PITTSBURGH, PA, Nov 03, 2008 (MARKET WIRE via COMTEX News Network) -- Koppers Inc., a subsidiary of Koppers Holdings Inc. (NYSE: KOP), has
entered into a new credit agreement with a syndicate of banks led by
Pittsburgh-based PNC and co-led by RBS Citizens Bank and Bank of
America as joint book runners. The four-year agreement provides for
a revolving credit facility of $300 million at an initial interest
rate of LIBOR plus 250 basis points, and is subject to certain
covenants including maximum leverage and minimum fixed charges
coverage. The agreement replaces the existing $125 million revolver
and term loan bank facilities that were to expire in late 2009.
After the closing of the Monessen sale on October 1, 2008, there were
no balances outstanding under these facilities.
"We are extremely pleased to be able to continue our long-standing
relationship with PNC and the other banks in our syndicate," said
Walter W. Turner, president and CEO of Koppers. Mr. Turner
continued, "We believe the signing of this agreement greatly enhances
our balance sheet strength and improves our flexibility for
increasing shareholder value. The ability to refinance our bank
facility on favorable terms in today's credit market is a testament
to the confidence our bank group has in our current and future
business prospects. We continue to believe in the long-term
fundamental strength of the global aluminum market and the North
American railroad market."
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, 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 Brian
H. McCurrie at 412 227 2153 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
Brian H. McCurrie
Vice President, Chief Financial Officer
412 227 2153
SOURCE: Koppers Holdings Inc.