Koppers sets $100 million incremental term loan issue price at par

By Sara Rosenberg

New York, March 14 – Koppers Inc. firmed the issue price on its fungible $100 million incremental covenant-lite term loan B due April 10, 2030 at par, the tight end of the 99.75 to par talk, according to a market source.

Pricing on the incremental term loan and repriced $398 million covenant-lite term loan B due April 10, 2030 remained at SOFR plus 300 basis points with a 0.5% floor.

The repriced term loan still has a par issue price.

The total $498 million of term loan debt is getting 101 soft call protection for six months.

Amortization is 1% per annum.

Wells Fargo Securities LLC, Citizens, Truist Securities, Fifth Third, BofA Securities Inc. and PNC are the arrangers on the deal.

Commitments continued to be due at noon ET on Thursday, the source added.

Proceed from the incremental term loan will be used to add cash to the balance sheet, and the repricing will take the existing term loan B down from SOFR plus 350 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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