TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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March 16, 2021
Source: PR Newswire
Tronox Holdings plc (NYSE: TROX; the "Company") today announced that it completed its offering by its wholly owned subsidiary, Tronox Incorporated (the "Issuer"), of 4.625 percent Senior Notes due 2029 for an aggregate principal amount of $1,075 million, the net proceeds of which, along with cash on hand, will be used to fund the redemption in full of the Issuer's outstanding $615 million aggregate principal amount of 6.500 percent senior notes due 2026 and the redemption in full of Tronox Finance plc's outstanding $450 million aggregate principal amount of 5.750 percent senior notes due 2025.
In addition, on March 11, 2021 the Company announced the closing of the refinancing of its existing first lien term loan credit agreement with a new seven-year first lien term loan credit facility (the "New Term Loan") and existing revolving syndicated facility agreement with a new five-year cash flow revolving facility (the "New Revolving Facility"). Pursuant to the New Term Loan, the Company's wholly owned subsidiary Tronox Finance LLC borrowed $1,300 million of first lien term loans. Pursuant to the New Revolving Facility, the lenders thereunder have agreed to provide revolving commitments of $350 million. The Company also paid down approximately $300 million of debt in conjunction with the refinancing transaction.
"These transactions lower our annualized cash interest by approximately $30 million and extend our debt portfolio's weighted average years to maturity by approximately 3 years," said Tim Carlson, senior vice president and chief financial officer. "With our current mix of secured and unsecured debt, the Company remains well positioned to pay down debt as a result of the substantial free cash flow we believe will be generated throughout the continued market recovery as we progress towards our gross debt target of $2.5 billion by 2023."
About Tronox
Tronox Holdings plc is one of the world's leading producers of high-quality titanium products, including titanium dioxide pigment, specialty-grade titanium dioxide products and high-purity titanium chemicals; and zircon. We mine titanium-bearing mineral sands and operate upgrading facilities that produce high-grade titanium feedstock materials, pig iron and other minerals. With nearly 6,500 employees across six continents, our rich diversity, unmatched vertical integration model, and unparalleled operational and technical expertise across the value chain, position Tronox as the preeminent titanium dioxide producer in the world.
Media Contact: Melissa Zona
Direct: +1 636.751.4057
Investor Contact: Jennifer Guenther
Direct: +1.646.960.6598
