Tronox Limited Enters into Consent and Amendment to Revolving Syndicated Facility Agreement
March 26, 2019 at 04:06 pm EDT
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On March 22, 2019, Tronox Limited and certain of its subsidiaries, together with the other parties party thereto, entered into a consent and amendment to the revolving syndicated facility agreement, with a syndicate of lenders and Wells Fargo Bank, National Association, as administrative agent and (y) an amendment to the first lien term loan credit agreement, with a syndicate of lenders and Bank of America, N.A., as administrative agent and collateral agent. The purpose of each Amendment was to, among other things, (x) permit the refinancing of certain existing indebtedness incurred by Tronox KZN Sands Proprietary Limited and Tronox Mineral Sands Proprietary Limited, the Company’s South African subsidiaries, and the proposed uses of proceeds thereof, and (y) implement required provisions in each Facility necessary in connection with establishment of the Company’s anticipated new United Kingdom holding company. The ABL Amendment also modified certain components of the borrowing base in order to increase the potential availability of credit under the ABL Facility. The Company also voluntarily reduced the aggregate commitments under the ABL Facility from $550,000,000 to $350,000,000.
Tronox Holdings plc is a producer of titanium products, including titanium dioxide pigment, specialty-grade titanium dioxide products and high-purity titanium chemicals, and zircon. The Company mines titanium-bearing mineral sands and operates upgrading facilities that produce high-grade titanium feedstock materials, pig iron and other minerals, including the rare earth-bearing mineral, monazite. Its nine pigment facilities located in the United States, Australia, Brazil, United Kingdom, France, the Netherlands, China and the Kingdom of Saudi Arabia (KSA). Its principal products include TiO2 pigment, Ultrafine Specialty TiO2, Zircon (ZrSiO4), High Purity Pig Iron, Monazite, Feedstock and Titanium Tetrachloride. TiO2 pigment is used in a range of products due to its ability to impart whiteness, brightness and opacity. It produces ultrafine TiO2 at its manufacturing facility in Thann, France. It markets ultrafine TiO2 products under the CristalActiv trademark.