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FINANCING ARRANGEMENTS
 9 Months Ended
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 AmountUnamortized discount and debt issuance costNet DebtWeighted average interest rate
Senior secured revolving credit facility due 2026$— $— $— — %
Senior secured term loan due 2026606.6 4.9 601.7 2.95 %
Senior secured term loan due 2029575.0 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 Debt9.8 — 9.8 
Total Debt3,166.4 49.6 3,116.8 
Less short-term and current portion of long-term debt614.4 0.5 613.9 
Total long-term debt, net of current portion$2,552.0 $49.1 $2,502.9 
As of December 31, 2021 (in millions)Principal AmountUnamortized discount and debt issuance costNet DebtWeighted average interest rate
Senior secured revolving credit facility due 2026$— $— $— — %
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 

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.