Axalta Coating Systems Ltd.
For the period ended Jun 30, 2026. Filed Jul 29, 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.
Jun 30, 2026 · Filed Jul 29, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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(15) BORROWINGS
Borrowings are summarized as follows:
| June 30, 2026 | December 31, 2025 | |
|---|---|---|
| 2029 Dollar Term Loans | $1,342 | $1,475 |
| 2027 Dollar Senior Notes | 500 | 500 |
| 2029 Dollar Senior Notes | 700 | 700 |
| 2031 Dollar Senior Notes | 500 | 500 |
| Other borrowings | 48 | 50 |
| Unamortized original issue discount | (8) | (9) |
| Unamortized deferred financing costs | (14) | (17) |
| Total borrowings, net | 3,068 | 3,199 |
| Less: | ||
| Short-term borrowings (1) | 502 | 3 |
| Current portion of long-term borrowings | 17 | 17 |
| Long-term debt | $2,549 | $3,179 |
(1) This includes our 2027 Dollar Senior Notes which have a principal amount of $500 million, bear interest at 4.750%, and are due on June 15, 2027. For additional information, refer to Liquidity and Capital Resources within the Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Quarterly Report on Form 10-Q.
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 June 30, 2026 and December 31, 2025, letters of credit issued under the Revolving Credit Facility totaled $32 million and $30 million, respectively, which reduced the availability under the Revolving Credit Facility as of such dates. Availability under the Revolving Credit Facility was $768 million and $770 million at June 30, 2026 and December 31, 2025, respectively. The letters of credit issued under the Revolving Credit Facility include $14 million that secures Customer Obligation Guarantees at both June 30, 2026 and December 31, 2025.
Other Activity
During the six months ended June 30, 2026, we prepaid $125 million of the outstanding principal amount of the 2029 Dollar Term Loans. As a result of these prepayments, we recorded a $1 million loss on extinguishment of debt for the six months ended June 30, 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 June 30, 2026.
| Remainder of 2026 | $10 |
| 2027 | 521 |
| 2028 | 21 |
| 2029 | 2,004 |
| 2030 | 5 |
| Thereafter | 529 |
| Total borrowings | 3,090 |
| Unamortized original issue discount | (8) |
| Unamortized deferred financing costs | (14) |
| Total borrowings, net | $3,068 |
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