Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers K > Headlines for Kronos Worldwide Inc. > News item |
Kronos lifts pricing on $600 million term loan B to Libor plus 425 bps
By Sara Rosenberg
New York, June 1 - Kronos Worldwide Inc. raised pricing on its $600 million senior secured term loan B (Ba3/BB-) to Libor plus 425 basis points from Libor plus 375 bps, according to a market source.
As before, the loan has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.
However, amortization on the term loan was increased to 5% per year from 1% per year and a net leverage test of 3½ times was added, the source said.
Recommitments are due at the end of the day on Monday.
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 the company's 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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.