Moody’s rates Kronos notes B2

Moody's Investors Service said it affirmed Kronos Worldwide, Inc.'s B1 corporate family rating and assigned a B2 rating to €400 million senior secured notes due 2025 to be issued by Kronos International, Inc.

Proceeds will be used to repay the outstanding $335 million term loan B, repay the outstanding balance on its North American revolver and for general corporate purposes.

The outlook is stable.

"The proposed offering will expand Kronos' liquidity and provide a natural hedge for its European operations, but increases debt and creates some event risk around the intended uses for the incremental cash," Moody’s vice president, senior credit officer Benjamin Nelson said in a news release.

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