STAMFORD, Conn., Aug. 16,
2023 /PRNewswire/ -- Tronox Holdings plc (NYSE: TROX;
the "Company"), the world's leading integrated manufacturer of
titanium dioxide pigment, today announced the closing of its
$350 million incremental term loan
under the Company's existing credit agreement, the proceeds of
which are expected to be used to repay outstanding borrowings under
the Company's existing revolving credit facilities and enhance
available liquidity for upcoming capital expenditures.
"With the close of the transaction today, we have increased
total available liquidity by approximately $350 million, while net leverage remained
neutral," said John Srivisal, senior vice president and chief
financial officer. "This transaction preserves the ability for
Tronox to prepay outstanding debt ahead of our nearest significant
maturities, which remain 2028 and 2029, to reach our long-term
gross debt target of $2.0 billion.
The enhanced liquidity and incremental cash on hand will allow us
to proceed with key capital investments in the business in the near
term, primarily the mining extension projects for mines reaching
end-of-life in South Africa. This
will enable us to continue to realize the benefits from our
vertically integrated portfolio, including internally sourced
high-grade feedstock, as well as maintaining zircon production,
which is a key co-product in our portfolio."
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, including the rare earth-bearing mineral, monazite.
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, anticipated
completion of extensions and upgrades to our mining operations,
anticipated trends in our business and industry, anticipated costs,
benefits and timing of capital projects including planned mining
expansions, the Company's anticipated capital allocation strategy
including future capital expenditures, and our sustainability
goals, commitments and programs. 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, actual costs,
benefits and timing of capital projects, or achievements to differ
materially from the results, level of activity, performance,
anticipated costs, benefits and timing of capital projects, or
achievements expressed or implied by the forward-looking
statements. Significant risks and uncertainties may relate to, but
are not limited to, macroeconomic conditions; inflationary
pressures and energy costs; currency movements; political
instability, including the ongoing Russia and Ukraine conflict and any expansion of such
conflict; supply chain disruptions; market conditions and price
volatility for titanium dioxide, zircon and other feedstock
materials, as well as global and regional economic downturns, 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, synergies 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
Direct: +1 636.751.4057
Investor Contact: Jennifer Guenther
Direct: +1.646.960.6598
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SOURCE Tronox Holdings plc