FINANCING ARRANGEMENTS

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

FINANCING ARRANGEMENTS

Note 7 — FINANCING ARRANGEMENTS

Debt consists of the following instruments:

As of March 31, 2024 (in millions)	Principal Amount		Unamortized discount and debt issuance cost		Net Debt		Weighted average interest rate
Senior secured revolving credit facility due 2026	$	—	$	—	$	—	—	%
Senior secured term loan due 2029	726.1		18.0		708.1		7.86	%
5.75% senior notes due 2025	650.0		2.3		647.7		5.75	%
7.125% senior notes due 2030	725.0		8.5		716.5		7.125	%
Other Debt	6.7		—		6.7
Total Debt	2,107.8		28.8		2,079.0
Less short-term and current portion of long-term debt	9.6		—		9.6
Total long-term debt, net of current portion	$	2,098.2	$	28.8	$	2,069.4

As of December 31, 2023 (in millions)	Principal Amount		Unamortized discount and debt issuance cost		Net Debt		Weighted average interest rate
Senior secured revolving credit facility due 2026	$	—	$	—	$	—	—	%
Senior secured term loan due 2029	727.9		18.9		709.0		7.88	%
5.75% senior notes due 2025	650.0		2.8		647.2		5.75	%
7.125% senior notes due 2030	725.0		8.8		716.2		7.125	%
Other Debt	7.6		—		7.6
Total Debt	2,110.5		30.5		2,080.0
Less short-term and current portion of long-term debt	9.5		—		9.5
Total long-term debt, net of current portion	$	2,101.0	$	30.5	$	2,070.5

As of March 31, 2024, we had no borrowings outstanding under our senior secured revolving credit facility due 2026 (Revolving Credit Facility), which had remaining availability of $250.5 million.

The agreements governing our Revolving Credit Facility and our senior secured term loan, and the indentures and credit agreements governing other debt contain a number of customary financial and restrictive covenants that, among other things, limit our ability to: sell or otherwise transfer assets, including in a spin-off, incur additional debt or liens, consolidate or merge with any entity or transfer or sell all or substantially all of our assets, pay dividends or make certain other restricted payments, make investments, enter into transactions with affiliates, create dividend or other payment restrictions with respect to subsidiaries, make capital investments and alter the business we conduct. As of March 31, 2024, we were in compliance with all covenants.

The estimated fair value of Avient’s debt instruments at March 31, 2024 and December 31, 2023 was $2,092.8 million and $2,113.7 million, respectively. The fair value of Avient’s debt instruments was estimated using prevailing market interest rates on debt with similar creditworthiness, terms and maturities and represent Level 2 measurements within the fair value hierarchy.