Avient Corporation Announces Debt Paydown and Term Loan Refinancing By Investing.com

Avient Corporation (AVNT), a leading provider of specialized and sustainable solutions, today announced that it has successfully completed the repricing and extension of its senior secured term loan facility. The amendment to the term loan agreement, which among other things, reduced the interest rate on all outstanding term loans and extended the maturity date for all outstanding tranches to 2029. Concurrently, the company prepaid $100 million of the existing term loans, bringing the outstanding principal to $732 million.

Under the amendment, the term loan bears interest at the sum of Adjusted Term SOFR plus 2.50% or the sum of the Base Rate plus 1.50%. The net impact to interest expense from the lower interest rate and the $100 million pay down is approximately $10 million annually.