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. 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 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.
