Kronos Worldwide, Inc. Enters into a Third Amendment to the Revolving Facility
January 31, 2017 at 01:48 am IST
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Effective January 30, 2017, Kronos Worldwide, Inc., certain of its North American subsidiaries and Wells Fargo entered into a Third Amendment to the Revolving Facility. The registrant, certain of its North American subsidiaries and Wells Fargo had previously entered into two non-substantive amendments to the Revolving Facility. Under the Third Amendment, among other things: The maturity date of the Revolving Facility was extended to the earlier of (i) January 30, 2022 and (ii) 90 days prior to the maturity date of the registrant's existing term loan indebtedness (or 90 days prior to the maturity date of any indebtedness incurred in a permitted refinancing of such existing term loan indebtedness); and The percentage of outstanding, non-past-due receivables from certain large North American customers that are incorporated into the borrowing base computation under the Revolving Facility was increased from 40% to 60%.
Kronos Worldwide, Inc. is a global producer and marketer of value-added titanium dioxide pigments, or TiO2, a base industrial product used in a wide range of applications. The Company, along with its distributors and agents, sells and provides technical services for its products. TiO2 is a white inorganic pigment used in applications, such as coatings, plastics and paper, as well as many specialty products such as inks, cosmetics and pharmaceuticals. The Company offers its customers a broad portfolio of products that include over 50 different TiO 2 pigment grades under the KRONOS trademark, which provide a variety of performance properties to meet customers' specific requirements. The Company manufactures and sells iron-based chemicals, which are co-products and processed co-products of the sulfate and chloride process TiO2 pigment production. It also manufactures and sells other specialty chemicals, which are side-stream products from the production of TiO2.