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Koppers (KOP) Concludes Repricing & Upsizing of Term Loan B
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Koppers Holdings Inc. (KOP - Free Report) has successfully concluded the upsizing and repricing of its seven-year $397 million senior secured Term Loan B (TLB), due Apr 10, 2030.
In addition to eliminating the 10 basis point (bp) credit spread adjustment from the TLB's pricing structure, this transaction lowers the interest rate margins applicable to the TLB by 50 bps, from 3.50% with a floor of 50 bps to 3.00% with a floor of 50 bps at adjusted Term SOFR Rate or adjusted Daily Simple SOFR. The TLB was also increased by $100 million, at par, bringing the principal balance to $497 million.
The TLB's proceeds are expected to be utilized for general corporate uses. Reducing borrowings under its revolving credit facility is the company's goal, including the recent borrowings used to finance the purchase of Brown Wood Preserving.
The TLB's administrative agent is Wells Fargo Bank, National Association. Joint lead arrangers and bookrunners for the TLB are Wells Fargo Securities, LLC, PNC Capital Markets LLC, BofA Securities, Inc., Fifth Third Bank, National Association, Citizens Bank, N.A., and Truist Securities, Inc.
Shares of Koppers, a worldwide provider of carbon compounds, wood treatment chemicals and treated wood products, have gained 62% over the past year against a 9.9% decline of its industry.
Image Source: Zacks Investment Research
Koppers, on its fourth-quarter call, noted that it remains focused on expanding and optimizing its business and making progress toward its long-term financial goals.
The company anticipates sales for 2024 to be roughly $2.25 billion. It also expects adjusted EBITDA to be approximately $275 million for the year. Koppers sees adjusted earnings per share to be $4.60-$4.80 for 2024.
The company also expects capital expenditures of roughly $100 million for this year.
Better-ranked stocks in the basic materials space include Denison Mines Corp. (DNN - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Ecolab Inc. (ECL - Free Report) .
Denison Mines sports a Zacks Rank #1 (Strong Buy). DNN beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 300%. The company’s shares have soared 100% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology currently carries a Zacks Rank #2 (Buy). CRS beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 12.2%. The company’s shares have soared 64.6%% in the past year.
The Zacks Consensus Estimate for Ecolab current-year earnings is pegged at $6.43 per share, indicating a year-over-year rise of 23.4%. The Zacks Consensus Estimate for ECL’s current-year earnings has been stable in the past 30 days. ECL, a Zacks Rank #2 stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.7%. The company’s shares have rallied roughly 33.6% in the past year.
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Koppers (KOP) Concludes Repricing & Upsizing of Term Loan B
Koppers Holdings Inc. (KOP - Free Report) has successfully concluded the upsizing and repricing of its seven-year $397 million senior secured Term Loan B (TLB), due Apr 10, 2030.
In addition to eliminating the 10 basis point (bp) credit spread adjustment from the TLB's pricing structure, this transaction lowers the interest rate margins applicable to the TLB by 50 bps, from 3.50% with a floor of 50 bps to 3.00% with a floor of 50 bps at adjusted Term SOFR Rate or adjusted Daily Simple SOFR. The TLB was also increased by $100 million, at par, bringing the principal balance to $497 million.
The TLB's proceeds are expected to be utilized for general corporate uses. Reducing borrowings under its revolving credit facility is the company's goal, including the recent borrowings used to finance the purchase of Brown Wood Preserving.
The TLB's administrative agent is Wells Fargo Bank, National Association. Joint lead arrangers and bookrunners for the TLB are Wells Fargo Securities, LLC, PNC Capital Markets LLC, BofA Securities, Inc., Fifth Third Bank, National Association, Citizens Bank, N.A., and Truist Securities, Inc.
Shares of Koppers, a worldwide provider of carbon compounds, wood treatment chemicals and treated wood products, have gained 62% over the past year against a 9.9% decline of its industry.
Image Source: Zacks Investment Research
Koppers, on its fourth-quarter call, noted that it remains focused on expanding and optimizing its business and making progress toward its long-term financial goals.
The company anticipates sales for 2024 to be roughly $2.25 billion. It also expects adjusted EBITDA to be approximately $275 million for the year. Koppers sees adjusted earnings per share to be $4.60-$4.80 for 2024.
The company also expects capital expenditures of roughly $100 million for this year.
Koppers Holdings Inc. Price and Consensus
Koppers Holdings Inc. price-consensus-chart | Koppers Holdings Inc. Quote
Zacks Rank & Key Picks
Koppers currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Denison Mines Corp. (DNN - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Ecolab Inc. (ECL - Free Report) .
Denison Mines sports a Zacks Rank #1 (Strong Buy). DNN beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 300%. The company’s shares have soared 100% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology currently carries a Zacks Rank #2 (Buy). CRS beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 12.2%. The company’s shares have soared 64.6%% in the past year.
The Zacks Consensus Estimate for Ecolab current-year earnings is pegged at $6.43 per share, indicating a year-over-year rise of 23.4%. The Zacks Consensus Estimate for ECL’s current-year earnings has been stable in the past 30 days. ECL, a Zacks Rank #2 stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.7%. The company’s shares have rallied roughly 33.6% in the past year.