Tronox Holdings Plc Stock Price, News & Analysis

Tronox Holdings plc (NYSE: TROX) announced its schedule for the first quarter 2021 earnings release and conference call. The earnings release is set for April 28, 2021, after market close, available on PR Newswire and the Tronox website. A webcast conference call will take place on April 29, 2021, at 8:00 a.m. ET, accessible to the public via internet and telephone. Replay options will be available from April 29 until May 4, 2021. Tronox is a leading producer of titanium products, with a diversified global operation.

On March 18, 2021, Tronox Holdings plc (NYSE:TROX) announced the appointment of John D. Romano and Jean-François Turgeon as co-Chief Executive Officers, effective immediately. This decision follows the retirement of former CEO Jeffry N. Quinn. Ilan Kaufthal has been elected Chairman of the Board. Romano and Turgeon have experience in the pigment and mining sectors, and they were leading the company in an interim capacity since December 27, 2020. Their leadership aims to enhance the execution of Tronox's long-term strategic plan.

Tronox Holdings plc (NYSE: TROX) announced the completion of a $1,075 million offering of 4.625% senior notes due 2029. Proceeds will be used to redeem $615 million of 6.500% senior notes due 2026 and $450 million of 5.750% senior notes due 2025. Additionally, on March 11, 2021, the company closed refinancing of its first lien term loan and revolving credit facilities, borrowing $1,300 million and securing $350 million in revolving commitments. These moves are expected to lower annual cash interest by $30 million and extend the debt maturity by three years.

Tronox Holdings plc (NYSE: TROX) has priced its upsized offering of $1,075 million in 4.625% Senior Notes due 2029, aimed at qualified institutional buyers and non-U.S. persons. The offering's closing is expected around March 15, 2021. Proceeds will finance the redemption of $615 million of 6.500% senior notes due 2026 and $450 million of 5.750% senior notes due 2025. The Notes will remain unregistered under the Securities Act, limiting their sale in the U.S. This move reflects Tronox's strategy to manage its debt effectively.

Tronox Holdings plc (NYSE: TROX) announced the intention of its wholly owned subsidiary, Tronox Incorporated, to offer $625 million in senior notes due 2029. The proceeds will be utilized to redeem existing 6.500% senior notes due 2026. The offering is targeted at qualified institutional buyers under Rule 144A and non-U.S. persons outside the United States. The notes will not be registered under the Securities Act, implying restrictions on their sale within the U.S.

Tronox Holdings plc (NYSE:TROX) announced an upsized underwritten registered offering of 19,108,970 ordinary shares at $18.25 each, led by Exxaro Resources Limited, which retains all net proceeds. Additionally, there is a 30-day option for underwriters to purchase 2,866,345 more shares. The offering is set to close on March 1, 2021, pending customary conditions. J.P. Morgan, BofA Securities, Deutsche Bank Securities, and Morgan Stanley are the joint bookrunning managers. The shares are offered under an effective shelf registration statement with the SEC.

Tronox Holdings plc (NYSE:TROX) has declared a quarterly dividend of $0.08 per share, payable on March 19, 2021 to shareholders on record as of March 8, 2021. This dividend reflects the company's commitment to returning value to its shareholders. Tronox is a leading integrated manufacturer of titanium dioxide pigment and operates globally with nearly 7,000 employees. The company focuses on producing high-quality titanium products and minerals, positioning itself as a premier player in the industry.

Tronox Holdings plc (NYSE: TROX) announced that Exxaro Resources Limited plans to sell 17 million shares of the Company's ordinary shares in an underwritten secondary offering. The offering is part of a call option transaction where Tronox will issue 7,246,035 new shares to Exxaro in exchange for its 26% stake in South African subsidiaries holding key mining licenses. The offering also includes an option for underwriters to purchase an additional 2.55 million shares. All proceeds from the offering will go to Exxaro, with no shares being sold by Tronox.

Tronox reported a strong Q4 2020 with revenue of $783 million, up 13% YoY. Adjusted EBITDA reached $204 million, reflecting a 31% increase. TiO2 sales grew 8% driven by global demand, while Zircon volumes soared 48%. For FY 2020, revenue totaled $2,758 million, a 4% rise, with net income of $969 million.

Looking ahead, Tronox forecasts Q1 2021 TiO2 volumes to jump 11-15% sequentially. Additionally, a 14% dividend hike to $0.32 per share is announced, enhancing shareholder returns.