Tronox Holdings closed the refinancing of its existing first lien term loan credit agreement with a new seven-year first lien term loan credit facility and existing revolving syndicated facility agreement with a new five-year cash flow revolving facility.

HSBC Bank served as administrative agent and collateral agent. The new credit facility provides a new seven-year new term loan facility in an aggregate initial principal amount of $1.3 billion and a new five-year cash flow revolving facility providing initial revolving commitments of $350 million and a sublimit of $125 million for letters of credit.

The company also paid down approximately $300 million of debt in conjunction with the refinancing transaction.

“These transactions lower our annualized cash interest by approximately $30 million and extend our debt portfolio’s weighted average years to maturity by approximately 3 years,” said Tim Carlson, senior vice president and chief financial officer. “With our current mix of secured and unsecured debt, the Company remains well positioned to pay down debt as a result of the substantial free cash flow we believe will be generated throughout the continued market recovery as we progress towards our gross debt target of $2.5 billion by 2023.”