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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.