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DEBT
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT
NOTE 10. DEBT
Long-term loans, notes and other financing obligations, consisted of the following:
June 30, 2026December 31, 2025June 30, 2025
Financing Obligations($ in millions)
Fixed-rate Financing
5.625% senior notes, due 2029
$669.3 $669.3 $669.3 
5.00% senior notes, due 2030
515.3 515.3 515.3 
6.625% senior notes, due 2033 (2033 Notes)
600.0 600.0 600.0 
Variable-rate Financing
Term Loan Facilities528.1 637.8 645.9 
Revolving Credit Facilities210.0 — 35.0 
2024 Receivables Financing Agreement442.0 340.0 465.0 
Recovery zone bonds83.0 83.0 83.0 
Industrial development and environmental improvement obligations— — 2.9 
Other
Deferred debt issuance costs(18.6)(18.1)(19.7)
Total debt3,029.1 2,827.3 2,996.7 
Amounts due within one year— 109.7 19.2 
Total long-term debt$3,029.1 $2,717.6 $2,977.5 
Senior Notes and Senior Credit Facilities
On March 14, 2025, Olin entered into a $1,850.0 million senior credit facility (2025 Senior Credit Facility), which increased the borrowing limit of our then-existing $1,550.0 million senior credit facility (2022 Senior Credit Facility) by $300.0 million and extended the maturity date from October 11, 2027 to March 14, 2030. The 2025 Senior Credit Facility includes a term loan facility with aggregate commitments of $650.0 million (2025 Term Loan Facility), which replaced Olin’s then-existing $350.0 million term loan facility (2022 Term Loan Facility), and a revolving credit facility with aggregate commitments of $1,200.0 million (2025 Revolving Credit Facility), which replaced Olin’s then-existing $1,200.0 million revolving credit facility (2022 Revolving Credit Facility).
On February 19, 2026, we executed an amendment to the 2025 Senior Credit Facility (Senior Secured Credit Facility) which, among other things, modified the financial covenants to be less restrictive and incorporated guarantees and collateral by certain of our domestic subsidiaries. The Senior Secured Credit Facility maintained the 2025 Term Loan Facility, as amended (Secured Term Loan Facility, and collectively with the 2025 Term Loan Facility and the 2022 Term Loan Facility, the Term Loan Facilities), and the 2025 Revolving Credit Facility, as amended (Senior Secured Revolving Credit Facility, and collectively with the 2025 Revolving Credit Facility and 2022 Revolving Credit Facility, the Revolving Credit Facilities). The amendment required all remaining principal amortization payments under the Secured Term Loan Facility to be satisfied. Borrowings under the Senior Secured Revolving Credit Facility were used to satisfy the $109.7 million remaining principal amortization payments under the Secured Term Loan Facility. The maturity date for the Senior Secured Credit Facility remains March 14, 2030.
The Senior Secured Revolving Credit Facility includes a $100.0 million letter of credit subfacility. At June 30, 2026, we had $210.0 million of borrowings and $0.4 million of letters of credit issued under our Senior Secured Revolving Credit Facility and $989.6 million of undrawn commitments.
The obligations under the Senior Secured Credit Facility are guaranteed by certain of our domestic subsidiaries. The obligations under the Senior Secured Credit Facility are also secured by liens on substantially all of Olin’s and the subsidiary guarantors’ personal property (Collateral), other than certain principal properties and capital stock of subsidiaries, and subject to certain other exceptions. Substantially all guarantees under the Senior Secured Credit Facility and liens on Collateral will be released automatically upon notice by Olin, or after September 30, 2027, at which time all covenant reliefs expire.
Under the Senior Secured Credit Facility, we may select various floating rate borrowing options. The actual interest rate paid on borrowings under the Senior Secured Credit Facility is based on a pricing grid which is dependent upon the net leverage ratio as calculated under the terms of the applicable facility for the prior fiscal quarter. The Senior Secured Credit Facility includes various customary restrictive covenants, including restrictions related to the ratio of secured debt to earnings before
interest expense, taxes, depreciation and amortization (net leverage ratio) and the ratio of earnings before interest expense, taxes, depreciation and amortization to interest expense (coverage ratio). The calculation of secured debt in our net leverage ratio excludes borrowings under the 2024 Receivables Financing Agreement, (as defined below) up to a maximum of $425.0 million.
On March 14, 2025, Olin issued $600.0 million aggregate principal amount of 6.625% senior notes due April 1, 2033 (2033 Notes), in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended. Interest on the 2033 Notes is paid semi-annually and began on October 1, 2025.
Proceeds from the 2033 Notes, together with borrowings under the 2025 Senior Credit Facility, were used to redeem the $108.6 million 9.50% senior notes due 2025 (2025 Notes), redeem the $500.0 million 5.125% senior notes due 2027 (2027 Notes), refinance the then-existing 2022 Senior Credit Facility, comprised of $505.0 million of borrowings under the 2022 Revolving Credit Facility and $332.5 million of borrowings under the 2022 Term Loan Facility, and pay related fees and expenses.
As of June 30, 2026, no event of default had occurred under any of our outstanding debt agreements that would permit the acceleration of the debt if not cured, and we were in compliance with all covenants and restrictions under all our outstanding debt agreements. In the future, our ability to generate sufficient operating cash flows, among other factors, will determine the amounts available to be borrowed under these facilities. As a result of our restrictive covenant related to the net leverage ratio, the maximum additional borrowings available to us could be limited in the future. The limitation, if an amendment or waiver from our lenders is not obtained, could restrict our ability to borrow the maximum amounts available under the Senior Secured Revolving Credit Facility and the 2024 Receivables Financing Agreement (defined below). As of June 30, 2026, there were no covenants or other restrictions that limited our ability to borrow.
Receivables Financing Agreement
We maintain a $500.0 million receivables financing agreement (2024 Receivables Financing Agreement) that is scheduled to mature on November 19, 2027. Under the 2024 Receivables Financing Agreement, our eligible trade receivables are used for collateralized borrowings and continue to be serviced by us. In addition, the 2024 Receivables Financing Agreement incorporates the net leverage ratio covenant that is contained in the Senior Secured Credit Facility. As of June 30, 2026, we had $442.0 million drawn under the 2024 Receivables Financing Agreement, $640.8 million of our trade receivables were pledged as collateral and we had $50.6 million of additional borrowing capacity, which was limited by our borrowing base.
Financing Cash Flows
During the six months ended June 30, 2026 and 2025, activity of our outstanding debt was as follows:
Six Months Ended June 30,
20262025
Long-term Debt Borrowings (Repayments)($ in millions)
Borrowings
Term Loan Facilities$— $650.0 
Revolving Credit Facilities361.6 510.0 
2024 Receivables Financing Agreement215.0 570.0 
2033 Notes— 600.0 
Total borrowings576.6 2,330.0 
Repayments
Term Loan Facilities(109.7)(336.6)
Revolving Credit Facilities(151.6)(645.0)
2024 Receivables Financing Agreement(113.0)(580.0)
2025 Notes— (108.6)
2027 Notes— (500.0)
Total repayments(374.3)(2,170.2)
Long-term debt borrowings, net$202.3 $159.8 
Other Financing
Interest expense, net, for the six months ended June 30, 2026 included $0.2 million for the write-off of unamortized deferred debt issuance costs associated with our first quarter 2026 Senior Secured Credit Facility financing transaction. Interest expense, net, for the six months ended June 30, 2025 included $3.3 million for the write-off of unamortized deferred debt issuance costs and costs associated with our first quarter 2025 financing transactions, including the 2025 Senior Credit Facility, early redemption of the 2025 Notes and the 2027 Notes, and issuance of the 2033 Notes.
For the six months ended June 30, 2026, we paid debt issuance costs of $2.1 million associated with the Senior Secured Credit Facility. For the six months ended June 30, 2025, we paid debt issuance costs of $12.0 million associated with the 2033 Notes and the 2025 Senior Credit Facility.