7. Convertible debentures

Convertible debentures consist of the following:




	September 30,		December 31,
	2016		2015
6.25% Debentures due March 2017	$	—	$	48.6
5.60% Debentures due June 2017		—		54.8
5.75% Debentures due June 2019		42.6		117.0
6.00% Debentures due December 2019 (Cdn$81.0 million)		61.7		65.0
Less: Unamortized deferred financing costs		(2.9)		(7.7)
Total convertible debentures	$	101.4	$	277.7

On November 11, 2014, we commenced a normal course issuer bid (“NCIB”) for our convertible debentures. Under the NCIB, which expired on November 10, 2015, we entered into a pre-defined automatic securities purchase plan with our broker in order to facilitate purchases of our convertible debentures. As of December 31, 2015, we had repurchased and cancelled $24.8 million of convertible debentures and recorded a gain of $3.1 million in the consolidated statements of operations related to these transactions.

On December 29, 2015, we commenced a new NCIB, which will expire on December 28, 2016. The actual amount of convertible debentures that may be purchased under the NCIB is approximately $28.5 million and is further limited to 10% of the public float of our convertible debentures. Since inception of the NCIB in the fourth quarter of 2015 and through September 30, 2016, we repurchased and canceled $18.8 million of convertible debentures and recorded a gain of $2.5 million in the consolidated statement of operations for the nine months ended September 30, 2016.

On April 13, 2016, we deposited a portion of the proceeds from the issuance of the New Credit Facilities, for the redemption in whole on May 13, 2016 at a price equal to par plus accrued interest (i) the outstanding Cdn$67.2 million 6.25% Debentures due March 2017 and (ii) the outstanding Cdn$75.8 million 5.60% Debentures due June 2017 (total US$ equivalent of $110.7 million as of April 13, 2016). Deferred financing costs related to the debentures of $1.3 million were written off and recorded to interest expense in April 2016.

On June 17, 2016, we commenced a substantial issuer bid to purchase for cancellation up to $65.0 million aggregate principal amount of our issued and outstanding 5.75% Series C Convertible Unsecured Subordinated Debentures maturing June 30, 2019. The offer expired on July 22, 2016. An aggregate of $62.7 million principal amount of the debentures were purchased and cancelled under the offer. As of September 30, 2016, there were approximately $42.6 million principal amount of Series C debentures outstanding and a gain of $1.7 million was recorded related to the repurchase in the consolidated statements of operations for the three and nine months ended September 30, 2016. Deferred financing costs related to the debentures of $1.4 million were written off and recorded to interest expense in July 2016.