Orion S.A.

Note D. Debt and Other Obligations

Debt and other obligations are as follows:

Other Short-Term Debt and Obligations

Revolving credit facility

As of March 31, 2025, total capacity under our senior secured revolving credit facility (the “RCF”) and ancillary facilities is €300 million ($324.5 million). As of March 31, 2025 and December 31, 2024, availability under the RCF and ancillary facilities is $104.8 million and $127.5 million, respectively.

As of March 31, 2025, borrowings under the RCF were $16.2 million. There wereno borrowings under the RCF as of December 31, 2024. 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.

Repurchase Agreement—We entered into repurchase agreements to sell European Emission Allowance (“EUA”) certificates. Under the agreement on August 23, 2024, 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.

On March 19, 2025, we sold an additional 145 thousand EUA certificates for €10.5 million cash to another counterparty. This counterparty also has an obligation to resell, and we have the obligation to purchase the same or substantially the same EUA certificates on January 28, 2026 for €10.8 million.

The difference between the considerations received and the amount of consideration to be paid will be recognized as an interest expense. At March 31, 2025, the amount outstanding, including accrued interest, was $50.3 million. Due to the short maturity, the carrying value approximates the fair value.

As of March 31, 2025, 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, 2024.