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Koppers plans to launch $800 million credit facility on May 14
By Sara Rosenberg
New York, April 28 - Koppers Inc. is scheduled to hold a bank meeting on May 14 in Pittsburgh to launch its new $800 million senior secured credit facility, according to market sources.
PNC Bank is the lead bank on the deal.
It is estimated that the credit facility will consist of a $500 million revolver and a $300 million term loan A, but sizes are still fluid, sources said.
Proceeds will be used to fund the acquisition of the Wood Preservation and Railroad Services businesses of Osmose Holdings Inc. for $460 million.
Closing is expected in the third quarter, subject to regulatory filings and customary conditions.
Koppers is a Pittsburgh-based producer of carbon compounds and treated wood products.
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