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FINANCING ARRANGEMENTS | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
FINANCING ARRANGEMENTS | Note 8 — FINANCING ARRANGEMENTS Debt consists of the following instruments:
As of September 30, 2022 (in millions) | Principal Amount |  | Unamortized discount and debt issuance cost |  | Net Debt |  | Weighted average interest rate
Senior secured revolving credit facility due 2026 | $ | — |  |  | $ | — |  |  | $ | — |  |  | — | %
Senior secured term loan due 2026 | 606.6 |  |  | 4.9 |  |  | 601.7 |  |  | 2.95 | %
Senior secured term loan due 2029 | 575.0 |  |  | 28.2 |  |  | 546.8 |  |  | 5.51 | %
5.25% senior notes due 2023 | 600.0 |  |  | 0.5 |  |  | 599.5 |  |  | 5.25 | %
5.75% senior notes due 2025 | 650.0 |  |  | 5.4 |  |  | 644.6 |  |  | 5.75 | %
7.125% senior notes due 2030 | 725.0 |  |  | 10.6 |  |  | 714.4 |  |  | 7.125 | %
Other Debt | 9.8 |  |  | — |  |  | 9.8 |  |  |
Total Debt | 3,166.4 |  |  | 49.6 |  |  | 3,116.8 |  |  |
Less short-term and current portion of long-term debt | 614.4 |  |  | 0.5 |  |  | 613.9 |  |  |
Total long-term debt, net of current portion | $ | 2,552.0 |  |  | $ | 49.1 |  |  | $ | 2,502.9 |  |  |
As of December 31, 2021 (in millions) | Principal Amount |  | Unamortized discount and debt issuance cost |  | Net Debt |  | Weighted average interest rate
Senior secured revolving credit facility due 2026 | $ | — |  |  | $ | — |  |  | $ | — |  |  | — | %
Senior secured term loan due 2026 | 611.5 |  |  | 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 Debt | 11.8 |  |  | — |  |  | 11.8 |  |  |
Total Debt | 1,873.3 |  |  | 14.4 |  |  | 1,858.9 |  |  |
Less short-term and current portion of long-term debt | 8.6 |  |  | — |  |  | 8.6 |  |  |
Total long-term debt, net of current portion | $ | 1,864.7 |  |  | $ | 14.4 |  |  | $ | 1,850.3 |  |  |
On August 10, 2022, the Company entered into an indenture with U.S. Bank Trust Company, National Association, as trustee, relating to the issuance by the Company of $725 million aggregate principal amount of 7.125% Senior Notes due 2030 (the 2030 Notes). The 2030 Notes were sold on August 10, 2022 in a private offering. The 2030 Notes bear interest at a rate of 7.125% per annum. Interest on the 2030 Notes is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on February 1, 2023. The 2030 Notes will mature on August 1, 2030. The 2030 Notes are senior unsecured obligations of the Company. On August 29, 2022, the Company entered into the Amendment Agreement No. 7 (the Term Loan Amendment) relating to the Credit Agreement, dated as of November 12, 2015, by and among Avient, Citibank, N.A., as administrative agent, and the lenders party thereto, with Citibank, N.A., as administrative agent, and the other agents and lenders named therein. Pursuant to the Term Loan Amendment, Avient, among other things, incurred a new tranche of Senior Secured Term Loan due 2029 (the 2029 Term Loan) in an aggregate principal amount equal to $575 million. The 2029 Term Loan was fully drawn on August 29, 2022. The interest rates per annum applicable to both the 2029 Term Loan and the existing term loan under the Credit Agreement will be either (i) Adjusted Term SOFR (as defined in the Term Loan Amendment) plus 3.25% or (ii) a Base Rate (as defined in the Term Loan Amendment) plus 2.25%. The other terms and conditions that apply to the 2029 Term Loan are substantially the same as the terms and conditions that applied to the existing term loan under the Credit Agreement immediately prior to the Term Loan Amendment. The Company used the net proceeds from the issuance of the 2030 Notes and the borrowings under the 2029 Term Loan to finance a portion of the consideration for the APM Acquisition. As of September 30, 2022, we had no borrowings outstanding under our senior secured revolving credit, which had remaining availability of $485.1 million. The agreements governing our senior secured revolving credit facility, our senior secured term loans, 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 September 30, 2022, we were in compliance with all covenants. The estimated fair value of Avient’s debt instruments at September 30, 2022 and December 31, 2021 was $3,032.1 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.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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