Kronos ups term B to $350 million, cuts spread to Libor plus 375 bps

By Sara Rosenberg

New York, Feb. 10 - Kronos Worldwide Inc. upsized its six-year term loan B (B1/B+/BB-) to $350 million from $275 million and reduced pricing to Libor plus 375 basis points from talk of Libor plus 425 bps to 450 bps, according to a market source.

Also, the original issue discount was changed to 99½ from 99 and the call protection was revised to a 101 hard call for one year from hard call protection of 102 in year one and 101 in year two, the source said.

The term loan still has a 1% Libor floor.

Commitments are due on Tuesday, accelerated from Friday, the source added.

Allocations are expected on Wednesday and closing is targeted for the week of Feb. 17.

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

Proceeds will be used to refinance existing debt.

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

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