Tronox amends loan, modifying leverage ratio

By Sara Rosenberg

New York, July 21 - Tronox Inc. received lender approval for an amendment to its senior secured credit facility, revising the leverage ratio financial covenant, according to a news release.

Under the amendment, the leverage ratio is now 5.2 times for the quarter ended June 30, 5.55 times for the quarter ended Sept. 30, and 5.35 times for the quarter ended Dec. 31. Previously, the leverage ratio was 4.9 times for the quarters.

The company said that the amendment was needed as a result of unexpected impacts in the second quarter, including rapid increases in process chemical, energy and transportation costs and production difficulties, combined with the impact of the ongoing weak U.S. economy.

Tronox is an Oklahoma City-based producer and marketer of titanium dioxide pigment.

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