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Covington Advises Kerr-McGee Spin-off, Tronox Inc., in IPO and Related Debt Financings

December 9, 2005

WASHINGTON, D.C., December 9, 2005 -  Covington & Burling represented Tronox Inc. in the completion of its initial public offering and related debt financings valued at approximately $800 million.  Tronox's IPO involved 17,480,000 shares of its Class A common stock and approximate gross proceeds of  $245 million. 

Covington also advised on related debt financings --  a $350 million private placement under Rule 144A of 9½% Senior Notes due 2012 by Tronox subsidiaries, Tronox Worldwide LLC, and Tronox Finance Corp; and Tronox Worldwide's senior secured credit facility consisting of a $200 million term loan facility and a $250 million revolving credit facility.

Tronox Inc. (NYSE: TRX), headquartered in Oklahoma City, is the world's third-largest producer and marketer of titanium dioxide pigment, which is a brightening agent used in paints, paper, plastics and other products.

Covington team members for the IPO were David Martin, Carey Roberts, Nell Scott, Keir Gumbs, Noa Rosenberg, and Sean McAuliffe.  David Engvall, Francesca Muratori, and Julie Holmes advised on the issuance of unsecured notes.  John Gourary, Peter Bogdanow, Daniel Goldberg, and Andrew Baraff handled the credit facility.  Also assisting across all three transactions were Scott Smith, Stephen Infante, Christian Neira, and Andrew Muratore (corporate);  Harry Hives and Rob Heller (tax); Michael Francese (benefits); George Chester and David Hull (antitrust); Lee Tiedrich and Deanna Kwong (intellectual property).

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