KRONOS WORLDWIDE ANNOUNCES €400 MILLION PRIVATE OFFERING OF SENIOR SECURED NOTES
September 01 2017 - 9:47AM
DALLAS, TEXAS - September 1, 2017 - Kronos
Worldwide, Inc. (NYSE: KRO) today announced that, subject to
market conditions, it intends to offer €400 million in aggregate
principal amount of senior secured notes due 2025 (the "Notes") for
sale to eligible purchasers in a private offering (the "Notes
Offering"). The Notes would be issued by the Company's
wholly-owned subsidiary Kronos International, Inc., and guaranteed
on a senior secured basis by the Company and its domestic
wholly-owned subsidiaries. The Company intends to use the net
proceeds from the Notes Offering to prepay in full the outstanding
balance of its existing term loan indebtedness ($338.6 million
principal amount outstanding), and repay all indebtedness
outstanding under its North American revolving credit
facility. The balance of the net proceeds from the Notes
Offering would be available for the Company's general corporate
purposes.
The Notes to be offered have not been registered
under the Securities Act of 1933, as amended (the "Securities Act")
or any state securities laws, and unless so registered, the Notes
may not be offered or sold in the United States except
pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act and applicable
state securities laws. The Notes are expected to be eligible for
resale to qualified institutional buyers under Rule 144A and
non-U.S. persons under Regulation S.
This announcement shall not constitute an offer to
sell or a solicitation of an offer to buy any of the Notes, nor
shall there be any sale of the Notes in any state in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state.
The statements in this release
relating to matters that are not historical facts are
forward-looking statements that represent management's beliefs and
assumptions based on currently available information. These
statements may include, but are not limited to, statements
regarding the terms of the Notes, the completion, timing or size of
the proposed private offering, and the anticipated use of proceeds
from the Notes Offering. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, it cannot give any assurances that these expectations
will prove to be correct. Such statements by their nature
involve substantial risks and uncertainties that could
significantly impact expected results, and actual future results
could differ materially from those described in such
forward-looking statements. Should one or more of these risks
materialize (or the consequences of such a development worsen), or
should the underlying assumptions prove incorrect, actual results
could differ materially from those forecasted or expected.
The Company disclaims any intention or obligation to update or
revise any forward-looking statement whether as a result of changes
in information, future events or otherwise.
Kronos Worldwide, Inc. is a major international
producer of titanium dioxide products.
* * * * *
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Kronos Worldwide via Globenewswire
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