Kronos launches exchange of up to €325M 2025 notes for 9.5% notes due 2029; Q4 sales $390-410M

KRONOS WORLDWIDE INC

Exchange offer: up to €325M of 3.75% notes due 2025 for 9.5% notes due 2029; early tender gets €850 New Notes + €150 cash per €1,000 Old Notes.
Consent solicitation to amend indenture covenants to align with new notes; requires majority of outstanding Old Notes.
Preliminary Q4 2023: net sales $390-410M (+14-20% YoY), EBITDA $5-8M vs -$8.2M in Q4 2022; TiO2 volumes +29%.
2024 outlook: expects Q1 sales volumes to exceed Q1 2023; cost savings ~$31M from workforce reductions and tech innovations.
Funding: expects €50M subordinated loan from parent Contran at 2% above New Notes rate, maturing 5.5 years after incurrence.

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