Rockwood & Kemira TiO2 JV Sachtleben enter new credit deal
07 Jun '12
2 min read
Rockwood Holdings Inc announced that its titanium dioxide joint venture Sachtleben Gmbh has entered into a new facility financing agreement in the aggregate amount of €430.0 million, consisting of €200.0 million of term loan A, €200.0 million of term loan B and a €30.0 million revolving credit facility. The funding of the facility will occur within the next two weeks and will be used to repay the outstanding balance of the existing facility agreement, pay a dividend to the joint venture partners and for other corporate purposes. The facility has a maturity of five years.
Commenting on the financing, Seifi Ghasemi, chairman and chief executive officer of Rockwood, said, “This transaction is an important strategic step toward realizing the full value of our TiO2 joint venture. In addition to providing liquidity to strengthen the strategic position of Sachtleben, the new facility enables the JV to pay a significant dividend to the joint venture partners.”
The joint venture, which was formed in August 2008 by combining Rockwood's TiO2 pigments and functional additives business with Kemira Oyj's TiO2 business, is a leading producer of specialty TiO2 pigments for the synthetic fiber, packaging inks, cosmetics, pharmaceutical and food industries.
Rockwood Holdings, Inc. is a leading global inorganic specialty chemicals and advanced materials company. Rockwood has a worldwide employee base of approximately 9,700 people and annual net sales of approximately $3.7 billion.
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