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v3.25.2

DEBT | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
DEBT | NOTE 10. DEBT Long-term loans, notes and other financing obligations, consisted of the following:
| June 30, 2025 |  | December 31, 2024 |  | June 30, 2024
Financing Obligations | ($ in millions)
Fixed-rate Financing |  |  |  |  |
9.50% senior notes, due 2025 (2025 Notes) | $ | — |  |  | $ | 108.6 |  |  | $ | 108.6 |
5.125% senior notes, due 2027 (2027 Notes) | — |  |  | 500.0 |  |  | 500.0 |
5.625% senior notes, due 2029 | 669.3 |  |  | 669.3 |  |  | 669.3 |
5.00% senior notes, due 2030 | 515.3 |  |  | 515.3 |  |  | 515.3 |
6.625% senior notes, due 2033 (2033 Notes) | 600.0 |  |  | — |  |  | — |
Variable-rate Financing |  |  |  |  |
Term Loan Facilities | 645.9 |  |  | 332.5 |  |  | 336.9 |
Revolving Credit Facilities | 35.0 |  |  | 170.0 |  |  | 411.0 |
Receivables Financing Agreements | 465.0 |  |  | 475.0 |  |  | 298.8 |
Recovery zone bonds | 83.0 |  |  | 83.0 |  |  | 83.0 |
Industrial development and environmental improvement obligations | 2.9 |  |  | 2.9 |  |  | 2.9 |
Other |  |  |  |  |
Deferred debt issuance costs | (19.7) |  |  | (14.3) |  |  | (14.8) |
Unamortized bond original issue discount | — |  |  | (0.1) |  | (0.1)
Total debt | 2,996.7 |  |  | 2,842.2 |  |  | 2,910.9 |
Amounts due within one year | 19.2 |  |  | 129.0 |  |  | 121.8 |
Total long-term debt | $ | 2,977.5 |  |  | $ | 2,713.2 |  |  | $ | 2,789.1 |
Senior Notes and Senior Credit Facilities On March 14, 2025, Olin issued $600.0 million aggregate principal amount of 6.625% senior notes due April 1, 2033 (2033 Notes), in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended. Interest on the 2033 Notes began accruing from March 14, 2025 and is paid semi-annually beginning on October 1, 2025, and every six months thereafter. On March 14, 2025, Olin entered into a $1,850.0 million senior credit facility (2025 Senior Credit Facility), which increased the borrowing limit of our then-existing $1,550.0 million senior credit facility (2022 Senior Credit Facility) by $300.0 million and extended the maturity date from October 11, 2027 to March 14, 2030. The 2025 Senior Credit Facility includes a term loan facility with aggregate commitments of $650.0 million (2025 Term Loan Facility) and a revolving credit facility with aggregate commitments of $1,200.0 million (2025 Revolving Credit Facility). The 2025 Term Loan Facility replaced Olin’s then-existing $350.0 million term loan facility (2022 Term Loan Facility, and collectively with the new 2025 Term Loan Facility, the Term Loan Facilities). The 2025 Term Loan Facility requires principal amortization payments beginning on June 30, 2025 at a rate of 0.625% per quarter through March 31, 2027, increasing to 1.250% per quarter thereafter, until maturity, and was fully drawn on the closing date. The 2025 Revolving Credit Facility replaced Olin’s then-existing $1,200.0 million revolving credit facility (2022 Revolving Credit Facility, and collectively with the new 2025 Revolving Credit Facility, the Revolving Credit Facilities). The 2025 Revolving Credit Facility includes a $100.0 million letter of credit subfacility. At June 30, 2025, we had $1,164.6 million available under our 2025 Revolving Credit Facility because we had $35.0 million borrowed under the facility and issued $0.4 million of letters of credit. Proceeds from the 2033 Notes, together with borrowings under the 2025 Senior Credit Facility, were used to redeem the $108.6 million 2025 Notes, redeem the $500.0 million 2027 Notes, refinance the then-existing 2022 Senior Credit Facility, comprised of $505.0 million of borrowings under the 2022 Revolving Credit Facility and $332.5 million of borrowings under the 2022 Term Loan Facility, and pay related fees and expenses. We were in compliance with all covenants and restrictions under all our outstanding debt agreements as of June 30, 2025, and no event of default had occurred under any of our outstanding debt agreements that would permit the acceleration of the debt if not cured. In the future, our ability to generate sufficient operating cash flows, among other factors, will determine the amounts available to be borrowed under these facilities. As a result of our restrictive covenant related to the net leverage ratio, the maximum additional borrowings available to us could be limited in the future. The limitation, if an amendment or waiver from our lenders is not obtained, could restrict our ability to borrow the maximum amounts available under the 2025 Senior Credit Facility and the 2024 Receivables Financing Agreement (defined below). As of June 30, 2025, there were no covenants or other restrictions that limited our ability to borrow. Receivables Financing Agreements On November 20, 2024, we entered into a $500.0 million receivables financing agreement (2024 Receivables Financing Agreement), which increased the borrowing limit of our then-existing $425.0 million receivables financing agreement (2022 Receivables Financing Agreement) by $75.0 million and extended the maturity date from October 14, 2025 to November 19, 2027 (collectively, the Receivables Financing Agreements). Under the Receivables Financing Agreements, our eligible trade receivables are used for collateralized borrowings and continue to be serviced by us. In addition, the Receivables Financing Agreements incorporate the net leverage ratio covenant that is contained in the 2025 Senior Credit Facility. As of June 30, 2025, December 31, 2024 and June 30, 2024, we had $465.0 million, $475.0 million and $298.8 million, respectively, drawn under the Receivables Financing Agreements. As of June 30, 2025, $609.3 million of our trade receivables were pledged as collateral and we had $35.0 million of additional borrowing capacity under the 2024 Receivables Financing Agreement. As part of the 2024 Receivables Financing Agreement, we terminated our then-existing trade accounts receivable factoring arrangements (AR Facilities), under which certain of our domestic and international subsidiaries could sell their accounts receivable. These receivables had qualified for sales treatment under ASC 860 “Transfers and Servicing” and, accordingly, the proceeds were included in net cash provided by operating activities in the consolidated statements of cash flows. Financing Cash Flows During the six months ended June 30, 2025 and 2024, activity of our outstanding debt included:
|  | Six Months Ended June 30,
|  | 2025 |  | 2024
Long-term Debt Borrowings (Repayments) |  | ($ in millions)
Borrowings |  |  |  |
Term Loan Facilities |  | $ | 650.0 |  |  | $ | — |
Revolving Credit Facilities |  | 510.0 |  |  | 465.0 |
Receivables Financing Agreements |  | 570.0 |  |  | 46.5 |
2033 Notes |  | 600.0 |  |  | — |
Total borrowings |  | 2,330.0 |  |  | 511.5 |
Repayments |  |  |  |
Go zone bonds, due 2024 |  | — |  |  | (50.0) |
Recovery zone bonds, due 2024 |  | — |  |  | (20.0) |
Term Loan Facilities |  | (336.6) |  |  | (4.4) |
Revolving Credit Facilities |  | (645.0) |  |  | (122.0) |
Receivables Financing Agreements |  | (580.0) |  |  | (76.2) |
2025 Notes |  | (108.6) |  |  | — |
2027 Notes |  | (500.0) |  |  | — |
Total repayments |  | (2,170.2) |  |  | (272.6) |
Long-term debt borrowings, net |  | $ | 159.8 |  |  | $ | 238.9 |
Other Financing Interest expense for the six months ended June 30, 2025 included $3.3 million for the write-off of unamortized deferred debt issuance costs and costs associated with our first quarter financing transactions, including the 2025 Senior Credit Facility, early redemption of the 2025 Notes and the 2027 Notes, and issuance of the 2033 Notes. For the six months ended June 30, 2025, we paid debt issuance costs of $12.0 million associated with the 2033 Notes and the 2025 Senior Credit Facility.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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