Koppers Holdings, an integrated global provider of treated wood products, wood treatment chemicals, and carbon compounds, extended the maturity date of its $800 million revolving credit facility to the earlier of 91 days prior to the maturity date of the company’s secured term loan facility or June 17, 2030.
This transaction also modifies the total net leverage ratio financial covenant by removing the step down to 4.50:1.00 for the fiscal quarter ending September 30, 2026 and making the test 4.75:1.00 through the life of the deal. In addition, this transaction modifies the interest rate margins on the revolving facility by removing the 10 bps credit spread adjustment applicable to certain SOFR loans, and increasing the total net leverage ratio test used to determine the interest rate margin applicable to all loans.
All other material terms, conditions and covenants of the revolving facility remain unchanged.
“We are very pleased with this extension of our revolving credit facility, which strengthens our capital position, enhances financial flexibility and lowers our borrowing costs,” Jimmi Sue Smith, chief financial officer of Koppers, said. “This agreement reflects the continued confidence our banking partners have in Koppers, and we appreciate their ongoing support as we advance our strategic priorities.”
PNC Bank is acting as revolving administrative agent and swingline loan lender. PNC Capital Markets, Wells Fargo Securities, BofA Securities, Citizens Bank, Fifth Third Bank and Truist Securities are acting as joint lead arrangers and bookrunners for the revolving facility.
