
On November 9, 2007, Cooper Tire & Rubber Company, a Delaware corporation (the "Company"), along with Max-Trac Tire Co., Inc., a subsidiary of the Company (d/b/a Mickey Thompson Performance Tires & Wheels) ("Max-Trac"), entered into a Loan and Security Agreement, dated as of November 9, 2007, with Bank of America, N.A. (as Administrative Agent and Collateral Agent); PNC Bank, National Association (as Syndication Agent); Banc of America Securities LLC and PNC Capital Markets LLC (as Joint Book Managers and Joint Lead Arrangers); National City Business Credit, Inc. and JPMorgan Chase Bank, N.A. (as Co-Documentation Agents); and Bank of America, N.A.; PNC Bank, National Association; National City Business Credit, Inc.; Keybank National Association; Fifth Third Bank; and JPMorgan Chase Bank, N.A. (as the Lenders) (the "New Credit Agreement").
In connection with the New Credit Agreement, the Company also entered into a Pledge Agreement, dated as of November 9, 2007, with Bank of America, N.A. (the "Pledge Agreement"), and entered into an Intercreditor Agreement, dated as of November 9, 2007, with Cooper Receivables LLC; PNC Bank, National Association (as Administrator); and Bank of America, N.A. (as Administrative Agent and Collateral Agent) (the "Intercreditor Agreement"). These agreements were entered into in support of the New Credit Agreement.
The purpose of the New Credit Agreement is to provide a new $200 million credit facility (the "New Credit Facility") to the Company and Max-Trac to finance their mutual and collective business enterprise. The New Credit Facility essentially replaces the Company's then-existing credit facility, which was terminated in connection with the creation of the New Credit Facility, as further described in this Current Report. Each of the lenders under the New Credit Facility was also a lender (or one of its affiliates was a lender) under the Company's then-existing credit facility.
