Tronox to price $400 million five-year notes in Thursday drive-by; initial talk 6½%-6¾%

By Paul A. Harris

Portland, Ore., April 23 – Tronox Inc. plans to price a $400 million offering of senior secured notes due May 1, 2025 in a Thursday drive-by following a mid-morning conference call with investors, according to market sources.

Initial guidance has the notes coming to yield 6½% to 6¾%, according to a New York-based bond trader.

Credit Suisse Securities (USA) LLC is the left lead bookrunner. HSBC Securities (USA) Inc., Citigroup Global Markets Inc., Jefferies LLC, Goldman Sachs & Co. LLC, Barclays, BofA Securities Inc. and RBC Capital Markets LLC are the joint bookrunners.

The Rule 144A and Regulation S five-year notes become callable after two years at par plus 50% of coupon.

The Stamford, Conn.-based chemical company plans to use the proceeds for general corporate purposes, including working capital, capital expenditures, debt repayment, strategic investments and transactions, and other business opportunities.

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