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LONG-TERM DEBT AND CREDIT FACILITIES (Tables)
 12 Months Ended
Dec. 31, 2017
LONG-TERM DEBT AND CREDIT FACILITIES  
Schedule of long-term debt

 

 

 

 

December 31, 2017

 

December 31, 2016

 

 

 

Interest Rates

 

Nominal 
Amount

 

Deferred 
Financing 
Costs

 

Carrying 
Amount (a)

 

Fair
Value (b)

 

Carrying 
Amount (a)

 

Fair
Value (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate term loan facility

(i)

 

Variable

 

$

—

 

$

—

 

$

—

 

$

—

 

$
497.4

 

$
497.4

 

Senior notes

(ii)

 

4.50%-6.875%

 
1,745.7

 
(13.1

)
1,732.6

 
1,848.4

 
1,235.8

 
1,245.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

 

 

$
1,745.7

 

$
(13.1

)

$
1,732.6

 

$
1,848.4

 

$
1,733.2

 

$
1,743.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Includes transaction costs on debt financings.

 

(b)

The fair value of debt is primarily determined using quoted market determined variables.  See Note 10 (c).

 

Schedule of scheduled debt repayments

 

 

2018

 

2019

 

2020

 

2021

 

2022

 

2023 and 
thereafter

 

Total

 

Senior notes

 

$

—

 

$

—

 

 

 

$
500.0

 

$

—

 

$
1,250.0

 

$
1,750.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total debt payable

 

$

—

 

$

—

 

$

—

 

$
500.0

 

$

—

 

$
1,250.0

 

$
1,750.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of interest charges and fees

 

Based on the Company’s credit rating at December 31, 2017, interest charges and fees are as follows:

 

Type of credit

 

 

 

Dollar based LIBOR loan:

 

 

 

Revolving credit facility

 

LIBOR plus 2.00%

 

Letters of credit

 

1.33-2.00%

 

Standby fee applicable to unused availability

 
0.40

%

 

Schedule of changes in liabilities arising from financing activities

 

 

 

 

Year ended December 31, 2017

 

 

 

 

 

 

 

Changes from financing cash flows

 

Other changes

 

 

 

 

 

Balance as at
January 1, 2017

 

Debt
issued

 

Debt
repayments

 

Interest
paid

 

Other

 

Interest
expense

 

Capitalized
interest

 

Capitalized
interest paid

 

Other cash
changes

 

Other non-
cash changes

 

Balance as at
December 31, 2017

 

Long-term debt

 

$
1,733.2

 

$
494.7

 

$
(500.0

)

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

—

 

$
4.7

 

$
1,732.6

 

Accrued interest payable (a)

 
23.4

 

—

 

—

 
(62.9

)

—

 
86.5

 
25.1

 
(18.0

)
(12.0

)
(8.3

)
33.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$
1,756.6

 

$
494.7

 

$
(500.0

)

$
(62.9

)

$

—

 

$
86.5

 

$
25.1

 

$
(18.0

)

$
(12.0

)

$
(3.6

)

$
1,766.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Included in Accounts Payable and Accrued Liabilities.

 

 

 

 

 

Year ended December 31, 2016

 

 

 

 

 

 

 

Changes from financing cash flows

 

Other changes

 

 

 

 

 

Balance as at
January 1, 2016

 

Debt
issued

 

Debt
repayments

 

Interest
paid

 

Other

 

Interest
expense

 

Capitalized
interest

 

Capitalized
interest paid

 

Other cash
changes

 

Other non-
cash changes

 

Balance as at
December 31, 2016

 

Long-term debt

 

$
1,981.4

 

$
175.0

 

$
(425.0

)

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$
(1.2

)

$
3.0

 

$
1,733.2

 

Accrued interest payable (a)

 
26.7

 

—

 

—

 
(73.5

)

—

 
100.4

 
15.2

 
(21.8

)
(12.3

)
(11.3

)
23.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$
2,008.1

 

$
175.0

 

$
(425.0

)

$
(73.5

)

$

—

 

$
100.4

 

$
15.2

 

$
(21.8

)

$
(13.5

)

$
(8.3

)

$
1,756.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Included in Accounts Payable and Accrued Liabilities.