OLIN Corp (OLN) · Oct 28, 2026 · New debt

Olin debt refinancing locks in merger funding, adds secured leverage

Debt refinanced — $750M term loan plus $1.75B revolver; five-year maturity

Olin’s debt refinancing creates $2.5 billion of merger facilities, replacing existing credit while adding secured collateral and tighter leverage tests.

Olin is in the pre-close financing phase of its planned merger with Huntsman, a combination designed to join Olin’s upstream chlorine and caustic-soda platform with Huntsman’s downstream chemicals businesses and pursue more than $300 million of identified synergies. The filing makes that merger financially executable. Olin has signed a replacement credit package that will refinance its existing loans, repay Huntsman’s revolver and fund the combined company at closing—not an unexpected strategic move, but a concrete step from announced deal to closing mechanics. 〔0〕

Facility / term	Filing detail
New term loan	$750 million (Second Amendment, Section C)
New revolving facility	$1.75 billion (Second Amendment, Section C)
Combined committed facilities	$2.50 billion (calculated from the two facilities)
Term-loan margin	SOFR/EURIBOR/SONIA + 1.500%–2.125% (credit terms)
Scheduled amortization	1.250% quarterly through the fourth anniversary; 1.875% thereafter (credit terms)
Maturity	Five years after closing (credit terms)
Net leverage covenant	5.50x initially, stepping down to 4.00x by March 2029 (credit terms)
Interest-coverage covenant	2.50x initially, stepping up to 3.00x by March 2029 (credit terms)

The package adds liquidity, but it is not a clean balance-sheet improvement. The $750 million term loan is expected to be fully drawn, while the revolver provides a larger liquidity backstop; however, the filing does not disclose the existing balances being replaced, so the net increase in debt cannot be determined. The five-year maturity and refinancing structure reduce near-term refinancing pressure, but the combined company will carry new term debt and quarterly amortization.

Lenders are protecting themselves against merger-execution risk. Following closing, the facilities will be guaranteed by certain Olin and Huntsman subsidiaries and secured by first-priority liens during the collateral period. 〔1〕 The agreement also requires asset-sale and casualty proceeds to repay term loans unless reinvested, and it restricts dividends and additional debt more tightly while collateral remains in place.

The covenant structure assumes a demanding post-merger deleveraging path. The agreement permits net leverage up to 5.50x in the earliest quarters but requires that threshold to fall to 4.00x by March 31, 2029, while minimum interest coverage rises from 2.50x to 3.00x. Those thresholds are partly cushioned by permitted EBITDA add-backs, including up to $300 million of cost savings initially, so reported covenant EBITDA may benefit from projected merger synergies before all savings are realized.

Bottom line: This is a meaningful financing milestone that turns the Huntsman merger from an announced combination into a funded transaction plan. The trade-off is clear: Olin gains the credit capacity needed to close and operate the combined company, but lenders receive collateral, mandatory repayment rights and tighter leverage controls in return.

What to watch next

Olin-Huntsman merger closing

Original filing on SEC EDGAR

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Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Bull 58%Neu 27%Bear 15%

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Olin debt refinancing locks in merger funding, adds secured leverage

What to watch next

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