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Tronox Secures Exit Financing

2:58 PM MDT | October 19, 2010 | Vincent Valk

Tronox has secured $125 million in exit financing in an agreement with Wells Fargo approved by the bankruptcy court, court documents say. The exit financing will take the form of a senior secured line of credit. The interest rate on the financing will vary at the discretion of Tronox, though it will be based on either Wells Fargo's prime lending rate, the Federal Funds Rate or the London Interbank Offered Rate (LIBOR), plus a margin ranging from 2% to 3.5%. Tronox has also engaged Goldman Sachs to refinance its $425 million debtor in possession (DIP) facility to...

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