Axalta Coating Systems Ltd.
For the period ended Mar 31, 2026. Filed Apr 30, 2026.
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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, 2026 · Filed Apr 30, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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(15) BORROWINGS
Borrowings are summarized as follows:
| March 31, 2026 | December 31, 2025 | |
|---|---|---|
| 2029 Dollar Term Loans | $1,421 | $1,475 |
| 2027 Dollar Senior Notes | 500 | 500 |
| 2029 Dollar Senior Notes | 700 | 700 |
| 2031 Dollar Senior Notes | 500 | 500 |
| Short-term and other borrowings | 50 | 50 |
| Unamortized original issue discount | (8) | (9) |
| Unamortized deferred financing costs | (16) | (17) |
| Total borrowings, net | 3,147 | 3,199 |
| Less: | ||
| Short-term borrowings | 3 | 3 |
| Current portion of long-term borrowings | 17 | 17 |
| Long-term debt | $3,127 | $3,179 |
Our senior secured credit facilities (the “Senior Secured Credit Facilities”) consist of a term loan due in 2029 (the “2029 Dollar Term Loans”) and a revolving credit facility that matures in 2029 (the “Revolving Credit Facility”) that are governed by a credit agreement (as amended, the “Credit Agreement”).
The Merger, if consummated, will constitute a “Change of Control” under the Credit Agreement. Pursuant to the Merger Agreement, AkzoNobel agreed to, in consultation with Axalta, use reasonable best efforts to obtain funds to, among other things, refinance the 2029 Dollar Term Loans prior to consummation of the Merger.
Revolving Credit Facility
At both March 31, 2026 and December 31, 2025, letters of credit issued under the Revolving Credit Facility totaled $30 million which reduced the availability under the Revolving Credit Facility as of such dates. Availability under the Revolving Credit Facility was $770 million at both March 31, 2026 and December 31, 2025. The letters of credit issued under the Revolving Credit Facility include $14 million that secures Customer Obligation Guarantees at both March 31, 2026 and December 31, 2025.
Other Activity
During the three months ended March 31, 2026, we prepaid $50 million of the outstanding principal amount of the 2029 Dollar Term Loans. As a result of these prepayments, we recorded animmaterial loss on extinguishment of debt for the three months ended March 31, 2026, which comprised the proportionate write-off of unamortized deferred financing costs and original issue discounts.
Future repayments
Below is a schedule of required future repayments of all borrowings outstanding at March 31, 2026.
| Remainder of 2026 | $15 |
| 2027 | 521 |
| 2028 | 21 |
| 2029 | 2,079 |
| 2030 | 5 |
| Thereafter | 530 |
| Total borrowings | 3,171 |
| Unamortized original issue discount | (8) |
| Unamortized deferred financing costs | (16) |
| Total borrowings, net | $3,147 |
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