Borrowings are summarized as follows:


	September 30, 2026		December 31, 2025
2029 Dollar Term Loans	$	1,267	$	1,475


2027 Dollar Senior Notes	500		500
2029 Dollar Senior Notes	700		700
2031 Dollar Senior Notes	500		500
Other borrowings	47		50
Unamortized original issue discount	(6)		(9)
Unamortized deferred financing costs	(13)		(17)
Total borrowings, net	2,995		3,199
Less:
Short-term borrowings (1)	502		3
Current portion of long-term borrowings	17		17
Long-term debt	$	2,476	$	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.

At September 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 September 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 September 30, 2026 and December 31, 2025.

During the nine months ended September 30, 2026, we prepaid $195 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 nine months ended September 30, 2026, which comprised the proportionate write-off of unamortized deferred financing costs and original issue discounts.


Remainder of 2026	$	4
2027	521
2028	21
2029	1,934
2030	5
Thereafter	529
Total borrowings	3,014
Unamortized original issue discount	(6)
Unamortized deferred financing costs	(13)
Total borrowings, net	$	2,995