Tronox readies launch of $1.3 billion term loan for Thursday

By Sara Rosenberg

New York, Feb. 26 - Tronox Ltd. will hold a bank meeting on Thursday to launch a $1.3 billion senior secured term loan, according to a market source.

Goldman Sachs & Co., UBS Securities LLC, Credit Suisse Securities (USA) LLC and RBC Capital Markets are the lead banks on the deal.

Proceeds will be used to refinance existing bank debt and for general corporate purposes and/or potential strategic alternatives.

Following completion of this financing and prepayment of its existing loan in full, Tronox will have about $1.3 billion in cash on its balance sheet.

Closing is expected by the end of this quarter.

"By refinancing the remaining balance of our term loan, Tronox is capitalizing on a favorable credit environment and putting ourselves in a stronger position to deliver on our vision to double profits by 2017," Tom Casey, chairman and chief executive officer, said in a news release.

"The $1.3 billion in cash empowers the company with the operational and strategic flexibility to grow and create value for our shareholders," Casey added in the release.

Tronox is a producer and marketer of titanium bearing mineral sands and titanium dioxide pigment.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.