addition, in 2014, this Office obtained the largest ever litigation recovery by the government for clean-up of environmental contamination, in the Tronox bankruptcy. That settlement included, among other things, more than $4.4 billion for environmental clean-up and liabilities arising from contaminate

VA and Ba1/BB for Olin). Olin carries additional net leverage (3.9x net leverage) and a similar commodity profile. We also prefer the NOVA bonds to Tronox's 5.750% Senior Notes '25 (B3/8-), as the Tronox bonds only offer an additional 30 bps of spread, despite having considerably more leverage (4.2x n

Olin priced its new issuance. This tightening has been led by the outperformance by names including CF Industries, Chemours, Hexion, TPC Group and Tronox (See Figure 18: Chemicals Relative Value - Returns), as the overall market entered a risk-on period. As seen in Figures 2 & 3, the Chemicals sector