Orion SA

Note D. Debt and Other Obligations

Debt and other obligations are as follows:

a. Revolving credit facility

As of September 30, 2024, total capacity under our senior secured revolving credit facility (the “RCF”) and Ancillary facilities is €300 million ($335.9 million). As of September 30, 2024 and December 31, 2023, availability under the RCF and Ancillary facilities is $116.6 million and $221.6 million, respectively.

As of September 30, 2024, borrowings under the RCF were $28.0 million. There wereno borrowings under the RCF as of December 31, 2023. We classify amounts outstanding under the RCF as current in our Condensed Consolidated Balance Sheets as the borrowings are for short-term working capital needs, typically for one-month periods, and based on management’s intention to repay the amounts outstanding within one year from the date of drawing.

b. Other Short-Term Debt and Obligations

Repurchase Agreement—On August 23, 2024, we entered into a repurchase agreement to sell European Emission Allowance (“EUA”) certificates. Under the agreement, we sold 500 thousand EUA certificates for €35.1 million cash to a counterparty. The same counterparty has an obligation to resell, and we have the obligation to purchase, the same or substantially the same EUA certificates on June 25, 2025 for €36.5 million. The difference between the consideration received and the amount of consideration to be paid will be recognized as interest expense. At September 30, 2024, the amount outstanding, including accrued interest, was $39.3 million. Due to the short maturity, the carrying value approximates the fair value.

As of September 30, 2024, we are in compliance with our debt covenants.

For additional information relating to our debt, see “Note J. Debt and Other Obligations”, included in our Annual Report in Form 10-K for the year ended December 31, 2023.