Olin Corp Enters New Agreement, Terminates Another

TL;DR

Olin Corp just signed a new deal and ditched an old one, creating new debt. Big moves happening.

AI Summary

On November 20, 2024, Olin Corporation entered into a material definitive agreement and simultaneously terminated another. The company also created a direct financial obligation. Specific details regarding the nature of these agreements, the counterparty, and the financial implications were not fully disclosed in the provided filing excerpt.

Why It Matters

This filing indicates significant changes in Olin Corporation's contractual and financial obligations, which could impact its future operations and financial health.

Risk Assessment

Risk Level: medium — The filing indicates the creation of new financial obligations and termination of existing agreements, which inherently carries some level of financial risk.

Key Players & Entities

• OLIN Corp (company) — Registrant
• November 20, 2024 (date) — Date of earliest event reported
• 190 Carondelet Plaza, Suite 1530 Clayton, MO 63105 (address) — Business and Mail Address

FAQ

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value per share OLN New York Stock
• $500,000,000 — ation (the "Registrant") entered into a $500,000,000 Receivables Purchase Agreement (the "Re
• $450,000,000 — hasers have paid an aggregate amount of $450,000,000 to purchase trade receivables from the
• $350,000,000 — Date, the Registrant used approximately $350,000,000 of the initial proceeds received under

Filing Documents

• oln-20241120.htm (8-K) — 35KB
• exhibit101-olinreceivables.htm (EX-10.1) — 1499KB
• 0000074303-24-000195.txt ( ) — 1896KB
• oln-20241120.xsd (EX-101.SCH) — 2KB
• oln-20241120_lab.xml (EX-101.LAB) — 22KB
• oln-20241120_pre.xml (EX-101.PRE) — 13KB
• oln-20241120_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. Receivables Purchase Agreement On November 20, 2024 (the "Closing Date"), Olin Corporation (the "Registrant") entered into a $500,000,000 Receivables Purchase Agreement (the "Receivables Purchase Agreement") among the Registrant, as servicer, Olin Finance Company, LLC, a wholly-owned subsidiary of the Registrant, as seller (the "Seller"), PNC Bank, National Association, as administrative agent, PNC Capital Markets LLC, as structuring agent, and the persons from time to time parties thereto as purchasers (collectively, the "Purchasers") and group agents. Under the Receivables Purchase Agreement, on the Closing Date, the Seller sold certain existing trade receivables to the Purchasers and will continue to sell trade receivables to the Purchasers on a revolving basis. The Seller has acquired, and will in the future acquire, such trade receivables from the Registrant and various U.S., Canadian, and German subsidiaries of the Registrant. The Registrant will continue to service the trade receivables that are sold to the Purchasers pursuant to the Receivables Purchase Agreement. The Receivables Purchase Agreement has a scheduled term of three years and a facility limit of $500,000,000. As of November 20, 2024, the Purchasers have paid an aggregate amount of $450,000,000 to purchase trade receivables from the Seller. Under the Receivables Purchase Agreement, the Registrant is required to comply with the Consolidated Net Leverage Ratio covenant contained in the Registrant's senior unsecured credit agreement, dated as of October 11, 2022, among the Registrant, the lenders party thereto, and Bank of America, N.A., as administrative agent, as the same may be further amended, restated, amended and restated, supplemented, waived, extended, refinanced, replaced or otherwise modified from time to time. On the Closing Date, the Registrant used approximately $350,000,000 of the initial proceeds received under the Receiv

02. Termination of a Material Definitive Agreement

Item 1.02. Termination of a Material Definitive Agreement. On November 20, 2024, in connection with the effectiveness of the Receivables Purchase Agreement, the Registrant paid in full the outstanding aggregate principal amount of all loans, together with all accrued and unpaid interest thereon and all other obligations then due and payable, under the Existing Receivables Financing Facility and, in connection with such payment, the Existing Receivables Financing Facility, including all commitments thereunder, was terminated. Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The disclosure set forth above under Item 1.01 with respect to the Receivables Purchase Agreement is incorporated by reference into this Item 2.03.

01. Exhibits

Item 9.01. Exhibits. (d) Exhibit No. Exhibit 10.1 Receivables Purchase Agreement, dated as of November 20, 2024, among Olin Corporation, as servicer, Olin Finance Company, LLC, as seller, PNC Bank, National Association, as administrative agent, PNC Capital Markets LLC, as structuring agent, and the persons from time to time parties thereto as purchasers and group agents. 1 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1 Certain confidential or proprietary information has been redacted from the attached Exhibit 10.1. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. OLIN CORPORATION By: /s/ Inchan Hwang Name: Inchan Hwang Title: Vice President, Deputy General Counsel and Secretary Date: November 20, 2024

View Full Filing

View this 8-K filing on SEC EDGAR