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Kronos Worldwide talks $600 million term loan B at Libor plus 375 bps
By Sara Rosenberg
New York, May 15 - Kronos Worldwide Inc. launched on Tuesday its $600 million senior secured term loan B (Ba3/BB-) with price talk of Libor plus 375 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.
The loan has 101 soft call protection for one year, the source said.
The company's $725 million credit facility also includes a $125 million ABL revolver that is not being syndicated.
Wells Fargo Securities LLC is the lead arranger and bookrunner on the deal.
Proceeds will be used to refinance existing debt, including 6½% senior secured notes due April 2013, and for general corporate purposes, which could include the payment of a special dividend of up to $1 per share.
Kronos is a Dallas-based producer of titanium dioxide products.
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