Axalta Coating Systems Ltd
For the period ended Mar 31, 2025. Filed May 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 7, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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(15) BORROWINGS
Borrowings are summarized as follows:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| 2029 Dollar Term Loans | $1,698 | $1,702 |
| 2027 Dollar Senior Notes | 500 | 500 |
| 2029 Dollar Senior Notes | 700 | 700 |
| 2031 Dollar Senior Notes | 500 | 500 |
| Short-term and other borrowings | 53 | 54 |
| Unamortized original issue discount | (12) | (13) |
| Unamortized deferred financing costs | (21) | (22) |
| Total borrowings, net | 3,418 | 3,421 |
| Less: | ||
| Short-term borrowings | 3 | 3 |
| Current portion of long-term borrowings | 17 | 17 |
| Long-term debt | $3,398 | $3,401 |
Our senior secured credit facilities (the “Senior Secured Credit Facilities”) consist of a term loan due 2029 (the “2029 Dollar Term Loans”) and a revolving credit facility due 2029 (the “Revolving Credit Facility”) that is governed by a credit agreement (as amended, the “Credit Agreement”).
Revolving Credit Facility
At both March 31, 2025 and December 31, 2024, letters of credit issued under the Revolving Credit Facility totaled $22 million, which reduced the availability under the Revolving Credit Facility as of such dates. Availability under the Revolving Credit Facility was $778 million at March 31, 2025 and December 31, 2024. The letters of credit issued under the Revolving Credit Facility include $14 million that secures Customer Obligation Guarantees at both March 31, 2025 and December 31, 2024.
Future repayments
Below is a schedule of required future repayments of all borrowings outstanding at March 31, 2025.
| Remainder of 2025 | $15 |
| 2026 | 21 |
| 2027 | 521 |
| 2028 | 21 |
| 2029 | 2,339 |
| Thereafter | 534 |
| Total borrowings | 3,451 |
| Unamortized original issue discount | (12) |
| Unamortized deferred financing costs | (21) |
| Total borrowings, net | $3,418 |
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