DEBT

12 Months Ended

Dec. 31, 2023

Debt Instruments [Abstract]

DEBT

NOTE 12. DEBT

	December 31,
	2023		2022
Financing Obligations	($ in millions)
Variable-rate Term Loan Facility, due 2027 (6.955% and 5.923% at December 31, 2023 and 2022, respectively)	$	341.3	$	350.0
Variable-rate Senior Revolving Credit Facility, due 2027 (6.955% at December 31, 2023)	68.0		—
Variable-rate Recovery Zone bonds, due 2024-2035 (6.420% and 5.198% at December 31, 2023 and 2022, respectively)	103.0		103.0
Variable-rate Go Zone bonds, due 2024 (6.420% and 5.198% at December 31, 2023 and 2022, respectively)	50.0		50.0
Variable-rate industrial development and environmental improvement obligations, due 2025 (6.45% and 4.55% at December 31, 2023 and 2022, respectively)	2.9		2.9
9.50% senior notes, due 2025	108.6		108.6
5.625% senior notes, due 2029	669.3		669.3
5.125% senior notes, due 2027	500.0		500.0
5.00% senior notes, due 2030	515.3		515.3
Receivables Financing Agreement (See Note 7)	328.5		300.0
Finance lease obligations	—		1.9
Other:
Deferred debt issuance costs	(16.6)		(20.1)
Unamortized bond original issue discount	(0.2)		(0.2)
Total debt	2,670.1		2,580.7
Amounts due within one year	78.8		9.7
Total long-term debt	$	2,591.3	$	2,571.0

Senior Credit Facility

On October 11, 2022, we entered into a $1,550.0 million senior credit facility (Senior Credit Facility) that replaced our 2021 Senior Credit Facility. The Senior Credit Facility includes a senior term loan facility with aggregate commitments of $350.0 million (Term Loan Facility) and a senior revolving credit facility with aggregate commitments of $1,200.0 million (Senior Revolving Credit Facility). The Term Loan Facility was fully drawn on the closing date with the proceeds of the Term Loan Facility used to refinance the loans and commitments outstanding under the 2021 Senior Credit Facility. The Term Loan Facility requires principal amortization payments which began on March 31, 2023, at a rate of 0.625% per quarter through the end of 2024, increasing to 1.250% per quarter thereafter until maturity. The maturity date for the Senior Credit Facility is October 11, 2027.

The Senior Revolving Credit Facility includes a $100.0 million letter of credit subfacility. At December 31, 2023, we had $1,131.6 million available under our $1,200.0 million Senior Revolving Credit Facility because we had $68.0 million borrowed under the facility and issued $0.4 million of letters of credit.

We were in compliance with all covenants and restrictions under all our outstanding credit agreements as of December 31, 2023, and no event of default had occurred that would permit the lenders under our outstanding credit agreements to accelerate the debt if not cured. In the future, our ability to generate sufficient operating cash flows, among other factors, will determine the amounts available to be borrowed under these facilities. As a result of our restrictive covenant related to the net leverage ratio, the maximum additional borrowings available to us could be limited in the future. The limitation, if an amendment or waiver from our lenders is not obtained, could restrict our ability to borrow the maximum amounts available under the Senior Revolving Credit Facility and the Receivables Financing Agreement. As of December 31, 2023, there were no covenants or other restrictions that limited our ability to borrow.

Senior Notes and Other Financing

During 2023 and 2022, activity of our outstanding debt included:

	Long-term Debt Borrowings (Repayments) for the Year Ended December 31,
	2023		2022
Debt Instruments	($ in millions)
Borrowings
Senior Revolving Credit Facility	$	375.0	$	320.0
Receivables Financing Agreement	332.7		95.0
Total borrowings	707.7		415.0
Repayments
5.50% senior notes, due 2022 (2022 Notes)	—		(200.0)
Senior Revolving Credit Facility	(307.0)		(320.0)
Term Loan Facility	(8.7)		—
Receivables Financing Agreement	(304.2)		(95.0)
Finance leases	(1.9)		(1.1)
Total repayments	(621.8)		(616.1)
Long-term debt borrowings (repayments), net	$	85.9	$	(201.1)

We incurred a loss on debt extinguishment of $152.2 million during the year ended December 31, 2021, which is included as interest expense in the consolidated statements of operations. The loss includes the payment of bond redemption premiums of $137.7 million for the year ended December 31, 2021, as well as the write-off of deferred debt issuance costs, write-off of bond original issue discount and recognition of deferred fair value interest rate swap losses of $14.5 million for the year ended December 31, 2021, associated with the optional prepayment of existing debt. The cash payments related to the early redemption premiums for the debt extinguishments are classified as cash outflows from financing activities on the consolidated statements of cash flows for year ended December 31, 2021.

During the year ended December 31, 2022, Olin redeemed the full aggregate principal amount $200.0 million of the outstanding 2022 Notes which became due utilizing cash on hand.

For the years ended December 31, 2022 and 2021, we paid debt issuance costs of $4.4 million and $3.9 million, respectively, related to financing transactions.

At December 31, 2023, we had $120.7 million in letters of credit outstanding, of which $0.4 million were issued under our Senior Revolving Credit Facility. The letters of credit are used to support certain long-term debt, workers compensation insurance policies, plant closure and post-closure obligations, international payment obligations and international pension funding requirements.

Annual maturities of long-term debt are as follows:

Expected Annual Maturities	($ in millions)
2024	$	78.8
2025	457.5
2026	17.5
2027	865.5
2028	—
Thereafter	1,267.6
Total	$	2,686.9