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FINANCING ARRANGEMENTS
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS
Note 7 — FINANCING ARRANGEMENTS
Debt consists of the following instruments:
As of June 30, 2024 (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 2029724.3 17.3 707.0 7.34 %
5.75% senior notes due 2025
650.0 1.8 648.2 5.75 %
7.125% senior notes due 2030
725.0 8.1 716.9 7.125 %
Other Debt6.4 — 6.4 
Total Debt2,105.7 27.2 2,078.5 
Less short-term and current portion of long-term debt659.5 1.8 657.7 
Total long-term debt, net of current portion$1,446.2 $25.4 $1,420.8 
As of December 31, 2023 (in millions)Principal AmountUnamortized discount and debt issuance costNet DebtWeighted average interest rate
Senior secured revolving credit facility due 2026$— $— $— — %
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 

On April 9, 2024, the Company refinanced its senior secured term loan by amending the credit agreement governing such term loan (the "Term Loan Amendment"). The amendment reduced the interest rates per annum by 50 basis points, which now are either (i) Adjusted Term SOFR (as defined in the Term Loan Amendment) plus 2.00%, or (ii) a Base Rate (as defined in the Term Loan Amendment) plus 1.00%. The maturity date and other terms and conditions are substantially the same as the terms and conditions under the credit agreement immediately prior to the Term Loan Amendment.
As of June 30, 2024, we had no borrowings outstanding under our senior secured revolving credit facility due 2026 (the Revolving Credit Facility), which had remaining availability of $244.9 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 June 30, 2024, we were in compliance with all covenants.
The estimated fair value of Avient’s debt instruments at June 30, 2024 and December 31, 2023 was $2,091.9 million and $2,113.7 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.