KOP - Koppers expands its credit facilities to $800M

Koppers a wholly-owned subsidiary of Koppers Holdings (NYSE:KOP) has increased its credit pact with Holdings, certain lenders and letter of credit issuers for an $800M revolving credit facility, a $50M swingline facility and one or more incremental revolving or term loan facilities. The credit facility provides additional financial flexibility to support ongoing growth strategy and sustainability initiatives. The agreement replaces a prior agreement for a $600M senior secured revolving credit facility and a $100M senior secured term loan facility.   The pact will mature on June 17, 2027, subject to a springing maturity provision, contains customary covenants for credit facilities of this type and is secured by a lien on substantially all of the company's assets. PNC Bank will serve as the revolving administrative agent, collateral agent and swingline loan lender, and Wells Fargo Bank will serve as term administrative agent.

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Koppers expands its credit facilities to $800M