New Issue: Tronox prices upsized $900 million 6 3/8% eight year notes at par

By Paul A. Harris

Portland, Ore., Aug. 15 - Tronox Finance LLC priced an upsized $900 million issue of eight-year senior notes (B1/BB-/) at par to yield 6 3/8% on Wednesday, according to a market source.

The yield printed in the middle of the 6¼% to 6½% yield talk.

Goldman Sachs & Co., Credit Suisse Securities (USA) LLC and UBS Investment Bank were the joint bookrunners for the issue, which was upsized from $650 million.

About $400 million of the proceeds will be used to return shareholder capital, including share buybacks. The remainder of the proceeds will be used for general corporate purposes and possible returns of capital to shareholders from time to time.

The issuer is a Stamford, Conn.-based producer and marketer of titanium dioxide pigment.

Issuer:	Tronox Finance LLC
Amount:	$900 million, increased from $650 million
Maturity:	Aug. 15, 2020
Securities:	Senior notes
Bookrunners:	Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, UBS Securities LLC
Co-manager:	RBC Capital Markets, LLC
Coupon:	6 3/8%
Price:	Par
Yield:	6 3/8%
Spread:	495 bps
Call features:	Make-whole call until Aug. 15, 2015, then callable at 104.781, 103.188, 101.594, par on and after 2018
Equity clawback:	35% at 106.375 until Aug. 15, 2015
Trade date:	Aug. 15
Settlement date:	Aug. 20
Ratings:	Moody's: B1
	Standard & Poor's: BB-
Distribution:	Rule 144A with registration rights
Price talk:	6¼% to 6½%
Marketing:	Roadshow

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