Moody’s assigns Tronox notes B3

Moody’s Investors Service said it assigned a B3 rating to Tronox Inc.’s new $625 million eight-year senior unsecured notes and guaranteed by Tronox Holdings plc.

The proceeds will be used to repay the outstanding amount of the 6˝% senior unsecured notes due 2026, the call premium of the notes and associated fees and expenses.

“This notes refinancing, together with the recently announced term loan 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 term loan and notes refinancing are expected to be roughly neutral to the net debt amount and net debt leverage.”

The outlook is stable.

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