CLEVELAND, Aug. 17,
2023 /PRNewswire/ -- Avient Corporation (NYSE: 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.
About Avient
Avient Corporation (NYSE: AVNT) provides specialized and
sustainable material solutions that transform customer challenges
into opportunities, bringing new products to life for a better
world. Examples include:
- Dyneema®, the world's strongest fiber™, enables
unmatched levels of performance and protection for end-use
applications, including ballistic personal protection, marine and
sustainable infrastructure and outdoor sports
- Unique technologies that improve the recyclability of products
and enable recycled content to be incorporated, thus advancing a
more circular economy
- Light-weighting solutions that replace heavier traditional
materials like metal, glass and wood, which can improve fuel
efficiency in all modes of transportation and reduce carbon
footprint
- Sustainable infrastructure solutions that increase energy
efficiency, renewable energy, natural resource conservation and
fiber optic / 5G network accessibility
Avient is certified ACC Responsible Care®, a founding member of
the Alliance to End Plastic Waste and certified Great Place to
Work®. For more information, visit https://www.avient.com.
Forward-looking Statements
In this press release, statements that are not reported
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 give current expectations or forecasts of future events
and are not guarantees of future performance. They are based on
management's expectations that involve a number of business risks
and uncertainties, any of which could cause actual results to
differ materially from those expressed in or implied by the
forward-looking statements. They use words such as "will,"
"anticipate," "estimate," "expect," "project," "intend," "plan,"
"believe," and other words and terms of similar meaning in
connection with any discussion of future operating or financial
condition, 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:
disruptions, uncertainty or volatility in the credit markets that
could adversely impact the availability of credit already arranged
and the availability and cost of credit in the future; the effect
on foreign operations of currency fluctuations, tariffs and other
political, economic and regulatory risks; changes in laws and
regulations regarding plastics in jurisdictions where we conduct
business; fluctuations in raw material prices, quality and supply,
and in energy prices and supply; production outages or material
costs associated with scheduled or unscheduled maintenance
programs; unanticipated developments that could occur with respect
to contingencies such as litigation and environmental matters; our
ability to achieve strategic objectives and successfully integrate
acquisitions, including Avient Protective Materials; an inability
to raise or sustain prices for products or services; our ability to
pay regular quarterly cash dividends and the amounts and timing of
any future dividends; information systems failures and
cyberattacks; amounts for cash and non-cash charges related to
restructuring plans that may differ from original estimates,
including because of timing changes associated with the underlying
actions; and other factors affecting our business beyond our
control, including without limitation, changes in the general
economy, changes in interest rates, changes in the rate of
inflation and any recessionary conditions. The above list of
factors is not exhaustive.
Any forward-looking statement speaks only as of the date on
which such statement is made, and we undertake no obligation to
publicly update forward-looking statements, whether as a result of
new information, future events or otherwise. You are advised to
consult any further disclosures we make on related subjects in our
reports on Form 10-Q, 8-K and 10-K that we provide to the
Securities and Exchange Commission.
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SOURCE Avient Corporation