Tronox Announces Closing of Incremental Term Loan

Tronox Holdings plc (NYSE: TROX; the “Company”), the world’s leading integrated manufacturer of titanium dioxide pigment, today announced the closing of its $350 million incremental term loan under the Company’s existing credit agreement, the proceeds of which are expected to be used to repay outstanding borrowings under the Company’s existing revolving credit facilities and enhance available liquidity for upcoming capital expenditures.

“With the close of the transaction today, we have increased total available liquidity by approximately $350 million, while net leverage remained neutral,” said John Srivisal, senior vice president and chief financial officer. “This transaction preserves the ability for Tronox to prepay outstanding debt ahead of our nearest significant maturities, which remain 2028 and 2029, to reach our long-term gross debt target of $2.0 billion. The enhanced liquidity and incremental cash on hand will allow us to proceed with key capital investments in the business in the near term, primarily the mining extension projects for mines reaching end-of-life in South Africa. This will enable us to continue to realize the benefits from our vertically integrated portfolio, including internally sourced high-grade feedstock, as well as maintaining zircon production, which is a key co-product in our portfolio.”
https://www.tronox.com/tronox-announces-closing-of-incremental-term-loan/

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