KRONOS WORLDWIDE, INC. Contact: Gregory M. Swalwell
Three Lincoln Centre Vice President, Finance and
5430 LBJ Freeway, Suite 1700 Chief Financial Officer
Dallas, Texas 75240-2697 (972) 233-1700
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PRESS RELEASE
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(LOGO GOES HERE)
FOR IMMEDIATE RELEASE
KRONOS WORLDWIDE, INC. ANNOUNCES PRICING OF EURO 90 MILLION
PRIVATE PLACEMENT OF ADD-ON
SENIOR SECURED NOTES BY ITS SUBSIDIARY
KRONOS INTERNATIONAL, INC.
DALLAS, TX - November 18, 2004 - Kronos Worldwide, Inc. (NYSE: KRO) today
announced the pricing of a euro 90 million private placement offering by its
wholly-owned subsidiary, Kronos International, Inc., of add-on 8.875% Senior
Secured Notes due 2009 at the issue price of 107% plus accrued interest from the
issue date, which is anticipated to be on or about November 26, 2004. Kronos
International, Inc. conducts Kronos Worldwide's titanium dioxide pigments
operations in Europe. It is expected that the net proceeds of the offering will
be loaned to Kronos Worldwide.
The Notes are being issued as an add-on to Kronos International's previously
issued euro 285,000,000 aggregate principal amount of 8.875% Senior Secured
Notes due 2009.
The Notes will be sold to qualified institutional buyers in the United States in
reliance on Rule 144A and to persons outside of the United States in reliance on
Regulation S under the Securities Act of 1933, as amended. The Notes will not be
registered under the Securities Act and, unless so registered, may not be
offered or sold in the United States except pursuant to an exemption from, or in
a transaction not subject to, the registration requirements of the Securities
Act and applicable state securities laws. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of the Notes in any state in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification under the
securities laws of any such state.
The statements in this release relating to matters that are not historical facts
are forward-looking statements that represent management's beliefs and
assumptions based on currently available information. Forward-looking statements
can be identified by the use of words such as "will," "anticipates," "expects,"
or comparable terminology or by discussions of strategy or trends. Although we
believe that the expectations reflected in such forward-looking statements are
reasonable, it cannot give any assurances that these expectations will prove to
be correct. Such statements by their nature involve risks and uncertainties,
including, but not limited to, global economic and political conditions,
financial market conditions, changes in foreign currency exchange rates,
operating interruptions (including, but not limited to, labor disputes, leaks,
fires, explosions, unscheduled downtime, transportation interruptions, war and
terrorist activities), and other risks and uncertainties detailed in our
Securities and Exchange Commission filings. Should one or more of these risks
materialize (or the consequences of such a development worsen), or should the
underlying assumptions prove incorrect, actual results could differ materially
from those forecasted or expected. We disclaim any intention or obligation to
update publicly or revise such statements, whether as a result of new
information, future events or otherwise.
Kronos Worldwide, Inc. is a major international producer of titanium dioxide
pigments.