KRONOS WORLDWIDE : ANNOUNCES CLOSING OF €400 MILLION PRIVATE OFFERING OF SENIOR SECURED NOTES
September 13, 2017 at 04:34 pm EDT
Share
DALLAS, TEXAS - September 13, 2017 - Kronos Worldwide, Inc. (NYSE: KRO) today announced the closing of its previously announced private offering (the 'Notes Offering') of €400 million in aggregate principal amount of senior secured notes due 2025 (the 'Notes') at an interest rate of 3.75% per annum. The Notes were issued by the Company's wholly-owned subsidiary Kronos International, Inc., and guaranteed on a senior secured basis by the Company and its domestic wholly-owned subsidiaries. The Company used a portion of the net proceeds from the Notes Offering to prepay in full the outstanding balance of its existing term loan indebtedness ($338.6 million principal amount outstanding), and repaid all indebtedness outstanding under its North American revolving credit facility. The balance of the net proceeds from the Notes Offering is available for the Company's general corporate purposes.
The Notes were sold to qualified institutional buyers in the United States in reliance on Rule 144A and to persons outside the United States in reliance on Regulation S under the Securities Act of 1933, as amended (the 'Securities Act'). Neither the Notes nor the related guarantees have been registered under the Securities Act or any state securities laws, and the Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
This news release is for informational purposes and shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
The statements in this release relating to matters that are not historical facts are forward-looking statements that represent management's beliefs and assumptions based on currently available information. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurances that these expectations will prove to be correct. Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those described in such forward-looking statements. Should one or more of these risks materialize (or the consequences of such a development worsen), or should the underlying assumptions prove incorrect, actual results could differ materially from those forecasted or expected. The Company disclaims any intention or obligation to update or revise any forward-looking statement whether as a result of changes in information, future events or otherwise.
Kronos Worldwide, Inc. is a major international producer of titanium dioxide products.
* * * * *
SOURCE: Kronos Worldwide, Inc.
CONTACT: Janet G. Keckeisen, Vice President, Corporate Strategy and Investor Relations, 972 233-1700
KRONOS Worldwide Inc. published this content on 13 September 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 13 September 2017 20:33:05 UTC.
Original documenthttp://phx.corporate-ir.net/phoenix.zhtml?c=149203&p=irol-newsArticle&ID=2300439
Public permalinkhttp://www.publicnow.com/view/8BF189CEB11B719700BDCD9B8FCD06F94815C5C3
Kronos Worldwide, Inc. is a global producer and marketer of value-added titanium dioxide pigments, or TiO2, a base industrial product used in a wide range of applications. The Company, along with its distributors and agents, sells and provides technical services for its products. TiO2 is a white inorganic pigment used in applications, such as coatings, plastics and paper, as well as many specialty products such as inks, cosmetics and pharmaceuticals. The Company offers its customers a broad portfolio of products that include over 50 different TiO 2 pigment grades under the KRONOS trademark, which provide a variety of performance properties to meet customers' specific requirements. The Company manufactures and sells iron-based chemicals, which are co-products and processed co-products of the sulfate and chloride process TiO2 pigment production. It also manufactures and sells other specialty chemicals, which are side-stream products from the production of TiO2.