STAMFORD, Connecticut, March 15, 2021 / PRNewswire / – Tronox Holdings plc (NYSE: TROX; the “Company”) today announced that it has completed its offering through its wholly owned subsidiary, Tronox Incorporated (the “Issuer”) , 4.625% Senior Bonds due 2029 for a total principal amount of $ 1,075 million, of which the net proceeds, together with cash on hand, will be used to fund the full repayment of the total principal amount of $ 615 million outstanding from the issuer of 6.500 percent senior bonds due 2026 and the full repayment of the total outstanding principal of Tronox Finance plc of $ 450 million of 5.750% senior bonds maturing in 2025.
In addition, on March 11, 2021, the Company announced the closing of the refinancing of its existing senior term credit agreement with a new seven year senior term credit facility (the “New Term Loan”). and an existing revolving syndicated facility arranged with a new five-year revolving facility (the “New Revolving Facility”). Under the new term loan, the company’s wholly owned subsidiary, Tronox Finance LLC, borrowed $ 1,300 million in senior term loans. Under the new revolving facility, the lenders under it have agreed to provide revolving commitments of $ 350 million. The Company also repaid approximately $ 300 million of debt in connection with the refinancing transaction.
“These transactions reduce our annualized cash interest by approximately $ 30 million and extend the weighted average years to maturity of our debt portfolio by approximately 3 years,” said Tim Carlson, senior vice president and financial director. “With our current mix of secured and unsecured debt, the Company remains well positioned to repay debt due to the substantial free cash flow that we believe will be generated throughout the continued market rally as we move towards our gross debt target of $ 2.5 billion. by 2023. ”
Tronox Holdings plc is one of the world’s leading producers of high quality titanium products, including titanium dioxide pigments, specialty grade titanium dioxide products, and high grade titanium chemicals. purity; and zirconia. We mine mineral sands containing titanium and operate upgrader facilities that produce high quality titanium feedstocks, pig iron and other minerals. With nearly 6,500 employees on six continents, our rich diversity, unmatched vertical integration model, and unmatched operational and technical expertise across the value chain, position Tronox as the world’s leading producer of titanium dioxide.
The statements contained in this press release that are not historical are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance, including the effects of the COVID-19 pandemic and expected synergies based on our growth and other strategies, the planned completion of extensions and upgrades to our mining operation and our operations, expected business trends and estimates of the impact on our business of our refinancing operations. These statements are only predictions based on our current expectations and projections regarding future events. There are significant factors that could cause our actual results, level of activity, performance, actual synergies or achievements to differ materially from results, level of activity, performance, anticipated synergies or outcomes. achievements expressed or implied by forward-looking statements. Significant risks and uncertainties may be associated with, but are not limited to, business and market disruptions related to the COVID-19 pandemic, market conditions, and price volatility for titanium dioxide, zircon and carbon. ‘other raw materials, as well as global and regional economic downturns, including due to the COVID-19 pandemic, which are negatively affecting the demand for our end-use products; production disruptions at our mining and manufacturing facilities; and other financial, economic, competitive, environmental, political, legal and regulatory factors. These and other risk factors are discussed in documents filed by the company with the Securities and Exchange Commission.
In addition, we operate in a very competitive and rapidly changing environment. New risks and uncertainties arise from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the economy. The extent to which any factor, or a combination of factors, could cause actual results to differ materially from those contained in forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, synergies or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of these forward-looking statements. You should not rely on forward-looking statements as predictions of future events. Unless applicable laws otherwise require, we assume no obligation to update or revise forward-looking statements, whether as a result of new information or future developments.
Media contact: Melissa Zona Direct: +1 636.751.4057
Investor contact: Jennifer GuentherDirect: +1.646.960.6598
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SOURCE Tronox Holdings plc