Moody’s rates Tronox facilities Ba3

Moody’s Investors Service said it assigned a Ba3 rating to the amended and restated $1.3 billion seven-year senior secured term loan facility and five-year $350 million revolving credit facility issued by Tronox Finance LLC.

The proceeds with balance sheet cash will be used to repay the outstanding amount under the existing term loan credit agreement.

“The term loan and revolver refinancing will extend the company’s maturity profile and lower its average interest rate,” according to Joseph Princiotta, a Moody’s senior vice president and the lead analyst covering Tronox, in a press release. “The refinancing is expected to be roughly neutral to the net debt amount and net debt leverage.”

The outlook is stable.

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