Venator Materials PLC announced that its U.S. affiliate has closed a sale-leaseback transaction for its Color Pigments manufacturing facility located in Los Angeles, California, with New Mountain Net Lease (“New Mountain”) for $51.3 million. As part of the transaction, Venator entered into an agreement to lease the property from New Mountain for an initial period of 15 years, with an option to extend the lease for two additional terms of approximately 10 years each. The annual lease cost will be $3.4 million in the first year with an initial corresponding capitalization rate of 6.7%.