Kronos Worldwide talks $275 million term B at Libor plus 425-450 bps

By Sara Rosenberg

New York, Feb. 4 - Kronos Worldwide Inc. launched on Tuesday its $275 million six-year term loan B (B+) with price talk of Libor plus 425 basis points to 450 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The loan has hard call protection of 102 in year one and 101 in year two, the source said.

Also included in the loan is a $100 million incremental allowance plus amounts up to 2.5 times secured leverage.

Deutsche Bank Securities Inc. is the lead bank on the deal.

Proceeds will be used to refinance existing debt.

Commitments are due on Feb. 14, the source added.

Kronos is a Dallas-based producer of titanium dioxide pigments, the primary pigment for providing whiteness, brightness and opacity.

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