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Debt
 3 Months Ended
Mar. 31, 2024
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		March 31, 2024December 31, 2023
Term Loan Facility, net of unamortized discount (1)
1,300 Variable3/11/2028$899 $898 
2022 Term Loan Facility, net of unamortized discount(1)
400 Variable4/4/2029389 390 
2023 Term Loan Facility, net of unamortized discount(1)
350 Variable8/16/2028346 347 
Senior Notes due 2029 1,075 4.625 %3/15/20291,075 1,075 
Standard Bank Term Loan Facility (1)
98 Variable11/11/202660 64 
Australian Government Loan, net of unamortized discountN/AN/A12/31/20361 1 
MGT Loan(2)
36VariableVariable23 25 
Finance leases42 43 
Long-term debt2,835 2,843 
Less: Long-term debt due within one year(27)(27)
Debt issuance costs(28)(30)
Long-term debt, net$2,780 $2,786 
_______________
(1)The average effective interest rate on the Term Loan Facility (including the impacts of the interest rate swaps), the 2022 Term Loan Facility, the 2023 Term Loan Facility, and the Standard Bank Term Loan Facility was 5.7%, 9.0%, 9.2% and 10.6%, respectively, during the three months ended March 31, 2024. The average effective interest rate on the Term Loan Facility (including the impacts of the interest rate swaps), the 2022 Term Loan Facility and Standard Bank Term Loan Facility was 5.3%, 8.4% and 9.7%, respectively, during the three months ended March 31, 2023. As of March 31, 2024, the applicable margin on the Term Loan Facility, 2022 Term Loan Facility and 2023 Term Loan Facility was 2.50%, 3.25%, and 3.50%, respectively.
(2)The MGT loan is a related party debt facility. The average effective interest rate on the MGT loan was 6.0% during both the three months ended March 31, 2024 and March 31, 2023.

Long-Term Debt
On May 1, 2024, Tronox Finance LLC (the “Borrower”), Tronox Holdings plc (the “Company”), certain of the Company’s subsidiaries, the incremental term lender party thereto and HSBC Bank USA, National Association, as Administrative Agent and Collateral Agent, entered into Amendment No. 4 to the Amended and Restated First Lien Credit Agreement (the "2024 Amendment"). The 2024 Amendment provides the Borrower with a new five -year incremental term loan facility ("the 2024 Term Loan Facility") under its credit agreement in an aggregate initial principal amount of $741 million. The proceeds of the 2024 Term Loan Facility were used to repay in full the Company's outstanding 2022 Term Loan and 2023 Term Loan.
Short-Term Debt
Insurance premium financing
In August 2023, the Company entered into a $27 million insurance premium financing agreement with a third-party financing company. The financing balance requires a 33% down payment and will be repaid in monthly installments over 9 months at
an 8% fixed annual interest rate. As of March 31, 2024, the financing balance was $4 million and is recorded in "Short-term debt" in the Condensed Consolidated Balance Sheet.
Debt Covenants
As of March 31, 2024, we are in compliance with all financial covenants in our debt facilities.