Tronox ups loan to $1.5 billion, cuts spread to Libor plus 350 bps

By Sara Rosenberg

New York, March 13 - Tronox Ltd. increased its senior secured term loan (Ba2/BBB-) to $1.5 billion from $1.3 billion and decreased pricing to Libor plus 350 basis points from Libor plus 375 bps, according to market sources.

Also, the original issue discount on the term loan B was tightened to 99½ from 99, sources said.

The 1% Libor floor and 101 soft call protection for one year were unchanged.

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.

Closing is expected by the end of this quarter.

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

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