v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
Long-Term Debt
Long-term debt, net of an unamortized discount and debt issuance costs, consisted of the following:
Original
Principal		Annual
Interest Rate		Maturity
Date		June 30, 2025December 31, 2024
2024 Term Loan Facility, net of unamortized discount(1)
741 Variable4/4/2029734 735 
2024-B Term Loan Facility, net of unamortized discount(1)
902 Variable9/30/2031891 896 
Senior Notes due 2029 1,075 4.625 %3/15/20291,075 1,075 
RMB Term Loan Facility(1)
64 Variable8/16/202957 58 
Australian Government Loan, net of unamortized discountN/AN/A12/31/20362 1 
MGT Loan(2)
36VariableVariable16 19 
Finance leases41 42 
Long-term debt2,816 2,826 
Less: Long-term debt due within one year(38)(35)
Debt issuance costs(29)(32)
Long-term debt, net$2,749 $2,759 
_______________
(1)The average effective interest rate on the 2024 Term Loan Facility (including the impacts of the interest rate swaps), the 2024-B Term Loan Facility (including the impacts of the interest rate swaps), and the RMB Term Loan Facility was 6.8%, 6.5%, and 9.7%, respectively, during the six months ended June 30, 2025. The average effective interest rate on the previous Term Loan Facility (including the impacts of the interest rate swaps), the previous 2022 Term Loan Facility, the previous 2023 Term Loan Facility and the 2024 Term Loan Facility and the previous Standard Bank Term Loan Facility was 5.7%, 9.2%, 9.3%, 8.2% and 10.7%, respectively, during the six months ended June 30, 2024. As of June 30, 2025, the applicable margin on the 2024 Term Loan Facility, the 2024-B Term Loan Facility and the RMB Term Loan Facility was 2.25%, 2.50% and 2.35%, respectively.
(2)The MGT loan is a related party debt facility. The average effective interest rate on the MGT loan was 6.1% during both the six months ended June 30, 2025 and June 30, 2024.
Short-Term Debt
Short-term debt consisted of the following:
Annual Interest RateMaturity DateJune 30, 2025December 31, 2024
New Cash Flow Revolver(1)
Variable8/15/2029$100 $33 
RMB Revolving Credit Facility(1)
Variable8/16/202756 21 
Emirates Revolver(1)(2)
Variable8/4/202569 — 
SABB Credit Facility(1)
Variable12/16/2025— — 
SEB Credit Facility(1)
4.9 %2/28/202640 — 
Insurance premium financing6.4 %3/1/20261 11 
Short-term debt$266 $65 
(1) The average effective interest rate on the new Cash Flow Revolver, the RMB Revolving Credit Facility, the Emirates Revolver, the SABB Credit Facility and the SEB Credit Facility was 7.6%, 10.06%, 6.32%, 7.11% and 4.88%, respectively, during the six months ended June 30, 2025. As of June 30, 2025, the applicable margin on the new Cash Flow Revolver, the
RMB Revolving Credit Facility, the Emirates Revolver, and the SABB Credit Facility was 2.25%, 2.25%, 1.75%, and 1.50%, respectively.
(2) In June 2025, the Company entered into an amendment to extend the maturity date of the Emirates Revolver from June 2025 to August 2025. In July 2025, Tronox Pigment UK Limited, as borrower, and Tronox Holdings plc, as guarantor, entered into a new revolving credit facility with Emirates NBD Bank PJSC (“Emirates”) which replaced the existing revolving credit facility with Emirates. The new Emirates revolving credit facility is secured by inventory of Tronox Pigment UK Limited and matures in June 2026. The facility limit is 50 million Pound Sterling (approximately $69 million at the June 30, 2025 exchange rate) and can be drawn in either Pound Sterling, Euro or US Dollar. Under the terms of the revolver, for U.S. dollar borrowings, the interest rate is SOFR plus 1.75%, for Euro borrowings, the interest rate is Euribor plus 1.75% and for Pound Sterling borrowings, the interest rate is SONIA plus 1.75%.

SEB Credit Facility
On April 29, 2025, our KSA subsidiary entered into a short-term working capital facility with Saudi Export Import Bank ("SEB Credit Facility") for an amount up to SAR 150 million (approximately $40 million). The maturity date under the facility is February 28, 2026. The SEB Credit Facility bears interest at a fixed rate of 4.88% on outstanding balances. During the three months ended June 30, 2025, we drew down the total SAR 150 million (approximately $40 million at the June 30, 2025 exchange rate) under the SEB Credit Facility for general corporate purposes.
As of July 28, 2025, the total outstanding principal balance on our short-term debt facilities was approximately $339 million (excluding the insurance premium financing).
Insurance premium financing
In August 2024, the Company entered into a $29 million insurance premium financing agreement with a third-party financing company. The financing balance required a 37% down payment and was repaid in monthly installments over 9 months at an 8.6% fixed annual interest rate. At June 30, 2025, the financing balance was repaid in full.
In May 2025, the Company entered into a $1 million insurance premium financing agreement in one of our Australian subsidiaries with a third-party financing company. The financing balance is repaid in monthly installments over 10 months at a 6.4% fixed annual interest rate. As of June 30, 2025, the financing balance was $1 million and is recorded in "Short-term debt" in the Condensed Consolidated Balance Sheet.
Debt Covenants
As of June 30, 2025, we are in compliance with all financial covenants in our debt facilities.