Koppers gets $300 million revolver

By Sara Rosenberg

New York, Nov. 3 - Koppers Inc. closed on a new $300 million four-year revolving credit facility, according to a news release.

PNC acted as the lead bank on the deal, with RBS Citizens Bank and Bank of America as co-leads and joint bookrunners.

Initial pricing on the revolver is Libor plus 250 basis points.

Covenants include maximum leverage and minimum fixed charges coverage.

Proceeds were used to replace the company's existing $125 million revolver and term loan bank facilities that were to expire in late 2009. After the closing of the Monessen sale on Oct. 1, there were no balances outstanding under these facilities.

Koppers is a Pittsburgh-based producer of carbon compounds and treated wood products.

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