AVIENT CORPAVNT
AVIENT CORP Debt Disclosure
Note 4 — FINANCING ARRANGEMENTS
For each of the periods presented, total debt consisted of the following:
| As of December 31, 2025 (in millions) | Principal Amount | Unamortized discount and debt issuance cost | Net Debt | Weighted average interest rate | |||||||||||||||||||
| Senior secured revolving credit facility due 2030 | $ | — | $ | — | $ | — | — | % | |||||||||||||||
| Senior secured term loan due 2029 | 570.7 | 11.7 | 559.0 | 6.01 | % | ||||||||||||||||||
7.125% senior notes due 2030 | 725.0 | 6.2 | 718.8 | 7.125 | % | ||||||||||||||||||
6.250% senior notes due 2031 | 650.0 | 7.9 | 642.1 | 6.250 | % | ||||||||||||||||||
| Other Debt | 3.2 | — | 3.2 | ||||||||||||||||||||
| Total Debt | 1,948.9 | 25.8 | 1,923.1 | ||||||||||||||||||||
| Less short-term and current portion of long-term debt | 0.5 | — | 0.5 | ||||||||||||||||||||
| Total long-term debt, net of current portion | $ | 1,948.4 | $ | 25.8 | $ | 1,922.6 | |||||||||||||||||
| As of December 31, 2024 (in millions) | Principal Amount | Unamortized discount and debt issuance cost | Net Debt | Weighted average interest rate | |||||||||||||||||||
| Senior secured revolving credit facility due 2026 | $ | — | $ | — | $ | — | — | % | |||||||||||||||
| Senior secured term loan due 2029 | 720.7 | 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 Debt | 3.5 | — | 3.5 | ||||||||||||||||||||
| Total Debt | 2,099.2 | 32.2 | 2,067.0 | ||||||||||||||||||||
| Less short-term and current portion of long-term debt | 7.7 | — | 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.
During 2025, the Company made voluntary prepayments of $150.0 million on its senior secured term loan, which were applied to the principal installments in direct order of maturity. These prepayments were 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 set to mature in 2026. 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 December 31, 2025 and 2024, we had no borrowings outstanding under our Revolving Credit Facility. As of December 31, 2025, remaining availability under our Revolving Credit Facility was $490.3 million.
The agreements governing our Revolving Credit Facility and our senior secured term loan, and the indentures and credit agreements governing 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 December 31, 2025, we were in compliance with all covenants.
The estimated fair value of Avient’s debt instruments at December 31, 2025 and 2024 was $1,967.1 million and $2,083.3 million, respectively, compared to carrying values of $1,923.1 million and $2,067.0 million as of December 31, 2025 and 2024, 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.
Aggregate maturities of the principal amount of debt for the next five years and thereafter are as follows:
| (In millions) | ||||||||
| 2026 | $ | 0.5 | ||||||
| 2027 | 0.4 | |||||||
| 2028 | 0.4 | |||||||
| 2029 | 571.1 | |||||||
| 2030 | 725.5 | |||||||
| Thereafter | 651.0 | |||||||
| Aggregate maturities | $ | 1,948.9 | ||||||
Included in Interest expense, net for the years ended December 31, 2025, 2024 and 2023 was interest income of $46.3 million, $50.1 million, and $49.8 million, respectively. Interest income includes the impact of cross-currency swaps, as described in Note 14, Derivatives and Hedging. Total interest paid on debt, net of the impact of hedging, was $97.6 million in 2025, $85.2 million in 2024 and $106.3 million in 2023.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2017 | Feb 15, 2018 | |
| 2016 | Feb 16, 2017 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.