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KOP > SEC Filings for KOP > Form 8-K on 1-Apr-2013All Recent SEC Filings

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Form 8-K for KOPPERS HOLDINGS INC.


1-Apr-2013

Entry into a Material Definitive Agreement, Termination of a Material Defin


Item 1.01 Entry into a Material Definitive Agreement.

On March 27, 2013, Koppers Inc. ("Koppers"), a wholly-owned subsidiary of Koppers Holdings Inc., entered into a $300.0 million revolving credit facility (the "Credit Agreement") with a syndicate of banks led by PNC Capital Markets LLC and co-led by RBS Citizens N.A. and Banc of America Securities LLC as joint book runners. The Credit Agreement matures on March 27, 2018, has an initial interest rate of LIBOR plus 175 basis points, and is subject to certain covenants including, among others, maximum leverage and minimum fixed charges coverage, limitations on Koppers' ability to incur liens or become liable with respect to a guaranty, limitations on Koppers' ability to consummate a merger, consolidation, acquisition or dispose of certain assets and limitations on Koppers' ability to change the nature of its business. The Credit Agreement amends and restates the existing $300.0 million revolving credit facility, which was to expire in March 2015.

The obligation of Koppers to pay amounts outstanding under the Credit Agreement may be accelerated upon the occurrence of an "Event of Default' as defined in the Credit Agreement. Such Events of Default include, among others, (1) Koppers' failure to pay the principal of, or interest on, borrowings under the agreement,
(2) any representation or warranty of Koppers in the agreement proving to be materially false or misleading, (3) Koppers' breach of any of its covenants contained in the agreement, (4) the bankruptcy or insolvency of Koppers and
(5) the failure of certain third-party indemnitors to perform their obligations to a certain extent.

The foregoing description of the Credit Agreement does not purport to be a complete statement of the parties' rights and obligations under the Credit Agreement and the transactions contemplated by the Credit Agreement. The foregoing description of the Credit Agreement is qualified in its entirety by reference to the Credit Agreement, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.



Item 1.02 Termination of a Material Definitive Agreement.

Effective March 27, 2013, the amended and restated credit agreement by and among Koppers, the Guarantors party thereto, the Lenders party thereto, PNC Capital Markets LLC and RBS Greenwich Capital as co-lead arrangers; PNC Capital Markets LLC, Banc of America Securities LLC and RBS Greenwich Capital, as joint bookrunners; PNC Bank, National Association, as administrative agent; Bank of America, N.A., as documentation agent; and Citizens Bank of Pennsylvania, First Commonwealth Bank and Wells Fargo Bank, N.A., as syndication agents, dated as of October 31, 2008, as amended (the "Prior Credit Agreement") was replaced by the Credit Agreement. The Prior Credit Agreement provided for a $300.0 million revolving credit facility.



Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The description of the terms of the Credit Agreement set forth above in Item 1.01 is hereby incorporated by reference into this Item 2.03.




Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

The following exhibits are filed herewith:

Exhibit
  No.                                     Description

10.1         Amended and Restated Credit Agreement by and among Koppers Inc., the
             Guarantors party thereto, the Lenders party thereto, PNC Capital
             Markets LLC and RBS Citizens N.A., as Co-Lead Arrangers; PNC Capital
             Markets LLC, Banc of America Securities LLC and RBS Citizens N.A., as
             Joint Bookrunners; PNC Bank, National Association, as Administrative
             Agent; Bank of America, N.A., as Documentation Agent; and Citizens
             Bank of Pennsylvania, First Commonwealth Bank and Wells Fargo Bank,
             N.A., as Syndication Agents, dated as of March 27, 2013.


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