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Kronos Worldwide sets Tuesday launch for $600 million term loan B
By Sara Rosenberg
New York, May 11 - Kronos Worldwide Inc. will be holding a bank meeting at 10:30 a.m. ET on Tuesday to launch its proposed $600 million senior secured term loan B (Ba3), according to a market source.
Early guidance on the loan is in the 5% area including coupon, Libor floor and original issue discount, the source said.
The company's $725 million credit facility also includes a $125 million ABL revolver that is not being syndicated.
Wells Fargo Securities LLC is the lead arranger and bookrunner on the deal.
Proceeds will be used to refinance existing debt, including 6½% senior secured notes due April 2013, and for general corporate purposes, which could include the payment of a special dividend of up to $1 per share.
Kronos is a Dallas-based producer of titanium dioxide products.
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