From GlobeNewswire:

Kronos Worldwide, Inc. (NYSE: KRO) has announced the early tender results in connection with the previously announced offer to certain eligible holders to exchange up to €325 million of outstanding 3.75% Senior Secured Notes due 2025 for 9.50% Senior Secured Notes due 2029 of the Issuer plus additional cash consideration. The aggregate principal amount of Old Notes validly tendered and not validly withdrawn in connection with the Exchange Offer as of 5:00 p.m. Central European Time, on February 5, 2024, is €374,035,000, exceeding the Maximum Acceptance Amount of €325,000,000.

Old Notes to be Exchanged: 3.75% Senior Secured Notes due 2025
Principal Amount Outstanding Prior to the Exchange Offer: €400,000,000
Maximum Acceptance Amount: €325,000,000
Old Note ISIN: XS1680282453

The Early Participation Expiration Date for the Exchange Offer is February 5, 2024, but due to the aggregate principal amount of Old Notes tendered exceeding the Maximum Acceptance Amount, the Company does not expect to accept any additional Old Notes for exchange. However, the Company has received the requisite number of consents to adopt the Proposed Amendments with respect to the Old Notes. Consequently, a supplemental indenture to amend the Existing Indenture will become operational on the early settlement date, which is expected to be on February 12, 2024. As a result of Old Notes being tendered in an aggregate amount exceeding the Maximum Acceptance Amount, the Issuer is terminating the Additional New Notes Offering. The Issuer will not receive any cash proceeds from the issuance and delivery of the New Notes in connection with the Exchange Offer. The Old Notes surrendered in connection with the Exchange Offer will be retired and canceled and will not be reissued. The Exchange Offer is scheduled to expire at 5:00 p.m., Central European Time, on February 21, 2024. The Exchange Offer and Consent Solicitation are being made solely pursuant to the Confidential Exchange Offering Memorandum and Consent Solicitation Statement and only to such persons and in such jurisdictions as are permitted under applicable law. No offer, solicitation, purchase, or sale will be made in any jurisdiction in which such an offer, solicitation, purchase, or sale would be unlawful. The New Notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or with any securities regulatory authority of any state or other jurisdiction of the United States. For more information about the exchange offer, visit the company’s official website.



Read more: KRONOS WORLDWIDE ANNOUNCES EARLY RESULTS OF ITS EXCHANGE