This excerpt taken from the KOP 10-Q filed Nov 6, 2008.
The Company used a portion of the estimated proceeds of $90.0 million from the Monessen sale in October 2008 to repay the term loans of $22.6 million and amounts borrowed under the senior secured revolving credit facility of $26.5 million. This
repayment increased the amount available under the senior secured credit facility to approximately $107.0 million. The Company also repurchased Senior Secured Notes with a face value of $17.5 million on October 27, 2008.
On October 31, 2008, Koppers Inc. entered into a $300.0 million revolving credit facility with a syndicate of banks. The credit facility expires on October 31, 2012, has 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 senior secured revolving credit facility.
15. Asset Retirement Obligations
The Company recognizes asset retirement obligations for the removal and disposal of residues; dismantling of certain tanks required by governmental authorities; cleaning and dismantling costs for owned rail cars; and cleaning costs for leased rail cars and barges. The following table reflects changes in the carrying values of asset retirement obligations:
16. Deferred Revenue from Extended Product Warranty Liabilities
The Company defers revenues associated with extended product warranty liabilities based on historical loss experience and sales of extended warranties on certain products. The following table reflects changes in the carrying values of deferred revenue:
17. Commitments and Contingent Liabilities
The Company and its subsidiaries are involved in litigation and various proceedings relating to environmental laws and regulations and antitrust, toxic tort, product liability and other matters. Certain of these matters are discussed below. The ultimate resolution of these contingencies could, individually or in the aggregate, be material to the consolidated financial statements.
This excerpt taken from the KOP 10-K filed Mar 21, 2006.
13. Subsequent Events (Unaudited)
Initial Public Offering and Redemption of Senior Secured Notes. The Company completed an initial public offering on February 6, 2006, resulting in the issuance of 8,700,000 additional common shares at a price of $14.00 per share, and the conversion of 2,288,481 shares of preferred stock into 9,107,926 shares of common stock. Of such converted shares, 2,800,000 were sold in connection with the initial public offering and the related over-allotment option. The Company received approximately $111.8 million of net proceeds (after $10.0 million of estimated expenses) from the issuance and sale of 8,700,000 shares, which proceeds were used to redeem $101.7 million principal amount of the Koppers Inc. senior secured notes and pay a related call premium of $10.1 million. The Company incurred $3.2 million of deferred financing cost write-offs related to the buyback of the notes. The Company also incurred $3.0 million for the termination of the Saratoga advisory services contract, $1.3 million for bond and bank consent fees, and paid a post-IPO dividend of $8.3 million, all of which were financed through revolver borrowings.
Dividend Payments. In February 2006 the Company received a dividend of $7.0 million from Koppers Inc. and paid a dividend totaling $8.3 million to common and preferred stockholders ($0.69 per share to common and, prior to the conversion of preferred stock into common shares on a 3.9799-for-one basis, $2.75 per share to preferred).
On February 15, 2006 the Company also declared an initial quarterly dividend of $0.10 per common share payable on or about April 17, 2006 to shareholders of record on March 31, 2006.