Orion S.A.
For the period ended Mar 31, 2026. Filed May 6, 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 May 6, 2026
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Debt and Other Obligations
Note D. Debt and Other Obligations
Debt and other obligations are as follows:
| March 31, 2026 | December 31, 2025 | |
|---|---|---|
| (In millions) | ||
| Current | ||
| Current portion of Term-Loan | $0.8 | $3.0 |
| Deferred debt issuance costs - Term-Loan | (0.8) | (0.9) |
| Current portion of China Term-Loan | 13.3 | 13.1 |
| Other short-term debt and obligations | 337.9 | 289.8 |
| Current portion of long-term debt and other financial liabilities | 351.2 | 305.0 |
| Non-current | ||
| Term-Loan | 624.0 | 636.7 |
| Deferred debt issuance costs - Term-Loan | (1.3) | (1.5) |
| China Term-Loan | 39.8 | 39.3 |
| Long-term debt, net | 662.5 | 674.5 |
| Total | $1,013.7 | $979.5 |
Other Short-Term Debt and Obligations
Other short-term debt and obligations are as follows:
| March 31, 2026 | December 31, 2025 | |
|---|---|---|
| (In millions) | ||
| Revolving Credit Facility | $103.5 | $58.8 |
| Ancillary Credit Facilities | ||
| OEC GmbH outstanding borrowings | 137.8 | 127.9 |
| OEC LLC outstanding borrowings | 12.9 | 19.4 |
| OEC Huaibei outstanding borrowings | — | 4.6 |
| Korea Working Capital Loans (capacity $47.5 million) | ||
| Uncommitted | 1.6 | 1.7 |
| Committed | 16.4 | 17.3 |
| China Working Capital Loans (capacity $17.6 million) | 16.3 | 17.1 |
| Repurchase Agreement | 49.4 | 43.0 |
| Total of Other Short-term Debt and Obligations | $337.9 | $289.8 |
| Supplemental information: | ||
| Total ancillary capacity - EUR | €234.0 | €234.0 |
| Total ancillary capacity - U.S. Dollars | $269.1 | $275.0 |
Revolving credit facility
As of March 31, 2026, total capacity under our RCF and ancillary facilities is €350 million ($402.5 million). As of March 31, 2026 and December 31, 2025, availability under the RCF and ancillary facilities is $141.8 million and $193.0 million, respectively.
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 period, 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 as follows:
On January 21, 2026, we sold approximately 320 thousand EUA certificates for €27.1 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 July 27, 2026 for €27.5 million.
On January 21, 2026, we sold 186 thousand EUA certificates for €15.8 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 July 27, 2026 for €16.0 million.
The difference between the consideration received and the amount of consideration to be paid will be recognized as an interest expense. At March 31, 2026, the amount outstanding, including accrued interest, was €43.1 million ($49.6 million). Due to the short maturity, the carrying value approximates the fair value.
As of March 31, 2026, 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 on Form 10-K for the year ended December 31, 2025.
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