Tronox Limited announced that it closed on a new $1.5 billion senior secured term loan. The loan was increased from the previously announced $1.3 billion commitment. Goldman Sachs Bank, UBS Securities, Credit Suisse Securities (USA) and RBC Capital Markets were the joint lead arrangers, joint bookrunners and co-syndication agents of the facility. The loan matures in March 2020.
The new loan serves to amend, restate and increase the size of Tronox’s term loan. The funds will be used for general corporate purposes and potential strategic alternatives. At present, after the prepayment of the outstanding loan, Tronox has approximately $1.5 billion in cash on its balance sheet.
Tronox is a global leader in the production and marketing of titanium bearing mineral sands and titanium dioxide pigment.