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FINANCING ARRANGEMENTS
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS
Note 8 — FINANCING ARRANGEMENTS
Debt consists of the following instruments:
As of June 30, 2022 (in millions)Principal AmountUnamortized discount and debt issuance costNet DebtWeighted average interest rate
Senior secured revolving credit facility due 2026$— $— $— — %
Senior secured term loan due 2026608.2 5.3 602.9 2.21 %
5.25% senior notes due 2023
600.0 0.8 599.2 5.25 %
5.75% senior notes due 2025
650.0 5.9 644.1 5.75 %
Other Debt10.6 — 10.6 
Total Debt1,868.8 12.0 1,856.8 
Less short-term and current portion of long-term debt608.5 0.8 607.7 
Total long-term debt, net of current portion$1,260.3 $11.2 $1,249.1 
As of December 31, 2021 (in millions)Principal AmountUnamortized discount and debt issuance costNet DebtWeighted average interest rate
Senior secured revolving credit facility due 2026$— $— $— — %
Senior secured term loan due 2026611.5 6.2 605.3 1.85 %
5.25% senior notes due 2023
600.0 1.4 598.6 5.25 %
5.75% senior notes due 2025
650.0 6.8 643.2 5.75 %
Other Debt11.8 — 11.8 
Total Debt1,873.3 14.4 1,858.9 
Less short-term and current portion of long-term debt8.6 — 8.6 
Total long-term debt, net of current portion$1,864.7 $14.4 $1,850.3 
As of June 30, 2022, we had no borrowings outstanding under our Revolving Credit Facility, which had remaining availability of $487.1 million.
The agreements governing our senior secured revolving credit facility, 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: consummate asset sales, 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 June 30, 2022, we were in compliance with all covenants.
The estimated fair value of Avient’s debt instruments at June 30, 2022 and December 31, 2021 was $1,826.7 million and $1,917.7 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.