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Koppers launches $800 million credit facility to investors
By Sara Rosenberg
New York, May 14 - Koppers Inc. launched on Wednesday its $800 million senior secured credit facility that has a leverage-based pricing grid ranging from Libor plus 225 basis points to 325 bps, according to a market source.
The facility consists of a $500 million revolver and a $300 million term loan A.
PNC Bank is the lead bank on the deal.
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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