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VENATOR MATERIALS PLC

(VNTR)
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VENATOR MATERIALS PLC : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

08/19/2020 | 04:08pm EDT

Item 1.01 Entry into a Material Definitive Agreement.

On May 22, 2020, Venator Finance S.à r.l., a private limited liability company (société à responsabilité limitée) incorporated under the laws of the Grand Duchy of Luxembourg ("Venator Finance"), and Venator Materials LLC, a Delaware limited liability company (together with Venator Finance, the "Issuers"), each a wholly owned subsidiary of Venator Materials PLC (the "Company"), entered into an indenture (the "Indenture), by and among the Issuers, the guarantors party thereto and Wilmington Trust, National Association, as trustee (the "Trustee"), in connection with the issuance of the Issuers' 9.500% senior secured notes due 2025 (the "Notes"). On August 19, 2020, certain French, German and Spanish subsidiaries of the Company entered into supplemental indentures with the Trustee to guarantee the Notes (the "Supplemental Indentures").

The Notes are guaranteed on a senior secured basis by each of the Company's restricted subsidiaries (other than the Issuers and certain other excluded subsidiaries) that is a guarantor under the Company's asset-based revolving facility (the "ABL Facility") and its term loan credit facility (the "Term Loan Facility"). The Notes are secured on a first-priority basis by liens on all of the assets that secure the Company's Term Loan Facility and on a second-priority basis in all inventory, accounts receivable, deposit accounts, securities accounts, certain related assets and other current assets that secure the ABL Facility on a first-priority basis and the Term Loan Facility on a second-priority basis, in each case, other than certain excluded assets.

The foregoing does not constitute a complete summary of the terms of the Supplemental Indentures. The description of the terms of the Supplemental Indentures are each qualified in their entirety by reference to such agreements, which are filed herewith as Exhibits 4.1 and 4.2, respectively.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under "Item 1.01. Entry into a Material Definitive Agreement" is incorporated into this Item 2.03 by reference.

Item 9.01. Financial Statements and Exhibits.




(d) Exhibits.



Number    Description of Exhibits
  4.1       First Supplemental Indenture, dated as of August 19, 2020, by and among
          the guarantors party thereto and Wilmington Trust, National Association,
          as trustee and notes collateral agent.
  4.2       Second Supplemental Indenture, dated as of August 19, 2020, by and
          between the guarantor party thereto and Wilmington Trust, National
          Association, as trustee and notes collateral agent.
  104     Cover Page Interactive Data File (formatted in Inline XBRL and contained
          in Exhibit 101)

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2021 2 139 M - -
Net income 2021 -41,1 M - -
Net Debt 2021 832 M - -
P/E ratio 2021 -32,3x
Yield 2021 0,04%
Capitalization 513 M 513 M -
EV / Sales 2021 0,63x
EV / Sales 2022 0,60x
Nbr of Employees 3 700
Free-Float 50,6%
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Number of Analysts 12
Last Close Price 4,78 $
Average target price 5,27 $
Spread / Average Target 10,3%
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Managers and Directors
NameTitle
Simon Turner President, Chief Executive Officer & Director
Kurt David Ogden Chief Financial Officer & Executive Vice President
Barry B. Siadat Chairman
Robert Portsmouth Senior Vice President-EHS, Innovation & Technology
Russell Robert Stolle Secretary, Chief Compliance Officer & EVP
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