Koppers entered into a $400 million revolving credit agreement with certain lenders and PNC Bank as administrative agent.

According to a related 8-K filing, the agreement, which will mature on February 17, 2022, also provides for an uncommitted accordion feature of up to $100 million.

Borrowings will initially bear interest at a rate per annum equal to an agreed applicable margin plus a prime rate equivalent or a Eurodollar rate. The prime rate equivalent in this case is defined as the highest of the overnight bank funding rate in effect on such day plus 0.5%, the prime rate in effect on such day published by PNC Bank or an adjusted LIBOR rate.

For borrowings that bear interest at the prime rate equivalent, the applicable margin ranges from 2.00% to 1.00%, and for borrowings that bear interest at the Eurodollar rate, the applicable margin ranges from 3.00% to 2.00%. The agreement also provides for a commitment fee applicable to the unused portion of the revolving credit facility ranging from 0.375% to 0.250%, payable in arrears on each quarterly payment date.

In connection with the new credit agreement, the company’s previous facility, dated August 15, 2014 and consisting of a $500 million revolving credit facility and a $300 million term loan, was terminated. PNC Bank had served as administrative agent.