New Issue: Koppers prices $300 million 7 7/8% 10-year notes to yield 8 1/8%

By Paul A. Harris

St. Louis, Nov. 20 - Koppers Inc. priced a $300 million issue of 7 7/8% 10-year senior unsecured notes (B1/B/) at 98.311 to yield 8 1/8% on Friday, according to an informed source.

The yield printed at the tight end of the 8¼% area price talk.

Goldman Sachs & Co. was the left lead bookrunner. Bank of America Merrill Lynch, RBS Securities Inc. and UBS Investment Bank were joint bookrunners.

Co-managers were Wells Fargo Securities, PNC and Fifth Third Financial Corp.

Proceeds will be used to repay debt and for general corporate purposes.

Koppers is a Pittsburgh-based producer of carbon compounds and treated wood products for use in the aluminum, chemical, railroad, utility and steel industries.

Issuer:	Koppers Inc.
Face amount:	$300 million
Proceeds:	$294,933,000
Maturity:	Dec. 1, 2019
Securities:	Senior unsecured notes
Left bookrunner:	Goldman Sachs & Co.
Joint bookrunners:	Bank of America Merrill Lynch, RBS Securities Inc., UBS Investment Bank
Co-managers:	Wells Fargo Securities, PNC, Fifth Third Financial Corp.
Coupon:	7 7/8%
Price:	98.311
Yield:	8 1/8%
Spread:	480 bps
Call features:	Callable on Dec. 1, 2014 at 103.938, 102.625, 101.313, par on and after Dec. 1, 2017
Trade date:	Nov. 20
Settlement date:	Dec. 1
Ratings:	Moody's: B1
	Standard & Poor's: B
Distribution:	Rule 144A with registration rights
Price talk:	8¼% area

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.