Koppers postpones $400 million notes offer, cites market conditions

By Paul A. Harris

Portland, Ore., Jan. 22 – Koppers Inc., a wholly owned subsidiary of Koppers Holdings Inc., announced in a Thursday press release that it postponed its $400 million Rule 144A and Regulation S senior notes offering “due to perceived unfavorable market conditions.”

At the same time, Koppers said it has terminated its previously announced tender offer for all of its outstanding 7 7/8% senior notes due 2019.

Proceeds from the postponed notes offer were earmarked for funding that tender offer for $300 million of the outstanding 7 7/8% notes, with remaining proceeds to be used to take out bank debt and for general corporate purposes.

Deutsche Bank Securities Inc., Barclays, BofA Merrill Lynch, Fifth Third Securities, PNC Capital Markets, RBS Securities Inc. and Wells Fargo Securities LLC were joint bookrunners for the notes offering.

Koppers is a Pittsburgh-based integrated producer of carbon compounds, chemicals, and treated wood products and services.

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