Koppers Holdings, an integrated global provider of treated wood products, wood treatment chemicals and carbon compounds, priced and allocated a seven-year $400 million senior secured Term Loan B (TLB). The TLB will bear interest at adjusted Term SOFR plus 4.00% with a SOFR floor of 50 bps.

Wells Fargo Bank is acting as sole and exclusive administrative agent for the TLB. 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 TLB.

Koppers plans to use the proceeds borrowed under the TLB, along with borrowing under its revolving credit facility, to redeem the company’s outstanding $500 million 6.00% senior unsecured notes that are due in 2025 (2025 Notes).

“With this transaction, Koppers will be taking specific and favorable actions to enhance balance sheet flexibility, one of our core strategic pillars,” Jimmi Sue Smith, CFO of Koppers, said. “By extending the maturity date for our debt profile, we will be reducing risk and gaining flexibility.”