Kronos prepays $290 million of loan using cash, loan from parent

By Angela McDaniels

Tacoma, Wash., Feb. 22 - Kronos Worldwide, Inc. voluntarily prepaid $290 million of its $400 million credit facility, according to an 8-K filing with the Securities and Exchange Commission.

After the Feb. 15 prepayment, $100 million principal amount remains outstanding under the credit facility.

The company used $100 million of cash on hand and a $190 million loan from parent company Contran Corp. to fund the prepayment.

The company can borrow up to $290 million under the Contran loan. Kronos said the Contran loan's terms and conditions are substantially identical to those of the credit facility except that the Contran loan is unsecured and has no financial maintenance covenant.

Wells Fargo Bank, NA is the administrative agent of the credit facility, and Wells Fargo Securities, LLC is the arranger and book manager.

Kronos is a Dallas-based producer of titanium dioxide products.

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