Long-term Debt |
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-term Debt | Long-term Debt
Senior Notes - The 2.70% senior notes, which were issued in 2021, are unsecured with an aggregate principal amount of $400 million. The offer and sale of the notes were registered under the Securities Act of 1933, as amended. The 3.78% senior notes are unsecured and were issued in a 2017 private placement with The Prudential Insurance Company of America and certain other purchasers. We made the first principal payment of $50 million on January 4, 2025 and have four remaining principal payments of $50 million due January 4 of each year through 2029. We were in compliance with all covenants under all issuances of senior notes as of June 30, 2025 and December 31, 2024. Term Loan Credit Agreement - The term loan credit agreement is unsecured, has a borrowing capacity of $250 million, a term of two years, and matures on January 22, 2026. We borrowed the entire $250 million available under the term loan credit agreement and are required to repay the principal amount borrowed under the term loan in full at maturity. We may, in our sole discretion and subject to the conditions set forth in the term loan credit agreement, prepay amounts borrowed under the term loan, together with any accrued and unpaid interest, prior to maturity. Any amounts prepaid prior to maturity are not available for additional borrowings by NewMarket. We repaid $50 million on the term loan credit agreement during the second quarter of 2025. We were in compliance with all covenants under the term loan credit agreement as of June 30, 2025 and December 31, 2024. Revolving Credit Facility - The revolving credit facility has a borrowing capacity of $900 million, a term of five years, and matures on January 22, 2029. The obligations under the revolving credit facility are unsecured. The average interest rate for borrowings under the revolving credit agreement was 5.6% during the first six months of 2025 and 6.5% during the year ended December 31, 2024. Outstanding borrowings under the revolving credit facility amounted to $47 million at June 30, 2025 and $77 million at December 31, 2024. Outstanding letters of credit amounted to approximately $4 million at both June 30, 2025 and December 31, 2024. The unused portion of the revolving credit facility amounted to $849 million at June 30, 2025 and $819 million at December 31, 2024. We were in compliance with all covenants under the revolving credit facility as of June 30, 2025 and December 31, 2024.
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