Koppers begins tender, consent bid for 7 7/8% senior notes due 2019

By Susanna Moon

Chicago, Jan. 5 – Koppers Holdings Inc.’s wholly owned subsidiary, Koppers Inc., began a tender offer and consent solicitation for its 7 7/8% senior notes due 2019.

The total purchase price will be $1,017.90 per $1,000 principal amount of notes tendered by the consent deadline of 5 p.m. ET on Jan. 19.

Holders who tender after the consent date will receive $987.90 per $1,000 principal amount.

The company also will pay accrued interest up to but excluding the settlement date.

The tender offer will end at 12:01 a.m. ET on Feb. 2.

The company also is soliciting consents to amend notes to eliminate substantially all of the covenants and certain events of default and related provisions.

Holders who tender their notes will be deemed to consent to the proposed amendments and holders may not deliver consents without tendering their notes in the offer.

Koppers plans to call any notes remaining after the tender at a redemption price of $1,013.13 per $1,000 principal amount, according to a company announcement.

The tender is contingent on Koppers obtaining consents for at least a majority of the senior notes and the company having closed one or more offerings of debt securities with enough proceeds to fund the offer.

The dealer manager and solicitation agent is Wells Fargo Securities, LLC (866 309-6316 or 704 410-4760). The information agent is D.F. King & Co., Inc. (888 644-6071 or 212 269-5550).

Koppers is a Pittsburgh-based integrated producer of carbon compounds, chemicals, and treated wood products and services.

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