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Kronos in talks on amendment to European loan to remove debt to EBITDA covenant
By Sara Rosenberg
New York, March 12 - Kronos International Inc. is in discussions with lenders to amend its European credit facility to eliminate the net secured debt to EBITDA requirement until at least March 31, 2010, according to a 10-K filed with the Securities and Exchange Commission on Thursday.
The company is seeking this amendment because it believes that it will be unable to comply with the covenant at some time during this year, most likely commencing at March 31.
Any amendment or waiver could increase the company's future borrowing costs, either from a requirement that a pricing increase or an amendment fee be paid.
If the company is unable to amend the facility, it would try to refinance the deal with a new group of lenders, or, if required, will use its existing liquidity resources.
Kronos is a Dallas-based producer and marketer of titanium dioxide pigments.
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