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:

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.