WYNYARD, UK, May 22, 2020 /PRNewswire/ -- Venator Materials
PLC (NYSE: VNTR) ("Venator") today announced that it has completed
the previously announced offering of $225
million in aggregate principal amount of senior secured
notes due 2025 at a price to the public of 98.008% of their face
value through its wholly owned subsidiaries, Venator Finance S.à
r.l. and Venator Materials LLC.
Venator intends to use the net proceeds of the offering to repay
borrowings under the ABL Facility, to pay fees and expenses related
to the offering and for general corporate purposes, including
enhancing Venator's liquidity position.
Simon Turner, President and CEO
of Venator, stated, "The successful issuance of these bonds
improves our liquidity during the uncertainty created by the
COVID-19 pandemic. We remain focused on enhancing our
competitiveness and improving our free cash flow."
About Venator
Venator is a global manufacturer and
marketer of chemical products that comprise a broad range of
pigments and additives that bring color and vibrancy to buildings,
protect and extend product life, and reduce energy consumption. We
market our products globally to a diversified group of industrial
customers through two segments: Titanium Dioxide, which consists of
our TiO2 business, and Performance Additives, which consists of our
functional additives, color pigments, timber treatment and water
treatment businesses. We operate 24 facilities, employ
approximately 4,000 associates worldwide and sell our products in
more than 110 countries.
Cautionary Statement Concerning Forward-Looking
Statements
Certain statements contained in this press
release constitute "forward-looking statements" within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements represent Venator's expectations or
beliefs concerning future events, and it is possible that the
expected results described in this press release will not be
achieved. These forward-looking statements are subject to risks,
uncertainties and other factors, many of which are outside of
Venator's control, that could cause actual results to differ
materially from the results discussed in the forward looking
statements, including the impacts and duration of the global
outbreak of the Coronavirus Disease 2019 pandemic on the global
economy and all aspects of our business, including our employees,
customers, suppliers, partners, results of operations, financial
condition and liquidity, global economic conditions, our ability to
maintain sufficient working capital, our ability to access capital
markets on favorable terms, our ability to transfer technology and
manufacturing capacity from our Pori, Finland manufacturing facility to other sites
in our manufacturing network, the costs associated with such
transfer and the closure of our Pori facility, our ability to
realize financial and operational benefits from our business
improvement plans and initiatives, impacts on TiO2 markets and the
broader global economy from the imposition of tariffs by the U.S.
and other countries, changes in raw material and energy prices, or
interruptions in raw materials and energy, industry production
capacity and operating rates, the supply demand balance for our
products and that of competing products, pricing pressures,
technological developments, legal claims by or against us, changes
in government regulations, including increased manufacturing,
labeling and waste disposal regulations and the classification of
TiO2 as a carcinogen in the EU, geopolitical events, cyberattacks
and public health crises such as coronavirus.
Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, Venator does not
undertake any obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. New factors emerge from time to time, and it is not
possible for Venator to predict all such factors. When considering
these forward looking statements, you should keep in mind the risk
factors and other cautionary statements in Venator's Annual Report
on Form 10-K for the year ended December 31,
2019 filed with the Securities and Exchange Commission (the
"SEC"), and in its Quarterly Report on Form 10-Q for the three
months ended March 31, 2020 filed
with the SEC. The risk factors and other factors noted therein
could cause Venator's actual results to differ materially from
those contained in any forward-looking statement.
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SOURCE Venator Materials PLC