STAMFORD, Conn., April 4,
2022 /PRNewswire/ -- Tronox Holdings plc (NYSE:TROX)
("Tronox" or the "Company"), the world's leading integrated
manufacturer of titanium dioxide pigment, today announced the
closing of its $400 million
incremental term loan under the Company's existing credit
agreement, the proceeds of which were used, along with cash on
hand, to redeem all of the Company's outstanding $500 million aggregate principal amount of 6.5%
Senior Secured Notes due 2025.
"With the close of the transaction today, we have achieved our
previously stated $2.5 billion gross
debt target, ahead of our 2023 goal, while also reducing cash
interest payments, extending maturities, and increasing prepayable
debt," said Tim Carlson, senior vice
president and chief financial officer. "As previously stated and
consistent with our capital allocation priorities, we intend to
allocate remaining free cash flow after capital expenditures and
dividend payments towards continued debt reductions and
opportunistic share repurchases."
About Tronox
Tronox Holdings plc is one of the world's leading producers of
high-quality titanium products, including titanium dioxide pigment,
specialty-grade titanium dioxide products and high-purity titanium
chemicals, and zircon. We mine titanium-bearing mineral sands and
operate upgrading facilities that produce high-grade titanium
feedstock materials, pig iron and other minerals. With
approximately 6,500 employees across six continents, our rich
diversity, unmatched vertical integration model, and unparalleled
operational and technical expertise across the value chain,
position Tronox as the preeminent titanium dioxide producer in
the world. For more information about how our products add
brightness and durability to paints, plastics, paper and other
everyday products, visit tronox.com.
Cautionary Statement about
Forward-Looking Statements
Statements in this release that are not historical are
forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements, which are subject to known and unknown risks,
uncertainties and assumptions about us, may include projections of
our future financial performance including the effects of the
COVID-19 pandemic and anticipated synergies based on our growth and
other strategies, anticipated completion of extensions and upgrades
to our mining and operations, anticipated trends in our business,
anticipated costs and benefits of project newTRON and Atlas
Campaspe and the Company's anticipated capital allocation strategy.
These statements are only predictions based on our current
expectations and projections about future events. There are
important factors that could cause our actual results, level of
activity, performance, or achievements to differ materially from
the results, level of activity, performance, or achievements
expressed or implied by the forward-looking statements. Significant
risks and uncertainties may relate to, but are not limited to,
business and market disruptions including those related to the
COVID-19 pandemic, supply chain disruptions, market conditions and
price volatility for titanium dioxide, zircon and other feedstock
materials, as well as global and regional economic downturns,
including as a result of the COVID-19 pandemic, that adversely
affect the demand for our end-use products; disruptions in
production at our mining and manufacturing facilities; and other
financial, economic, competitive, environmental, political, legal
and regulatory factors. These and other risk factors are discussed
in the Company's filings with the Securities and Exchange
Commission.
Moreover, we operate in a very competitive and rapidly changing
environment. New risks and uncertainties emerge from time to time,
and it is not possible for our management to predict all risks and
uncertainties, nor can management assess the impact of all factors
on our business or the extent to which any factor, or combination
of factors, may cause actual results to differ materially from
those contained in any forward-looking statements. Although we
believe the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results,
level of activity, performance, or achievements. Neither we nor any
other person assumes responsibility for the accuracy or
completeness of any of these forward-looking statements. You should
not rely upon forward-looking statements as predictions of future
events. Unless otherwise required by applicable laws, we undertake
no obligation to update or revise any forward-looking statements,
whether because of new information or future developments.
Media Contact: Melissa Zona
+1.636.751.4057
Investor Contact: Jennifer
Guenther
+1.646.960.6598
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SOURCE Tronox Holdings plc