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Long-Term debt | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Long-Term Debt | Note 8 – Long-term debt: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2021 |  | 2022
​ | ​ | (In millions)
Kronos International, Inc. 3.75% Senior Notes | ​ | $ | 448.8 | ​ | $ | 424.1
Other | ​ |  | 2.4 | ​ |  | 1.1
Total debt | ​ |  | 451.2 | ​ |  | 425.2
Less current maturities | ​ |  | 1.4 | ​ |  | 1.1
Total long-term debt | ​ | $ | 449.8 | ​ | $ | 424.1
​ Senior Secured Notes – On September 13, 2017, Kronos International, Inc. (KII), our wholly-owned subsidiary, issued €400 million aggregate principal amount of its 3.75% Senior Secured Notes due September 15, 2025 (Senior Notes), at par value ($477.6 million when issued). The Senior Notes:
| ● | bear interest at 3.75% per annum, payable semi-annually on March 15 and September 15 of each year, payments began on March 15, 2018;
| ● | have a maturity date of September 15, 2025. We may redeem the Senior Notes at 100.938% of the principal amount, declining to 100% on or after September 15, 2023. If we experience certain specified change of control events, we would be required to make an offer to purchase the Senior Notes at 101% of the principal amount. We would also be required to make an offer to purchase a specified portion of the Senior Notes at par value in the event that we generate a certain amount of net proceeds from the sale of assets outside the ordinary course of business, and such net proceeds are not otherwise used for specified purposes within a specified time period;
| ● | are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by Kronos Worldwide, Inc. and each of our direct and indirect domestic, wholly-owned subsidiaries;
| ● | are collateralized by a first priority lien on (i) 100% of the common stock or other ownership interests of each existing and future direct domestic subsidiary of KII and the guarantors, and (ii) 65% of the voting common stock or other ownership interests and 100% of the non-voting common stock or other ownership interests of each non-U.S. subsidiary that is directly owned by KII or any guarantor;
| ● | contain a number of covenants and restrictions which, among other things, restrict our ability to incur or guarantee additional debt, incur liens, pay dividends or make other restricted payments, or merge or consolidate with, or sell or transfer substantially all of our assets to, another entity, and contain other provisions and restrictive covenants customary in lending transactions of this type (however, there are no ongoing financial maintenance covenants); and
| ● | contain customary default provisions, including a default under any of our other indebtedness in excess of $50.0 million.
The carrying value of the Senior Notes at December 31, 2022 is stated net of unamortized debt issuance costs of $2.4 million (December 31, 2021 - $3.5 million). Revolving credit facility – On April 20, 2021, we entered into a $225 million global revolving credit facility (Global Revolver) which matures in April 2026. Borrowings under the Global Revolver are available for our general corporate purposes. Available borrowings are based on formula-determined amounts of eligible trade receivables and inventories, as defined in the agreement, less any outstanding letters of credit issued under the Global Revolver. Borrowings by our Canadian, Belgian and German subsidiaries are limited to $25 million, €30 million and €60 million, respectively. Any amounts outstanding under the Global Revolver bear interest, at our option, at the applicable non-base rate (LIBOR, CDOR or EURIBOR, dependent on the currency of the borrowing) plus a margin ranging from 1.5% to 2.0%, or at the applicable base rate, as defined in the agreement, plus a margin ranging from .5% to 2.0%. The Global Revolver is collateralized by, among other things, a first priority lien on the borrowers’ trade receivables and inventories. The facility contains a number of covenants and restrictions customary in lending transactions of this type which, among other things, restrict the borrowers’ ability to incur additional debt, incur liens, pay additional dividends or merge or consolidate with, or sell or transfer all or substantially all of their assets to another entity and, under certain conditions, requires the maintenance of a fixed charge coverage ratio, as defined in the agreement, of at least 1.0 to 1.0. During 2022, we had no borrowings or repayments under our Global Revolver and at December 31, 2022, approximately $211 million was available for borrowing under this revolving facility. Aggregate maturities and other – Aggregate maturities of debt at December 31, 2022 are presented in the table below. ​
​ | ​ | ​ | ​
Years ending December 31, |  | Amount
​ | ​ | (In millions)
2023 | ​ | $ | 1.1
2024 | ​ |  | -
2025 | ​ |  | 426.5
2026 | ​ |  | -
2027 | ​ |  | -
2028 and thereafter | ​ |  | -
Gross maturities | ​ |  | 427.6
Less debt issuance costs | ​ |  | 2.4
Total | ​ | $ | 425.2
​ We are in compliance with all of our debt covenants at December 31, 2022.

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