Long-Term Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Long-Term Debt

Note 6 – Long-term debt:

	December 31,		September 30,
	2021		2022
	(In millions)
Valhi:
Contran credit facility	$	172.9	$	134.8
Subsidiary debt:
Kronos:
Senior Notes		448.8		390.2
LandWell:
Note payable to Western Alliance Business Trust		13.5		13.2
BMI:
BWC Bank loan from Western Alliance Bank		15.4		—
Other		2.4		2.0
Total subsidiary debt		480.1		405.4
Total debt		653.0		540.2
Less current maturities		3.1		2.0
Total long-term debt	$	649.9	$	538.2

Valhi – Contran credit facility – During the first nine months of 2022, we had borrowings of $.1 million and repayments of $38.2 million under this facility. The average interest rate on the existing balance for the nine months ended September 30, 2022 was 5.20%. At September 30, 2022, the interest rate was 7.25% and $90.2 million was available for borrowing under this facility.

Kronos – Senior Notes – At September 30, 2022, the carrying value of Kronos’ 3.75% Senior Secured Notes due September 15, 2025 (€400 million aggregate principal amount outstanding) is stated net of unamortized debt issuance costs of $2.4 million.

Revolving credit facility – During the first nine months of 2022, Kronos had no borrowings or repayments under its $225 million global revolving credit facility (“Global Revolver”) and at September 30, 2022, approximately $207 million was available for borrowing under the Global Revolver.

BMI – In February 2017, BWC entered into a $20.5 million loan agreement with Western Alliance Bank. In 2022, we repaid $8.4 million on this loan prior to September 10, 2022. As a result of BWC’s bankruptcy filing, BWC is no longer consolidated in our Condensed Consolidated Financial Statements, including the loan from Western Alliance Bank (see Note 2).

Other – We are in compliance with all of our debt covenants at September 30, 2022.