Koppers, a provider of treated wood products, wood treatment chemicals and carbon compounds, completed the repricing of its seven-year, $399 million senior secured term loan B due April 10, 2030.

The repricing is leverage neutral and reduces the interest rate margins applicable to the term loan by 50 bps, including from 4% with a floor of 50 bps to 3.5% with a floor of 50 bps for adjusted term SOFR or adjusted daily simple SOFR loans.

“We are pleased with the strong market demand for our term loan B,” Jimmi Sue Smith, CFO of Koppers, said. “This transaction is consistent with our track record of optimizing our capital structure, which we have accomplished here by reducing our interest expense through repricing with no change to our leverage, covenants or maturity date.”

Wells Fargo is acting as administrative agent for the term loan. Wells Fargo Securities, PNC Capital Markets, BofA Securities, Fifth Third Bank, Citizens Bank and Truist Securities are acting as joint lead arrangers and bookrunners for the term loan.