STAMFORD, Conn., Feb. 26, 2013 /PRNewswire/ -- Tronox Limited (NYSE :TROX ) today announced that it has received a commitment for a new $1.3 billion senior secured term loan provided by Goldman Sachs, UBS, Credit Suisse, and RBC Capital Markets.
The funds will be used for general corporate purposes and/or potential strategic alternatives. Following completion of this financing and prepayment of its existing loan in full, Tronox will have approximately $1.3 billion in cash on its balance sheet. The new financing is targeted for completion by the end of the first quarter.
"By refinancing the remaining balance of our term loan, Tronox is capitalizing on a favorable credit environment and putting ourselves in a stronger position to deliver on our vision to double profits by 2017," said chairman and CEO Tom Casey. "The $1.3 billion in cash empowers the company with the operational and strategic flexibility to grow and create value for our shareholders."
Tronox is a global leader in the production and marketing of titanium bearing mineral sands and titanium dioxide pigment. Through the integration of its mineral sands and pigment business, the company provides its customers a dependable supply of brightening solutions for a variety of end uses. For more information, visit http://www.tronox.com.
Statements in this release that are not historical are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon management's current beliefs and expectations and are subject to uncertainty and changes in circumstances and contain words such as "expected," and "anticipate" and include statements about expectation for the use of proceeds from the sale of the senior notes. The forward-looking statements are subject to obtaining any necessary approvals, market conditions, including the price of our shares of common stock, and are need for liquidity, and opportunities that may arise. These forward looking statements are also subject to risk factors discussed in the company's filings with the Securities and Exchange Commission (SEC), including under the 'Risk Factors" section of our registration statement on Form S-4 filed with the SEC on May 4, 2012.
SOURCE Tronox Limited