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FINANCING ARRANGEMENTS
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS
Note 9 — FINANCING ARRANGEMENTS
Debt consists of the following instruments:
As of September 30, 2023 (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 2029729.8 19.7 710.1 7.87 %
5.75% senior notes due 2025
650.0 3.4 646.6 5.75 %
7.125% senior notes due 2030
725.0 9.1 715.9 7.125 %
Other Debt7.7 — 7.7 
Total Debt2,112.5 32.2 2,080.3 
Less short-term and current portion of long-term debt9.5 — 9.5 
Total long-term debt, net of current portion$2,103.0 $32.2 $2,070.8 
As of December 31, 2022 (in millions)Principal AmountUnamortized discount and debt issuance costNet DebtWeighted average interest rate
Senior secured revolving credit facility due 2026$— $— $— — %
Senior secured term loan due 2026426.9 3.3 423.6 3.81 %
Senior secured term loan due 2029404.7 19.2 385.5 6.53 %
5.75% senior notes due 2025
650.0 4.8 645.2 5.75 %
7.125% senior notes due 2030
725.0 10.1 714.9 7.125 %
Other Debt9.7 — 9.7 
Total Debt2,216.3 37.4 2,178.9 
Less short-term and current portion of long-term debt2.2 — 2.2 
Total long-term debt, net of current portion$2,214.1 $37.4 $2,176.7 

On August 16, 2023, the Company refinanced its senior secured term loans by amending its Credit Agreement (the "Term Loan Amendment"). Pursuant to the Term Loan Amendment, Avient incurred a new tranche of Senior Secured Term Loan due 2029 in an aggregate principal amount of $731.6 million. The proceeds, together with $102.3 million of cash on hand, were used to settle all of the outstanding principal of previous tranches of senior secured term loans. The amendment aligned the maturity date for all of the Company’s term loan debt to August 29, 2029. The amendment also aligned and reduced the interest rates per annum, which now are either (i) Adjusted Term SOFR (as defined in the Term Loan Amendment) plus 2.50%, or (ii) a Base Rate (as defined in the Term Loan Amendment) plus 1.50%. We recognized $1.9 million related to the write-off of unamortized issuance costs and discounts within Interest expense, net for the three and nine months ended September 30, 2023 as a result of the amendment.
As of September 30, 2023, we had no borrowings outstanding under our senior secured revolving credit facility due 2026 (the Revolving Credit Facility), which had remaining availability of $198.2 million.
The agreements governing our 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: sell or otherwise transfer assets, including in a spin-off, 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, 2023, we were in compliance with all covenants.
The estimated fair value of Avient’s debt instruments at September 30, 2023 and December 31, 2022 was $2,059.7 million and $2,153.1 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.