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FINANCING ARRANGEMENTS
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS
Note 7 — FINANCING ARRANGEMENTS
Debt consists of the following instruments:
As of September 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 2029722.5 16.4 706.1 7.31 %
7.125% senior notes due 2030
725.0 7.8 717.2 7.125 %
6.250% senior notes due 2031
650.0 9.5 640.5 6.25 %
Other Debt3.9 — 3.9 
Total Debt2,101.4 33.7 2,067.7 
Less short-term and current portion of long-term debt7.8 — 7.8 
Total long-term debt, net of current portion$2,093.6 $33.7 $2,059.9 
As of December 31, 2023 (in millions)Principal AmountUnamortized discount and debt issuance costNet DebtWeighted average interest rate
Senior secured revolving credit facility due 2026$— $— $— — %
Senior secured term loan due 2029727.9 18.9 709.0 7.88 %
5.750% 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.
On September 19, 2024, the Company completed the issuance of $650.0 million in 6.250% Senior Notes which will mature on November 1, 2031 (the "2031 Notes"). The Company received proceeds of $641.9 million, net of financing costs, related to the issuance. Interest on the 2031 Notes is payable semi-annually in arrears on May 1 and November 1 of each year, commencing on May 1, 2025. The 2031 Notes were sold in a private offering and are senior unsecured obligations of the Company.
Proceeds from the 2031 Notes and cash on hand were used to fully redeem the $650.0 million outstanding of the Company's 5.750% Senior Notes due May 15, 2025. The notes were redeemed at a redemption price equal to 100.0% of the principal amount. Included within Interest expense, net on the Condensed Consolidated Statements of Income is a charge of $1.4 million related to the write-off of unamortized issuances costs and discounts for the three and nine months ended September 30, 2024.
As of September 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 $233.4 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 September 30, 2024, we were in compliance with all covenants.
The estimated fair value of Avient’s debt instruments at September 30, 2024 and December 31, 2023 was $2,119.6 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.