TEXT-S&P: Tronox Finance note rating unchanged by add-on
Aug 15 - Standard & Poor's Ratings Services said today that its 'BB-' issue rating and '5' recovery rating on the senior notes issued by Tronox Finance LLC-a subsidiary of Tronox Ltd. -remain unchanged following the company's $250 million increase in the proposed senior-note offering, to $900 million. All our other ratings on Tronox, including the 'BB' corporate credit rating, also remain unchanged. The outlook remains stable. Tronox will use the proceeds to fund a $400 million return of capital to shareholders and for general corporate purposes. The company could also use the proceeds for further returns of capital to shareholders from time to time. The '5' recovery rating on Tronox's proposed senior notes indicates our expectation of a modest (10% to 30%) recovery in the event of a payment default. For the complete recovery analysis, see Standard & Poor's recovery report on Tronox to be published later on RatingsDirect. For the latest complete corporate credit rating rationale, see Standard & Poor's research update "Tronox Finance LLC $650 Million Senior Notes Assigned 'BB-' Rating; Tronox Ltd. 'BB' Corporate Credit Rating Affirmed," published Aug. 13, 2012. Ratings List Tronox Ltd. Corporate credit rating BB/Stable/-- Tronox Finance LLC $900 million senior unsecured notes due 2020 BB- Recovery rating 5 Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
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