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FINANCING ARRANGEMENTS
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS
Note 6 — FINANCING ARRANGEMENTS
For each of the periods presented, total debt consisted of the following:
As of December 31, 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 2029727.9 18.9 709.0 7.88 %
5.75% senior notes due 2025
650.0 2.8 647.2 5.75 %
7.125% senior notes due 2030
725.0 8.8 716.2 7.125 %
Other Debt7.6 — 7.6 
Total Debt2,110.5 30.5 2,080.0 
Less short-term and current portion of long-term debt9.5 — 9.5 
Total long-term debt, net of current portion$2,101.0 $30.5 $2,070.5 
As of December 31, 2022 (in millions)Principal AmountUnamortized discount and debt issuance costNet DebtWeighted average interest rate
Senior secured revolving credit facility due 2026$— $— $— — %
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 year ended December 31, 2023 as a result of the amendment.
The Company maintains a senior secured revolving credit facility (the Revolving Credit Facility), which matures on October 26, 2026 and provides a maximum borrowing facility size of $500.0 million, subject to a borrowing base with advances against certain U.S. and international accounts receivable, inventory and other assets as specified in the agreement. As of December 31, 2023, we had no borrowings outstanding under our Revolving Credit Facility, which had remaining availability of $199.7 million.
The agreements governing our Revolving Credit Facility and 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 December 31, 2023, we were in compliance with all covenants.
The estimated fair value of Avient’s debt instruments at December 31, 2023 and 2022 was $2,113.7 million and $2,153.1 million, respectively, compared to carrying values of $2,080.0 million and $2,178.9 million as of December 31, 2023 and 2022, 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.
Aggregate maturities of the principal amount of debt for the next five years and thereafter are as follows:
(In millions)
2024$9.5 
2025659.6 
20267.8 
20277.7 
20287.7 
Thereafter1,418.2 
Aggregate maturities$2,110.5 
Included in Interest expense, net for the years ended December 31, 2023, 2022 and 2021 was interest income of $49.8 million, $34.0 million, and $17.5 million, respectively. Total interest paid on debt, net of the impact of hedging (see Note 16, Derivatives and Hedging), was $106.3 million in 2023, $69.4 million in 2022 and $72.6 million in 2021.