Koppers Holdings Inc. (NYSE: KOP) has announced the successful repricing of its seven-year $495 million senior secured term loan B (TLB) due April 10, 2030. The transaction has resulted in a reduction of the interest rate margins applicable to the TLB by 50 basis points, from 3.00% with a floor of 50 bps to 2.50% with a floor of 50 bps at adjusted term SOFR rate or adjusted daily simple SOFR.
This move is aligned with the company's ongoing efforts to optimize its capital structure, aiming to reduce interest expense through repricing without altering leverage, covenants, or maturity date. Wells Fargo Bank, National Association is acting as 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 Holdings Inc., headquartered in Pittsburgh, Pennsylvania, is an integrated global provider of treated wood products, wood treatment chemicals, and carbon compounds. The company's products and services are utilized in a variety of niche applications across diverse end markets, including the railroad, specialty chemical, utility, residential lumber, agriculture, aluminum, steel, rubber, and construction industries. Koppers serves its customers through a comprehensive global manufacturing and distribution network, with facilities located in North America, South America, Australasia, and Europe. The stock of Koppers Holdings Inc. is publicly traded on the New York Stock Exchange under the symbol “KOP.” Today the company's shares have moved 0.1% to a price of $31.75. For more information, read the company's full 8-K submission here.
