Koppers Extends Credit Agreement
PITTSBURGH, PA -- (Marketwired) -- 04/02/13 -- Koppers Inc., a subsidiary of Koppers Holdings Inc. (KOP), has amended its existing credit agreement with a syndicate of banks led by Pittsburgh-based PNC Capital Markets LLC ("PNC") and co-led by RBS Citizens N.A. and Banc of America Securities LLC as joint book runners (the "Amendment"). The previous agreement that was due to expire March 22, 2015, has been amended to extend the expiration to March 27, 2018, while maintaining the capacity of the revolving credit facility at $300 million. Key modifications of the extension include the addition of Bank of Tokyo-Mitsubishi UFJ, Ltd. ("Bank of Tokyo") to the lending group, a reduction of the borrowing rate by 50 basis points, and simplified covenants that provide more flexibility for higher levels of foreign investment.
"We are pleased to be able to extend our credit agreement, and we appreciate our long-standing relationship with PNC, RBS Citizens Bank, Bank of America, and the other banks in our syndicate," said Walter W. Turner, president and CEO of Koppers. Mr. Turner continued, "I am especially happy to be able to add Bank of Tokyo to our group with their strong presence and reputation in the Asian region. I believe it further strengthens our capabilities to deploy capital in that area of the world, which we expect to be a significant driver for Koppers growth in the future."
Koppers, with corporate headquarters and a research center in Pittsburgh, Pennsylvania, is a global integrated producer of carbon compounds and treated wood products. Including its joint ventures, Koppers operates facilities in the United States, United Kingdom, Denmark, The Netherlands, Australia and China. The stock of Koppers Holdings Inc. is publicly traded on the New York Stock Exchange under the symbol "KOP." For more information, visit us on the Web: www.koppers.com. Questions concerning investor relations should be directed to Leroy M. Ball at 412 227 2118 or Michael W. Snyder at 412 227 2131.
Safe Harbor Statement
This news release may contain forward-looking statements based on management's current expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects," "anticipates," "plans," "intends," "projects," "indicates," and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Koppers, particularly its latest annual report on Form 10-K and quarterly report on Form 10-Q, as well as others, could cause results to differ materially from those stated. These factors include, but are not limited to, changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which the Company does business; competitive pressures; the loss of one or more key customer or supplier relationships; customer insolvencies; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost and availability of raw materials; and other economic, business, competitive, regulatory and/or operational factors affecting the business of Koppers generally.
For Information: Leroy M. Ball Vice President and Chief Financial Officer 412 227 2118 Email Contact
Source: Koppers Holdings Inc.