KRONOS WORLDWIDE ANNOUNCES CLOSING OF €400 MILLION PRIVATE OFFERING OF SENIOR SECURED NOTES
September 13 2017 - 4:15PM
DALLAS, TEXAS - September 13, 2017 - Kronos
Worldwide, Inc. (NYSE: KRO) today announced the closing of
its previously announced private offering (the "Notes Offering") of
€400 million in aggregate principal amount of senior secured notes
due 2025 (the "Notes") at an interest rate of 3.75% per
annum. The Notes were 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 used a portion of 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 repaid all indebtedness outstanding under
its North American revolving credit facility. The balance of
the net proceeds from the Notes Offering is available for the
Company's general corporate purposes.
The Notes were sold to qualified institutional
buyers in the United States in reliance on Rule 144A and to persons
outside the United States in reliance on Regulation S under the
Securities Act of 1933, as amended (the "Securities Act").
Neither the Notes nor the related guarantees have been registered
under the Securities Act or any state securities laws, and the
Notes may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act and applicable state securities
laws.
This news release is for informational purposes
and shall not constitute an offer to sell or a solicitation of an
offer to buy any securities, nor shall there be any sale of
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or other
jurisdiction.
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. 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.
* * * * *
SOURCE: Kronos Worldwide,
Inc.
CONTACT: Janet G. Keckeisen, Vice President, Corporate
Strategy and Investor Relations, 972 233-1700
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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