Koppers launches $399 million term loan B at SOFR plus 350 bps

By Sara Rosenberg

New York, Sept. 18 – Koppers Inc. was scheduled to hold a lender call at 1 p.m. ET on Monday to launch a $399 million covenant-lite term loan B due April 10, 2030 that is talked at SOFR+10 basis points CSA plus 350 bps with a 0.5% floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Wells Fargo Securities LLC is the left lead arranger on the deal.

Commitments are due at noon ET on Thursday, the source added.

Proceeds will be used to reprice an existing term loan B down from SOFR+10 bps CSA plus 400 bps with a 0.5% floor.

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

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