Long-Term Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Long-Term Debt

Note 6 – Long-term debt:

	December 31,		March 31,
	2021		2022
	(In millions)
Valhi:
Contran credit facility	$	172.9	$	167.2
Subsidiary debt:
Kronos:
Senior Secured Notes		448.8		442.9
BMI:
Bank loan Western Alliance Bank		15.4		15.4
LandWell:
Note payable to Western Alliance Business Trust		13.5		13.5
Other		2.4		2.3
Total subsidiary debt		480.1		474.1
Total debt		653.0		641.3
Less current maturities		(3.1)		(3.1)
Total long-term debt	$	649.9	$	638.2

Valhi – Contran credit facility – During the first three months of 2022, we had no borrowings and repaid $5.7 million under this facility. The average interest rate on the existing balance for the three months ended March 31, 2022 was 4.29%. At March 31, 2022, the interest rate was 4.5% and $57.8 million was available for borrowing under this facility.

Kronos – Senior Notes – At March 31, 2022, the carrying value of Kronos’ 3.75% Senior Secured Notes due September 15, 2025 (€400 million aggregate principal amount outstanding) is stated net of unamortized debt issuance costs of $3.2 million.

Revolving credit facility – During the first three months of 2022, Kronos had no borrowings or repayments under its $225 million global revolving credit facility (“Global Revolver”) and at March 31, 2022, the full $225 million was available for borrowing under the Global Revolver.

Other – We are in compliance with all of our debt covenants at March 31, 2022.