Moody’s gives B1 to Koppers notes

Moody's Investors Service said it affirmed Koppers Holdings Inc.'s Ba3 corporate family rating and assigned a B1 rating to Koppers, Inc.'s proposed $400 million senior notes due 2025.

Proceeds from the new unsecured notes are expected to refinance the company's existing senior secured notes, reduce borrowings under the senior secured credit facility and pay transaction-related fees and expenses.

The outlook was revised to stable from negative and the Speculative grade liquidity rating was upgraded to SGL-2 from SGL-3.

"Koppers weathered very difficult market conditions, significantly restructured its operations, and adjusted financial policies to protect its credit rating. The proposed refinancing improves liquidity, extends debt maturities, and will enable the company to increase capital spending to support earnings growth," Ben Nelson, Moody's vice president and lead analyst for Koppers Holdings, said in a news release.

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