v3.26.1
Debt and Other Obligations
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt and Other Obligations Debt and Other Obligations
Debt and other obligations are as follows:
March 31, 2026December 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-Loan13.3 13.1 
Other short-term debt and obligations337.9 289.8 
Current portion of long-term debt and other financial liabilities351.2 305.0 
Non-current
Term-Loan624.0 636.7 
Deferred debt issuance costs - Term-Loan(1.3)(1.5)
China Term-Loan39.8 39.3 
Long-term debt, net662.5 674.5 
Total $1,013.7 $979.5 
Other Short-Term Debt and Obligations
Other short-term debt and obligations are as follows:
March 31, 2026December 31, 2025
(In millions)
Revolving Credit Facility$103.5 $58.8 
Ancillary Credit Facilities
OEC GmbH outstanding borrowings137.8 127.9 
OEC LLC outstanding borrowings12.9 19.4 
OEC Huaibei outstanding borrowings— 4.6 
Korea Working Capital Loans (capacity $47.5 million)
Uncommitted1.6 1.7 
Committed16.4 17.3 
China Working Capital Loans (capacity $17.6 million)
16.3 17.1 
Repurchase Agreement49.4 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.