cleveland, August 17, 2023 /PRNewswire/ — Avient Corporation (NYSE: AVNT), a leading provider of professional and sustainable solutions, today announced the successful completion of the repricing and extension of its Senior Secured Term Loan Scheme. Amendments to the Term Loan Agreement reduced interest rates on all outstanding Term Loans and extended maturity dates for all outstanding tranches through 2029, among other things. At the same time, the company was making advance payments. $100 million Pay off an existing term loan and pay off the outstanding principal $732 million.
Under the proposed amendments, term loans will accrue interest at the sum of Adjusted Period SOFR plus 2.50% or Base Rate plus 1.50%. The net effect on interest expense of lower interest rates and $100 million payment amount is approximately $10 million every year.
About Avient
Avient Corporation (NYSE: AVNT) provides expert and sustainable materials solutions that turn customer challenges into opportunities and enable new products for a better world. Examples include:
- Dyneema®World’s Strongest Fibers™ deliver unparalleled levels of performance and protection in end-use applications such as ballistic protection, marine and sustainable infrastructure, and outdoor sports.
- Proprietary technology that makes products more recyclable, allows them to incorporate recycled content, and drives a more circular economy
- A lightweight solution to replace heavy traditional materials such as metal, glass and wood. Improve fuel efficiency and reduce your carbon footprint in any mode of transportation.
- Sustainable infrastructure solutions that improve energy efficiency, renewable energy, natural resource conservation, and access to fiber optic/5G networks
Avient is ACC Responsible Care® certified, a founding member of the Alliance to End Plastic Waste, and is Great Place to Work® certified. For more information, please visit: https://www.avient.com.
Forward-Looking Statements
Statements in this press release that do not report financial results or other historical information are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations and projections of future events and are not guarantees of future performance. They are based on management’s expectations that are subject to a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. There is a possibility. They use terms such as “expect”, “anticipate”, “estimate”, “expect”, “plan”, “intend”, “plan”, “believe”, etc. in relation to any discussion. words, and other words and terms of similar meaning. Information regarding future business or financial conditions, performance and/or sales. Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: availability of previously arranged credit; Disruption, uncertainty or volatility in credit markets that may adversely affect the quality, availability and cost of future creditworthiness. the impact of currency fluctuations, tariffs and other political, economic and regulatory risks on our international operations; changes in plastic laws and regulations in the jurisdictions in which we operate; Fluctuations in raw material prices, quality and supply, and energy prices and supply. Production stoppages or material costs associated with planned or unplanned maintenance programs. Possible unforeseen developments regarding unforeseen circumstances such as litigation or environmental issues. Ability to meet strategic objectives and successfully integrate acquisitions, including Avient Protective Materials. Inability to increase or maintain the price of a product or service. our ability to pay regular quarterly cash dividends and the amount and timing of future dividends; Information system failure and cyber attack. Amounts of cash and non-cash costs related to restructuring plans that may differ from original estimates, including changes in timing related to underlying actions. Other factors that affect our business, including but not limited to changes in the general economy, changes in interest rates, changes in inflation rates, recessionary conditions, and the like. The above list of factors is not exhaustive.
Forward-looking statements speak only as of the date such statements are made, and we do not publicly disclose forward-looking statements, whether as a result of new information, future events or otherwise. We are under no obligation to update. We encourage you to refer to our reports on Forms 10-Q, 8-K, and 10-K that we provide to the Securities and Exchange Commission for further disclosures we make on relevant subject matter.
Source: Abient Corporation
