Koppers Holdings Inc. announced that the company successfully completed the repricing and upsizing of its seven-year $397 million senior secured Term Loan B (TLB) due April 10, 2030. This transaction reduces the interest rate margins applicable to the TLB by 50 basis points, from 3.50% with a floor of 50 bps to 3.00% with a floor of 50 bps at adjusted Term SOFR Rate or adjusted Daily Simple SOFR and removes the 10 bps credit spread adjustment from the pricing structure of the TLB. In addition, the TLB was upsized, at par, by $100 million, increasing the principal balance to $497 million.

Proceeds from the TLB will be used for general corporate purposes. The company intends to reduce borrowings under its revolving credit facility, including recent borrowings to fund the acquisition of Brown Wood Preserving. 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.