Tronox (NYSE: TROX) sells $400M 9.125% senior secured notes due 2030

Rhea-AI Filing Summary

Tronox Holdings plc disclosed that its wholly owned subsidiary, Tronox Incorporated, has issued $400,000,000 aggregate principal amount of 9.125% senior secured notes due 2030. The notes were sold at par in a private offering under Rule 144A and Regulation S and are not registered under U.S. securities laws.

The notes are senior secured obligations, guaranteed by Tronox Holdings plc and certain restricted subsidiaries, and pay interest on March 31 and September 30 each year starting March 31, 2026. They mature on September 30, 2030, with a possible earlier “springing” maturity tied to the company’s 4.625% senior unsecured notes due 2029 if more than $250 million of those remain outstanding.

The notes include customary covenants limiting additional secured debt, certain indebtedness at non‑guarantor subsidiaries, sale‑leaseback transactions, and mergers or major asset sales. They are callable at specified premiums before maturity, and a change of control requires the company to offer to repurchase the notes at 101% of principal plus accrued interest.

Insights

Corporate credit and capital structure analyst

Tronox adds $400M of high‑coupon secured debt with structured call and covenant package.

Tronox Incorporated, a subsidiary of Tronox Holdings plc, issued $400,000,000 of 9.125% senior secured notes due 2030 at par in a private offering. The notes are guaranteed by the parent and certain restricted subsidiaries and rank as senior secured obligations, which typically sit high in the capital structure.

The Indenture adds limits on secured indebtedness, indebtedness at non‑guarantor subsidiaries, sale‑leaseback transactions, and major mergers or asset sales. These covenants provide a defined framework for future borrowing and transactions but also create constraints that the company will need to observe when adjusting its balance sheet.

Key structural features include a potential springing maturity tied to the 4.625% senior unsecured notes due 2029 if more than $250 million remains outstanding, multiple call options with premiums starting in 2027, and a change‑of‑control put at 101% of principal. Future disclosures may clarify how this new secured debt interacts with other liabilities and refinancing plans.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 26, 2025

TRONOX HOLDINGS PLC

(Exact Name of Registrant as Specified in Its Charter)

England and Wales	001-35573	98-1467236
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

263 Tresser Boulevard, Suite 1100
Stamford, Connecticut 06901 Laporte Road, Stallingborough  Grimsby, North East Lincolnshire, DN40 2PR, UK

(Address of Principal Executive Offices) (Zip Code)

(203) 705-3800

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of exchange on which registered
Ordinary shares, par value $0.01 per share	TROX	NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry Into a Material Definitive Agreement

On September 26, 2025, Tronox Incorporated, a Delaware corporation (the “Issuer”), a wholly owned indirect subsidiary of Tronox Holdings plc (the “Company”), closed an offering of $400,000,000 aggregate principal amount of its 9.125% senior secured notes due 2030 (the “Notes”). The Notes were offered at par and issued under an indenture dated as of September 26, 2025 (the “Indenture”) among the Issuer and the Company and, as described below, certain of the Company’s restricted subsidiaries as guarantors and Wilmington Trust, National Association in its capacity as trustee  (the “Trustee”) and collateral agent. The Notes were offered and sold by the Issuer in reliance on an exemption pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The Notes and related guarantees have not been registered under the Securities Act, or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

The Indenture and the Notes provide, among other things, that the Notes are guaranteed by the Company and certain of the Company’s restricted subsidiaries, subject to certain exceptions. The Notes and related guarantees are the senior secured obligations of the Issuer, the Company and the guarantors. Interest is payable on the Notes on March 31 and September 30 of each year beginning on March 31, 2026. The Notes are scheduled to mature on September 30, 2030, subject to a springing maturity date that is 91 days prior to the stated maturity date of the Company’s 4.625% senior unsecured notes due 2029 (the “Existing Unsecured Notes”), if on such date, the aggregate principal amount of Existing Unsecured Notes outstanding is greater than $250 million. The terms of the Indenture, among other things, limit, in certain circumstances, the ability of the Issuer and the ability of the Company and its restricted subsidiaries to: incur secured indebtedness, incur indebtedness at a non-guarantor subsidiary, engage in certain sale-leaseback transactions and merge, consolidate or sell substantially all of their assets.

The Indenture provides for customary events of default which include (subject in certain cases to grace and cure periods), among others: nonpayment of principal or interest; breach of other covenants in the Indenture; payment or other related defaults by the Issuer, the Company or a significant subsidiary under certain other indebtedness; the failure of any guarantee of the Notes by the Company or any significant subsidiary to be in full force and effect (except as otherwise permitted under the Indenture); and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is not cured within the time periods specified, the Trustee or the holders of at least 30% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately.

The Issuer may redeem some or all of the Notes at any time before September 30, 2027 at a redemption price equal to 100% of the aggregate principal amount of the Notes to be redeemed plus a “make-whole” premium and accrued and unpaid interest up to, but excluding, the redemption date. The Issuer also has the option to redeem all or a portion of the Notes at any time on or after September 30, 2027 at the redemption prices (expressed as percentages of the principal amount of Notes being redeemed) of 104.563% for the twelve month period commencing September 30, 2027 and 102.281% for the twelve-month period commencing September 30, 2028, and from September 30, 2029 and thereafter at 100.00%, in each case plus any accrued and unpaid interest, up to, but excluding, the redemption date. In addition, prior to September 30, 2027, the Issuer may redeem up to 40% of the Notes following certain equity offerings, at a redemption price of 109.125% of the principal amount of the Notes redeemed, plus accrued and unpaid interest up to, but excluding, the redemption date provided that certain conditions as described in the Indenture are met. Prior to September 30, 2027, the Issuer may redeem during each calendar year, commencing with this calendar year, up to 10% of the aggregate principal amount of the Notes then outstanding, at a redemption price equal to 103.00% of the aggregate principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, up to, but excluding, the redemption date. If the Company experiences certain changes of control specified in the Indenture, it must offer to purchase the Notes at a redemption price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, up to, but excluding, the redemption date.

-2-

The foregoing description of the Notes and the Indenture does not purport to be complete and is qualified in its entirety by reference to such documents. The Indenture and form of global note are included as part of Exhibit 4.1 filed herewith.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.

Item 9.01. Financial Statements and Exhibits.

(d)      Exhibits.

Exhibit No.	Description
4.1	Indenture, dated as of September 26, 2025, among Tronox Incorporated, Tronox Holdings plc and the guarantors named therein and Wilmington Trust, National Association as trustee and collateral agent.
4.2	Form of 9.125% Senior Secured Notes due 2030 (included in Exhibit 4.1).
104	Inline XBRL for the cover page of this Current Report on Form 8-K.

-3-

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		TRONOX HOLDINGS PLC
Date: September 26, 2025	By:	/s/ Jeffrey N. Neuman
		Name:	Jeffrey N. Neuman
		Title:	Senior Vice President, General Counsel and Secretary

FAQ

What did Tronox Holdings plc (TROX) announce in this 8-K?

Tronox Holdings plc reported that its subsidiary, Tronox Incorporated, closed an offering of $400,000,000 aggregate principal amount of 9.125% senior secured notes due 2030, sold at par in a private transaction under Rule 144A and Regulation S.

What are the key terms of Tronox (TROX) 9.125% senior secured notes due 2030?

The notes have a 9.125% annual coupon, are senior secured obligations guaranteed by Tronox Holdings plc and certain restricted subsidiaries, and are scheduled to mature on September 30, 2030, with interest payable on March 31 and September 30 each year starting March 31, 2026.

How does the springing maturity feature work on Tronox (TROX) new notes?

The notes have a springing maturity date that occurs 91 days before the stated maturity of Tronox’s 4.625% senior unsecured notes due 2029 if, on that date, more than $250 million of those unsecured notes remain outstanding.

Are Tronox (TROX) 9.125% senior secured notes registered with the SEC?

No. The notes and related guarantees are not registered under the Securities Act or state securities laws and may only be offered or sold in the United States pursuant to an applicable exemption from registration.

What redemption options does Tronox (TROX) have for the 2030 senior secured notes?

Before September 30, 2027, Tronox Incorporated may redeem the notes at 100% plus a make‑whole premium, may redeem up to 40% after certain equity offerings at 109.125%, and may redeem up to 10% of the outstanding notes each calendar year at 103.00%. On or after September 30, 2027, the notes are callable at step‑down premiums of 104.563%, then 102.281%, and at 100.00% from September 30, 2029.

What happens to Tronox (TROX) notes if there is a change of control?

If the company experiences certain specified changes of control, it must offer to purchase the notes at 101% of principal plus any accrued and unpaid interest up to, but excluding, the redemption date.

What covenants and events of default apply to Tronox (TROX) new senior secured notes?

The Indenture includes customary covenants limiting secured indebtedness, certain indebtedness at non‑guarantor subsidiaries, sale‑leaseback transactions, and mergers or major asset sales, along with standard events of default such as nonpayment, covenant breaches, certain cross‑defaults, guarantee failures, and specified bankruptcy or insolvency events.