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FINANCING ARRANGEMENTS | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
FINANCING ARRANGEMENTS | Note 5 — FINANCING ARRANGEMENTS For each of the periods presented, total debt consisted of the following:
As of December 31, 2024 (in millions) | Principal Amount |  | Unamortized discount and debt issuance cost |  | Net Debt |  | Weighted average interest rate
Senior secured revolving credit facility due 2026 | $ | — |  |  | $ | — |  |  | $ | — |  |  | — | %
Senior secured term loan due 2029 | 720.7 |  |  | 15.5 |  |  | 705.2 |  |  | 7.30 | %
7.125% senior notes due 2030 | 725.0 |  |  | 7.5 |  |  | 717.5 |  |  | 7.125 | %
6.250% senior notes due 2031 | 650.0 |  |  | 9.2 |  |  | 640.8 |  |  | 6.250 | %
Other Debt | 3.5 |  |  | — |  |  | 3.5 |  |  |
Total Debt | 2,099.2 |  |  | 32.2 |  |  | 2,067.0 |  |  |
Less short-term and current portion of long-term debt | 7.7 |  |  | — |  |  | 7.7 |  |  |
Total long-term debt, net of current portion | $ | 2,091.5 |  |  | $ | 32.2 |  |  | $ | 2,059.3 |  |  |
As of December 31, 2023 (in millions) | Principal Amount |  | Unamortized discount and debt issuance cost |  | Net Debt |  | Weighted average interest rate
Senior secured revolving credit facility due 2026 | $ | — |  |  | $ | — |  |  | $ | — |  |  | — | %
Senior secured term loan due 2029 | 727.9 |  |  | 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 Debt | 7.6 |  |  | — |  |  | 7.6 |  |  |
Total Debt | 2,110.5 |  |  | 30.5 |  |  | 2,080.0 |  |  |
Less short-term and current portion of long-term debt | 9.5 |  |  | — |  |  | 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 Term Loan Amendment reduced the interest rates per annum by 50 basis points, which are now 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 aggregate principal amount of 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 aggregate principal amount 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. 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, 2024, we had no borrowings outstanding under our Revolving Credit Facility, which had remaining availability of $211.4 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 December 31, 2024, we were in compliance with all covenants. The estimated fair value of Avient’s debt instruments at December 31, 2024 and 2023 was $2,083.3 million and $2,113.7 million, respectively, compared to carrying values of $2,067.0 million and $2,080.0 million as of December 31, 2024 and 2023, 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) |  |
2025 |  | $ | 7.7 |
2026 |  | 7.7 |
2027 |  | 7.6 |
2028 |  | 7.7 |
2029 |  | 692.0 |
Thereafter |  | 1,376.5 |
Aggregate maturities |  | $ | 2,099.2 |
Included in Interest expense, net for the years ended December 31, 2024, 2023 and 2022 was interest income of $50.1 million, $49.8 million, and $34.0 million, respectively. Total interest paid on debt, net of the impact of hedging (see Note 15, Derivatives and Hedging), was $85.2 million in 2024, $106.3 million in 2023 and $69.4 million in 2022.

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