Koppers Successfully Reprices Term Loan B
Koppers Holdings Inc. (NYSE: KOP) has successfully completed the repricing of its seven-year $495 million senior secured Term Loan B (TLB) due April 10, 2030. The transaction reduces interest rate margins by 50 basis points, from 3.00% to 2.50%, with a floor of 50 bps at adjusted Term SOFR Rate or adjusted Daily Simple SOFR.
The company's CFO, Jimmi Sue Smith, highlighted that the strong market demand for their TLB enables them to reduce interest expenses while maintaining their existing leverage, covenants, and maturity date. Wells Fargo Bank serves as the administrative agent, with multiple financial institutions acting as joint lead arrangers and bookrunners.
Koppers Holdings Inc. (NYSE: KOP) ha completato con successo la riprezzatura del suo prestito senior garantito di sette anni da 495 milioni di dollari (Term Loan B - TLB) con scadenza il 10 aprile 2030. L'operazione riduce i margini sui tassi d'interesse di 50 punti base, passando dal 3,00% al 2,50%, con un floor di 50 punti base al tasso SOFR aggiustato o al tasso SOFR semplice giornaliero aggiustato.
Il CFO dell'azienda, Jimmi Sue Smith, ha sottolineato che la forte domanda di mercato per il loro TLB consente di ridurre le spese interessi mantenendo al contempo la leva esistente, i contratti e la data di scadenza. Wells Fargo Bank funge da agente amministrativo, con diverse istituzioni finanziarie che agiscono come co-arrangiatrici principali e bookrunner.
Koppers Holdings Inc. (NYSE: KOP) ha completado con éxito la revalorización de su préstamo senior garantizado a siete años por valor de 495 millones de dólares (Term Loan B - TLB) que vence el 10 de abril de 2030. La transacción reduce los márgenes de tasa de interés en 50 puntos básicos, del 3,00% al 2,50%, con un mínimo de 50 pb en la tasa SOFR ajustada o en la tasa SOFR simple diaria ajustada.
El CFO de la compañía, Jimmi Sue Smith, destacó que la fuerte demanda del mercado por su TLB les permite reducir los gastos por intereses mientras mantienen su apalancamiento, convenios y fecha de vencimiento existentes. Wells Fargo Bank actúa como agente administrativo, con múltiples instituciones financieras que actúan como co-organizadores principales y bookrunners.
Koppers Holdings Inc. (NYSE: KOP)는 2030년 4월 10일 만기인 4억 9500만 달러 규모의 7년 만기 선순위 담보 대출(Term Loan B - TLB)의 가격 조정을 성공적으로 완료했습니다. 이번 거래는 금리 마진을 50bp 줄이며, 3.00%에서 2.50%로 하향 조정되고, 조정된 Term SOFR 금리 또는 조정된 일일 단순 SOFR 금리의 바닥을 50bp로 설정합니다.
회사의 CFO인 Jimmi Sue Smith는 TLB에 대한 강한 시장 수요가 이자 비용을 줄이면서 기존 레버리지, 계약 조건 및 만기일을 유지할 수 있게 해준다고 강조했습니다. Wells Fargo Bank는 행정 대행으로 활동하며, 여러 금융 기관이 공동 주관사 및 북런너로 참여하고 있습니다.
Koppers Holdings Inc. (NYSE: KOP) a réussi à finaliser le réajustement de son prêt senior garanti de 495 millions de dollars sur sept ans (Term Loan B - TLB), qui arrive à échéance le 10 avril 2030. Cette opération réduit les marges d'intérêt de 50 points de base, passant de 3,00 % à 2,50 %, avec un plancher de 50 pb au taux SOFR modifié ou au taux SOFR simple journalier modifié.
Le CFO de la société, Jimmi Sue Smith, a souligné que la forte demande du marché pour leur TLB leur permet de réduire les dépenses d'intérêts tout en maintenant leur effet de levier, leurs engagements et leur date d'échéance actuels. Wells Fargo Bank agit en tant qu'agent administratif, avec plusieurs institutions financières agissant en tant que co-arrangeurs principaux et bookrunners.
Koppers Holdings Inc. (NYSE: KOP) hat erfolgreich die Neupreisgestaltung seines siebenjährigen, 495 Millionen US-Dollar schweren, vorrangigen, gesicherten Term Loan B (TLB) abgeschlossen, der am 10. April 2030 fällig ist. Die Transaktion senkt die Zinssatzmargen um 50 Basispunkte, von 3,00 % auf 2,50 %, mit einer Untergrenze von 50 bp zum angepassten Term SOFR oder zum angepassten täglichen einfachen SOFR.
Der CFO des Unternehmens, Jimmi Sue Smith, hob hervor, dass die starke Marktnachfrage nach ihrem TLB es ihnen ermöglicht, die Zinsaufwendungen zu senken und gleichzeitig deren bestehende Verschuldung, Covenants und Fälligkeitstermine beizubehalten. Wells Fargo Bank fungiert als Verwaltungsbank, wobei mehrere Finanzinstitute als leitende Arranger und Bookrunner tätig sind.
- Successful reduction of interest rate margins by 50 basis points on $495M Term Loan B
- Lower interest expenses without changes to leverage or covenants
- Strong market demand demonstrated for company's debt
- None.
Insights
Reduces Interest Rate Margins by 50 Basis Points
This transaction reduces the interest rate margins applicable to the TLB by 50 basis points, from
Chief Financial Officer Jimmi Sue Smith said, "We are pleased with the strong market demand for our Term Loan B. This transaction aligns with our ongoing efforts to optimize our capital structure, allowing us to reduce interest expense through repricing, without altering our leverage, covenants, or maturity date."
Wells Fargo Bank, National Association is acting as administrative agent for the TLB. Wells Fargo Securities, LLC, PNC Capital Markets LLC, BofA Securities, Inc., Fifth Third Bank, National Association, Citizens Bank, N.A. and Truist Securities, Inc. are acting as joint lead arrangers and bookrunners for the TLB.
About Koppers
Koppers, with corporate headquarters in
For more information, visit: www.koppers.com. Inquiries from the media should be directed to Ms. Jessica Franklin Black at BlackJF@koppers.com or 412-227-2025. Inquiries from the investment community should be directed to Ms. Quynh McGuire at McGuireQT@koppers.com or 412-227-2049.
Safe Harbor Statement
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and may include, but are not limited to, statements about sales levels, acquisitions, restructuring, declines in the value of Koppers assets and the effect of any resulting impairment charges, profitability and anticipated expenses and cash outflows. All forward-looking statements involve risks and uncertainties.
All statements contained herein that are not clearly historical in nature are forward-looking, and words such as "outlook," "guidance," "forecast," "believe," "anticipate," "expect," "estimate," "may," "will," "should," "continue," "plan," "potential," "intend," "likely," or other similar words or phrases are generally intended to identify forward-looking statements. Any forward-looking statement contained herein, in other press releases, written statements or other documents filed with the Securities and Exchange Commission, or in Koppers communications and discussions with investors and analysts in the normal course of business through meetings, phone calls and conference calls, regarding future dividends, expectations with respect to sales, earnings, cash flows, operating efficiencies, restructurings, the benefits of acquisitions, divestitures, joint ventures or other matters as well as financings and debt reduction, are subject to known and unknown risks, uncertainties and contingencies.
Many of these risks, uncertainties and contingencies are beyond our control, and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. Factors that might affect such forward-looking statements include, among other things, the impact of changes in commodity prices, such as oil and copper, on product margins; general economic and business conditions; potential difficulties in protecting our intellectual property; the ratings on our debt and our ability to repay or refinance our outstanding indebtedness as it matures; our ability to operate within the limitations of our debt covenants; unexpected business disruptions; potential delays in timing or changes to expected benefits from cost reduction efforts; potential impairment of our goodwill and/or long-lived assets; demand for Koppers goods and services; competitive conditions; capital market conditions, including interest rates, borrowing costs and foreign currency rate fluctuations; availability and fluctuations in the prices of key raw materials; disruptions and inefficiencies in the supply chain; economic, political and environmental conditions in international markets; changes in laws; the impact of environmental laws and regulations; unfavorable resolution of claims against us, as well as those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Koppers, particularly our latest annual report on Form 10-K and any subsequent filings by Koppers with the Securities and Exchange Commission. Any forward-looking statements in this release speak only as of the date of this release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.
For Information: | Quynh McGuire, Vice President, Investor Relations |
412 227 2049 | |
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SOURCE Koppers Holdings Inc.
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