Tronox raises term loan to $350 million, changes OID to 99

By Sara Rosenberg

New York, Aug. 10 – Tronox upsized its incremental term loan B due 2028 to $350 million from $300 million and firmed the original issue discount at 99, the tight end of the 98.5 to 99 talk, according to a market source.

Pricing on the term loan remained at SOFR plus 350 basis points with a 0.5% floor.

The incremental term loan has 101 soft call protection for six months and amortization of 1% per annum.

Goldman Sachs Bank USA, HSBC Securities (USA) Inc., BofA Securities Inc., Barclays, BNP Paribas Securities Corp. and Deutsche Bank Securities Inc. are the lead arrangers on the deal.

Proceeds will be used to opportunistically repay outstanding borrowings under the company’s existing revolving credit facilities and supplement existing liquidity, with remaining cash to fund capital expenditures and general corporate purposes.

Tronox is a Stamford, Conn.-based producer 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.