Commentary & Deal Flow

Kronos International Inc (KRO) EUR75m 144A/Reg S add-on to its 9.50% sr sec 1st lien notes due 03/15/29 (3.5y). NC0.5 (03/15/26) (MWC B+50bp), then at 104.75, 102.375, 100. Equity claw: 0.5y 40% at 109.50. B2/BB-/BB+ (negative/stab;e/stable). Via DB sole. No reg rights. List ISE. NY law. CoC at 101. Pays March 15 and Sept 15, starting 03/15/26. Settles 09/15 (T+8). Permanent Reg S ISIN: XS2763521643. Temporary Reg S ISIN: XS177872358. Immediately 144A fungible (Reg S after 40 days) with the EUR75m add-on priced 07/23/24 and EUR276.175m 9.50% notes, which were issued on 02/12/24, as part of an exchange offer for its 3.75% sr sec notes due 2025. Price talk: 105.00 area (+/- 0.25 pts).

Priced: 9.50% add-on at 105.00.

Did investor call at 12pm UKT/7am NYT 09/03. Books closed at 3:45pm UKT 09/03. UOP: repay its remaining $75m 3.75% sr notes due 09/15/25 at maturity (or alternatively, pay down amounts drawn on its revolver used to repay the 3.75% notes) and GCP. Lisa K. Simmons and the related Family Trust indirectly controls KRO via Contran Corp, which controls KRO's significant shareholders Valhi Inc (50%) and NL Industries Inc (31%). Biz: a leading global producer and marketer of value-added titanium dioxide pigments (TiO2). HQ: Dallas, TX. Netroadshow: https://www.netroadshow.com/events/login/LE9zwo3hUkN9jZjTjITJpwKfB9qzZRD3yNT. Entry code: kronos25.