Valhi – Contran credit facility – We have an unsecured revolving credit facility with Contran which, as amended, provides for borrowings from Contran of up to $175 million. The facility, as amended, bears interest at prime plus 1% (8.50% at December 31, 2022), and is due on demand, but in any event no earlier than December 31, 2024. The facility contains no financial covenants or other financial restrictions. Valhi pays an unused commitment fee quarterly to Contran on the available balance (except during periods during which Contran would be a net borrower from Valhi). The average interest rate on the credit facility for the year ended December 31, 2022 was 5.86%. During 2022 we had borrowings of $.1 million and repayments of $51.6 million under this facility, and at December 31, 2022 an additional $53.6 million was available for borrowings under this facility.

Kronos – Senior Secured Notes – On September 13, 2017, Kronos International, Inc. (“KII”), Kronos’ wholly-owned subsidiary, issued €400 million aggregate principal amount of its 3.75% Senior Secured Notes due September 15, 2025 (the “Senior Notes”), at par value ($477.6 million when issued). The Senior Notes:

The carrying value of the Senior Notes at December 31, 2022 is stated net of unamortized debt issuance costs of $2.4 million (December 31, 2021 - $3.5 million).

Revolving credit facility – On April 20, 2021, Kronos entered into a $225 million global revolving credit facility (“Global Revolver”) which matures in April 2026. Borrowings under the Global Revolver are available for Kronos’ general corporate purposes. Available borrowings are based on formula-determined amounts of eligible trade receivables and inventories, as defined in the agreement, less any outstanding letters of credit issued under the Global Revolver. Borrowings by Kronos’ Canadian, Belgian and German subsidiaries are limited to $25 million, €30 million and €60 million, respectively. Any amounts outstanding under the Global Revolver bear interest, at Kronos’ option, at the applicable non-base rate (LIBOR, CDOR or EURIBOR, dependent on the currency of the borrowing) plus a margin ranging from 1.5% to 2.0%, or at the applicable base rate, as defined in the agreement, plus a margin ranging from .5% to 2.0%. The Global Revolver is collateralized by, among other things, a first priority lien on the borrowers’ trade receivables and inventories. The facility contains a number of covenants and restrictions customary in lending transactions of this type which, among other things, restrict the borrowers’ ability to incur additional debt, incur liens, pay additional dividends or merge or consolidate with, or sell or transfer all or substantially all of their assets to another entity and, under certain conditions, requires the maintenance of a fixed charge coverage ratio, as defined in the agreement, of at least 1.0 to 1.0.

During 2022, Kronos had no borrowings or repayments under its Global Revolver and at December 31, 2022, approximately $211 million was available for borrowing under this revolving facility.

Other – In December 2019, LandWell entered into a $15.0 million loan agreement with Western Alliance Business Trust. The agreement requires semi-annual payments of principal and interest on April 15 and October 15 aggregating $1.3 million annually beginning on April 15, 2020 through the maturity date in April 2036 and is payable from the tax increment reimbursement funds received under the OPA. The agreement bears interest at a fixed 4.76% rate and is collateralized by all tax increment reimbursement funds LandWell receives under the OPA. See Note 7.

In February 2017, BWC entered into a $20.5 million loan agreement with Western Alliance Bank. In 2022, BWC 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 Consolidated Financial Statements, including the loan from Western Alliance Bank (see Note 2).

Aggregate maturities of long-term debt – Aggregate maturities of debt at December 31, 2022 are presented in the table below.


Years ending December 31,	Amount
	(In millions)
Gross amounts due each year:
2023	$	1.8
2024		122.1
2025		427.3
2026		.8
2027		.8
2028 and thereafter		9.1
Subtotal		561.9
Less amounts representing original issue discount and debt issuance costs		2.4
Total long-term debt	$	559.5

We are in compliance with all of our debt covenants at December 31, 2022.