Koppers starts cash tender offer for 7 7/8% senior notes due 2019

New York, Jan. 14 – Koppers Inc. announced it has begun a tender offer to buy all of its outstanding 7 7/8% senior notes due 2019.

The company, a subsidiary of Koppers Holdings Inc., is also soliciting consents to amend the notes in order to eliminate substantially all of the covenants and certain events of default and related provisions.

Holders who tender before the consent date of 5 p.m. ET on Jan. 28 will receive $1,044.00 per $1,000 principal amount. The amount includes a consent payment of $10.00 per $1,000 that will only be paid to those who tender by the consent deadline.

Those who tender after the consent date but before the expiration of 12:01 a.m. ET on Feb. 12 will receive $1,034.00 per $1,000 principal amount.

Koppers will also pay accrued interest up to but excluding the settlement date.

The company added that it intends to redeem any notes that remain outstanding after the tender. The call price is currently $1,039.38 per $1,000 principal amount.

Completion of the tender is subject to conditions, including the receipt of consents for a majority of the notes and completion of a new note offering that raises at least $300 million.

Deutsche Bank Securities Inc. (855 287-1922 or 212 250-7527) is dealer manager and solicitation agent, D.F. King & Co., Inc. (800 870-0653, banks and brokers 212 269-5550) is information agent.

Koppers is a Pittsburgh-based producer of carbon compounds, chemicals and treated wood products and services for the aluminum, railroad, specialty chemical, utility, rubber, concrete, steel, residential lumber, and agriculture industries.

© 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.