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Long-term debt | 9 Months Ended
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Sep. 30, 2025
Long-term debt |
Long-term debt | ​ ​ ​ ​ ​ ​ ​ ​ ​ Note 7 – Long-term debt: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | September 30,
​ |  | 2024 |  | 2025
​ | ​ | (In millions)
Valhi: |  | ​ |  |  | ​ |
Contran credit facility | ​ | $ | 44.6 | ​ | $ | 25.0
Subsidiary debt: | ​ |  |  | ​ |  |
Kronos: | ​ |  |  | ​ |  |
Kronos International, Inc. 9.50% Senior Secured Notes due 2029 | ​ | ​ | 365.4 | ​ | ​ | 502.3
Kronos International, Inc. 3.75% Senior Secured Notes due 2025 | ​ |  | 78.3 | ​ |  | —
Subordinated, Unsecured Term Loan from Contran | ​ | ​ | 53.7 | ​ | ​ | 53.7
Revolving credit facility | ​ | ​ | 10.0 | ​ | ​ | 70.2
LandWell: | ​ |  |  | ​ |  |
Note payable to Western Alliance Business Trust | ​ |  | 11.4 | ​ |  | 11.1
Total subsidiary debt | ​ |  | 518.8 | ​ |  | 637.3
Total debt | ​ |  | 563.4 | ​ |  | 662.3
Less current maturities | ​ |  | 79.0 | ​ |  | .8
Total long-term debt | ​ | $ | 484.4 | ​ | $ | 661.5
​ Valhi – Contran credit facility – During the first nine months of 2025, we had no borrowings and repaid $19.6 million under this facility. The average interest rate on the credit facility for the nine months ended September 30, 2025 was 8.5%. At September 30, 2025, the interest rate was 8.3%, and $125.0 million was available for borrowing under this facility. Kronos – 9.50% Senior Secured Notes due 2029 – On September 15, 2025, Kronos International, Inc. (“KII”) issued an additional €75 million principal amount of 9.50% Senior Secured Notes due 2029 (the “Additional Notes”), the proceeds of which were used to refinance the 3.75% Senior Secured Notes (€75 million aggregate principal amount) that matured in September 2025. The Additional Notes were issued as additional notes to the existing €351.174 million aggregate principal amount of 9.50% Senior Secured Notes due 2029 issued on February 12, 2024 and July 30, 2024 (the “Existing Notes”). The Additional Notes were issued at a premium of 105.0% of their principal amount, resulting in net proceeds of approximately $90 million after fees and estimated expenses. In connection with the Additional Notes offering, Kronos incurred approximately $1.7 million of debt issuance costs. The Additional Notes are fungible with the Existing Notes, are treated as a single series and have the same terms as the Existing Notes, other than their date of issuance and issue price. ​ At September 30, 2025, the carrying value of the 9.50% Senior Secured Notes due 2029 (€426.174 million aggregate principal amount outstanding) is $502.3 million and is stated net of $9.3 million of unamortized premium and $7.4 million of unamortized debt issuance costs. In the first quarter of 2024 Kronos recognized a non-cash pre-tax interest charge of $1.5 million included in interest expense related to the write-off of deferred financing costs. 3.75% Senior Secured Notes due 2025 – The 3.75% Senior Secured Notes due 2025 (€75 million aggregate principal amount) were repaid in September 2025 with proceeds from the Additional Notes offering, as described above. Revolving credit facility (the “Global Revolver”) – Effective July 17, 2025, Kronos completed an amendment to its Global Revolver (the “Fourth Amendment”). Among other things, the Fourth Amendment increased the maximum borrowing amount from $300 million to $350 million and increased the Belgian and German sub-limits from €30 million and €60 million to €55 million and €85 million, respectively, allowing greater access to Euro denominated borrowings. The maturity date of the Global Revolver remains July 2029. During the first nine months of 2025, Kronos borrowed $492.8 million and repaid $432.6 million under this facility. The average interest rate on outstanding borrowings under this facility for the nine months ended September 30, 2025 was 6.4%. At September 30, 2025, $70.2 million was outstanding under the Global Revolver and the average interest rate was 5.7%. At September 30, 2025, Kronos had total availability for borrowing of approximately $342 million less any amounts outstanding under this facility. Other – We are in compliance with all of our debt covenants at September 30, 2025.

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