Tronox to reprice and combine 2028, 2029 term loans; talk emerges

By Paul A. Harris

Portland, Ore., April 22 – Tronox Holdings LLC launched a repricing effort in which it will combine $741 million outstanding 2028 and 2029 term loans (Ba2/BB) into a single tranche, which would bear interest at a lower spread.

The deal will combine $349 million of the SOFR plus 350 basis points term loan B due 2028 and $392 million of SOFR plus 325 bps term loan B due 2029 into a term loan B tranche set to mature on April 4, 2029.

The combined tranche is talked at SOFR plus 300 bps with no floor at an original issue discount of 99.75 to par.

The loan will come with six months of soft call protection at 101.

HSBC is lead left.

The borrowing entity is a unit of Tronox Holdings plc, a supplier of titanium products for the mining sector.

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