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Exxaro prices upsized Tronox share sale

Exxaro Resources Ltd. on Oct. 5 announced the pricing of its now upsized public offering of class A shares of Tronox Ltd.

The South African coal miner is now offering 19.5 million shares at US$22 apiece, compared to 16 million shares previously.

In addition, the company granted the underwriters a 30-day option to buy up to an additional 2,925,000 shares at the same price.

Exxaro expects to pocket about US$412 million in net proceeds, or about US$474 million if the underwriters' option is exercised in full, which will be earmarked for capital projects‚ debt repayment and capital returns.

The offer is expected to close Oct. 10.