Tronox Limited announced that it has received a commitment for a new $1.3 billion senior secured term loan provided by Goldman Sachs, UBS, Credit Suisse, and RBC Capital Markets.

The funds will be used for general corporate purposes and/or potential strategic alternatives. Following completion of this financing and prepayment of its existing loan in full, Tronox will have approximately $1.3 billion in cash on its balance sheet. The new financing is targeted for completion by the end of the first quarter.

"By refinancing the remaining balance of our term loan, Tronox is capitalizing on a favorable credit environment and putting ourselves in a stronger position to deliver on our vision to double profits by 2017," said chairman and CEO Tom Casey . "The $1.3 billion in cash empowers the company with the operational and strategic flexibility to grow and create value for our shareholders."

Tronox is a global leader in the production and marketing of titanium bearing mineral sands and titanium dioxide pigment. Through the integration of its mineral sands and pigment business, the company provides its customers a dependable supply of brightening solutions for a variety of end uses.