Koppers tweaks deal, frees to trade; Archroma sets changes, breaks U.S. term loan

By Sara Rosenberg

New York, March 10 – Koppers Inc. raised pricing on its term loan B, modified the original issue discount and made some revisions to documentation, and then the debt made its way into the secondary market on Friday afternoon.

Koppers lifted pricing on its $400 million seven-year covenant-lite term loan B (Ba3/BB-/BB+) to SOFR plus 400 basis points from talk in the range of SOFR plus 350 bps to 375 bps and changed the original issue discount to 97 from talk in the range of 97.5 to 98, a market source remarked.

Also, before breaking for trading, Archroma finalized its U.S. and euro term loan B tranche sizes, resulting in a downsizing of the total amount of debt being obtained, increased pricing on the U.S. tranche, set the original issue discount on both tranches at the wide end of guidance and sweetened the call protection.

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