KOP - Koppers prices and allocates $400M 7-year term loan
2023-03-10 19:16:36 ET
- Koppers ( NYSE: KOP ) on Friday announced the pricing and allocation of a 7-year $400 million senior secured term loan B (TLB).
- The TLB will bear interest at adjusted term SOFR plus 4.00% with a SOFR floor of 50 bps.
- Koppers said it plans to use the proceeds from TLB, along with borrowing under its revolving credit facility, to redeem the outstanding $500 million 6.00% senior notes due 2025.
- Wells Fargo Bank, National Association is acting as sole and exclusive administrative agent for the TLB.
- Wells Fargo Securities LLC, PNC Capital Markets LLC, BofA Securities, Inc., Fifth Third Bank, National Association, Citizens Bank, N.A. and Truist Securities, Inc. are acting as joint lead arrangers and bookrunners for the TLB.
- Koppers expects to close the TLB transaction in mid-April 2023, in conjunction with the redemption of the 2025 notes.
- Press Release .
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Koppers prices and allocates $400M 7-year term loan