Koppers lifts revolver to $400 million, cancels $200 million term A

By Sara Rosenberg

New York, Jan. 19 – Koppers Holdings Inc. upsized its five-year revolving credit facility to $400 million from $300 million and eliminated plans for a $200 million five-year term loan A, according to a market source.

In addition, the company upsized its senior notes offering to $500 million from $400 million, the source said.

PNC Bank, Bank of America Merrill Lynch and Fifth Third Bank are the joint lead arrangers on the senior secured revolver.

Proceeds from the credit facility and notes will be used to refinance the company’s existing senior secured revolver and term loan due Aug. 15, 2019, to repurchase all outstanding senior notes due 2019 and to pay related fees and expenses.

Koppers is a Pittsburgh-based provider of treated wood products, wood treatment chemicals and carbon compounds.

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