Long-term debt

3 Months Ended

Mar. 31, 2025

Long-term debt

Long-term debt

Note 7 – Long-term debt:

	December 31,		March 31,
	2024		2025
	(In millions)
Valhi:
Contran credit facility	$	44.6	$	39.2
Subsidiary debt:
Kronos:
Kronos International, Inc. 9.50% Senior Secured Notes due 2029		365.4		379.1
Kronos International, Inc. 3.75% Senior Secured Notes due 2025		78.3		81.2
Subordinated, Unsecured Term Loan from Contran		53.7		53.7
Revolving credit facility		10.0		43.2
LandWell:
Note payable to Western Alliance Business Trust		11.4		11.4
Total subsidiary debt		518.8		568.6
Total debt		563.4		607.8
Less current maturities		79.0		81.9
Total long-term debt	$	484.4	$	525.9

Valhi – Contran credit facility – During the first three months of 2025, we had no borrowings and repaid $5.4 million under this facility. The average interest rate on the credit facility for the three months ended March 31, 2025 was 8.50%. At March 31, 2025, the interest rate was 8.50%, and $110.8 million was available for borrowing under this facility.

Kronos – 9.50% Senior Secured Notes due 2029 – At March 31, 2025, the carrying value of the 9.50% Senior Secured Notes due 2029 (€351.174 million aggregate principal amount outstanding) is $379.1 million and is stated net of $5.1 million of unamortized premium and $6.1 million of unamortized debt issuance costs. In the first quarter of 2024 Kronos recognized a non-cash pre-tax interest charge of $1.5 million included in interest expense related to the write-off of deferred financing costs.

3.75% Senior Secured Notes due 2025 – At March 31, 2025, the carrying value of the 3.75% Senior Secured Notes due 2025

(€75 million aggregate principal amount outstanding) is $81.2 million.

Revolving credit facility (the “Global Revolver”) – During the first three months of 2025, Kronos borrowed $146.1 million and repaid $112.9 million under this facility. The average interest rate on outstanding borrowings under this facility for the three months ended March 31, 2025 was 5.8%. At March 31, 2025, $43.2 million was outstanding under the Global Revolver and the interest rate was 5.7%. As defined in the agreement and as calculated for the period ended March 31, 2025, the borrowing base exceeded $300 million. At March 31, 2025, Kronos has total availability for borrowing of approximately $300 million less any amounts outstanding under this facility.

Other – We are in compliance with all of our debt covenants at March 31, 2025.