The Chemours Company Announces Completion of U.S. Dollar-denominated Term Loan Repricing

Rhea-AI Summary

The Chemours Company (NYSE: CC) has successfully completed the repricing of its Tranche B-3 U.S. Dollar-denominated Term Loan, which is due in August 2028. The repricing reduces the applicable margin on the company's $1.07 billion senior secured term loan facility from adjusted Term SOFR + 3.50% to adjusted Term SOFR + 3.00%, or from adjusted base rate plus 2.50% to adjusted base rate plus 2.00%. The maturity date and other terms remain substantially unchanged.

Positive

• Reduced interest rate margin by 50 basis points on $1.07 billion term loan
• Lower borrowing costs will improve company's interest expense

Negative

• None.

Insights

Financial Analyst

The successful repricing of Chemours' $1.07 billion Term Loan B-3 represents a meaningful reduction in borrowing costs, with the interest rate spread decreasing by 50 basis points. This adjustment will generate annual interest expense savings of approximately $5.35 million, improving cash flow and financial flexibility. The unchanged maturity date and other terms indicate lenders' continued confidence in the company's credit profile. While this refinancing is incrementally positive for the company's cost structure, it's part of normal corporate finance activities rather than a transformative event. The reduced interest burden provides modest support to earnings but doesn't fundamentally alter the business outlook.

WILMINGTON, Del.--(BUSINESS WIRE)-- The Chemours Company (Chemours) (NYSE: CC) today announced the successful repricing of its Tranche B-3 U.S. Dollar-denominated Term Loan under its senior secured term loan facility due in August 2028.

The repricing reduces the applicable margin in respect of the Company’s $1,070,000,000 senior secured U.S. dollar-denominated term loan facility, the “Term Loan B-3 US$ Facility,” from, at the election of the Company, adjusted Term SOFR + 3.50% to adjusted Term SOFR + 3.00%, or adjusted base rate plus 2.50% to adjusted base rate plus 2.00%. There are no changes to the maturity of the Term Loan B-3 US$ Facility following this repricing, and all other terms are substantially unchanged.

About The Chemours Company
The Chemours Company (NYSE: CC) is a global leader in providing industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and advanced electronics, general industrial, and oil and gas. Through our three businesses – Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials – we deliver application expertise and chemistry-based innovations that solve customers’ biggest challenges. Our flagship products are sold under prominent brands such as Opteon™, Freon™, Ti-Pure™, Nafion™, Teflon™, Viton™, and Krytox™. Headquartered in Wilmington, Delaware and listed on the NYSE under the symbol CC, Chemours has approximately 6,100 employees and 28 manufacturing sites and serves approximately 2,700 customers in approximately 110 countries.

For more information, we invite you to visit chemours.com or follow us on X (formerly Twitter) @Chemours or LinkedIn.

Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words “believe,” “expect,” “will,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify “forward-looking statements,” which speak only as of the date such statements were made. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized. Forward-looking statements also involve risks and uncertainties, many of which are beyond Chemours’ control. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in Chemours’ filings with the U.S. Securities and Exchange Commission, including in Chemours’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and in Chemours’ Annual Report on Form 10-K for the year ended December 31, 2023. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241129945492/en/

INVESTORS

Brandon Ontjes

Vice President, Investor Relations

+1.302.773.3300

investor@chemours.com

Kurt Bonner

Manager, Investor Relations

+1.302.773.0026

investor@chemours.com

NEWS MEDIA

Cassie Olszewski

Media Relations & Reputation Leader

+1.302.219.7140

media@chemours.com

Source: The Chemours Company

FAQ

What is the new interest rate margin for Chemours (CC) Term Loan B-3 after repricing?

After repricing, the new interest rate margin is adjusted Term SOFR + 3.00% or adjusted base rate plus 2.00%, reduced from Term SOFR + 3.50% or base rate plus 2.50%.

When does Chemours (CC) Term Loan B-3 mature?

The Term Loan B-3 facility matures in August 2028, with the maturity date remaining unchanged after the repricing.

What is the size of Chemours (CC) Term Loan B-3 facility?

The Term Loan B-3 facility is $1.07 billion in size.