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FINANCING ARRANGEMENTS
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS
Note 7 — FINANCING ARRANGEMENTS
Debt consists of the following instruments:
As of June 30, 2025 (in millions)Principal AmountUnamortized discount and debt issuance costNet DebtWeighted average interest rate
Senior secured revolving credit facility due 2030$— $— $— — %
Senior secured term loan due 2029670.7 13.2 657.5 5.97 %
7.125% senior notes due 2030
725.0 6.8 718.2 7.125 %
6.250% senior notes due 2031
650.0 8.6 641.4 6.250 %
Other Debt3.4 — 3.4 
Total Debt2,049.1 28.6 2,020.5 
Less short-term and current portion of long-term debt0.5 — 0.5 
Total long-term debt, net of current portion$2,048.6 $28.6 $2,020.0 
As of December 31, 2024 (in millions)Principal AmountUnamortized discount and debt issuance costNet DebtWeighted average interest rate
Senior secured revolving credit facility due 2026$— $— $— — %
Senior secured term loan due 2029720.7 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 Debt3.5 — 3.5 
Total Debt2,099.2 32.2 2,067.0 
Less short-term and current portion of long-term debt7.7 — 7.7 
Total long-term debt, net of current portion$2,091.5 $32.2 $2,059.3 

On March 12, 2025, 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 rate per annum by 25 basis points, which now is either (i) Adjusted Term SOFR (as defined in the Term Loan Amendment) plus 1.75%, or (ii) a Base Rate (as defined in the Term Loan Amendment) plus 0.75%. 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.
In the second quarter of 2025, the Company made a voluntary prepayment of $50.0 million on its senior secured term loan, which was applied to the principal installments in direct order of maturity. This prepayment was made without penalty or premium.
On June 12, 2025, the Company entered into a revolving credit agreement (the Revolving Credit Agreement) with various financial institutions as lenders, and JPMorgan Chase Bank, N.A., as administrative agent, which replaced our previous credit agreement. The Revolving Credit Agreement provides for a senior secured revolving credit facility of up to $500.0 million, which may be increased by up to $250.0 million, subject to certain conditions. Loans under the Revolving Credit Agreement will mature on June 12, 2030. The Revolving Credit Agreement contains representations and warranties, affirmative covenants, negative covenants and events of default that are substantially similar to those contained in the Company's existing term loan credit agreement.
As of June 30, 2025, we had no borrowings outstanding under the senior secured revolving credit facility.
The agreements governing our senior secured revolving credit facility and our senior secured term loan, and the indentures and credit agreements governing our 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, 2025, we were in compliance with all covenants.
The estimated fair value of Avient’s debt instruments at June 30, 2025 and December 31, 2024 was $2,053.8 million and $2,083.3 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.