Moody's rates Tronox loan Ba2

Moody's Investors Service said it assigned a Ba2 rating to Tronox Finance LLC’s new senior secured $400 million seven-year term loan.

The proceeds and balance sheet cash are expected to be used to prepay Tronox Inc.'s $500 million in outstanding global secured notes.

"The financing is viewed as credit positive as it is expected to lower the company's interest costs and to extend its maturity profile," said Joseph Princiotta, a Moody’s senior vice president and lead analyst covering Tronox, in a press release. "The new term loan is being issued under the existing credit agreement and will mature in 2029, one year beyond the current outstanding term loans."

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.