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LONG-TERM DEBT AND CREDIT FACILITIES (Tables) | 12 Months Ended
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Dec. 31, 2019
LONG-TERM DEBT AND CREDIT FACILITIES |
Schedule of long-term debt |
|  |  |  |  | December 31, 2019 |  | December 31, 2018
|  |  |  |  |  |  |  | Deferred |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Nominal |  | Financing |  | Carrying |  | Fair |  | Carrying |  | Fair
|  |  | Interest Rates |  | Amount |  | Costs |  | Amount (a) |  | Value (b) |  | Amount (a) |  | Value (b)
Senior notes |  |  | (i) 4.50%-6.875% |  | $ | 1,747.0 |  | $ | (9.6) |  | $ | 1,737.4 |  | $ | 1,881.9 |  | $ | 1,735.0 |  | $ | 1,668.8
Revolving credit facility |  |  | (ii) LIBOR plus 1.625% |  |  | 100.0 |  |  | — |  |  | 100.0 |  |  | 100.0 |  |  | — |  |  | —
Long-term debt and credit facility |  |  |  |  | $ | 1,847.0 |  | $ | (9.6) |  | $ | 1,837.4 |  | $ | 1,981.9 |  | $ | 1,735.0 |  | $ | 1,668.8
| (a) |  | Includes transaction costs on senior notes financings.
| (b) |  | The fair value of senior notes is primarily determined using quoted market determined variables. See Note 10(c).
Schedule of scheduled debt repayments |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2025 and |  |  |  |  |
|  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | thereafter |  | Total |  |
Senior notes |  | $ | — |  | $ | 500.0 |  | $ | — |  | $ | — |  | $ | 500.0 |  | $ | 750.0 |  | $ | 1,750.0 |  |
Revolving credit facility(a) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 100.0 |  |  | — |  |  | 100.0 |  |
Total debt payable |  | $ | — |  | $ | 500.0 |  | $ | — |  | $ | — |  | $ | 600.0 |  | $ | 750.0 |  | $ | 1,850.0 |  |
| (a) |  | Subsequent to December 31, 2019, the Company repaid $100.0 million on the revolving credit facility.
Schedule of interest charges and fees |
Type of credit |  |  |  |  |
Revolving credit facility |  | LIBOR plus |  | 1.625 | %
Letters of credit |  | 1.0833 | - | 1.625 | %
Standby fee applicable to unused availability |  |  |  | 0.325 | %
Schedule of changes in liabilities arising from financing activities |
|  | Long-term |  | Lease |  | Accrued interest |  |  |
|  | debt |  | liabilities (a) |  | payable(b) |  | Total
Balance as at January 1, 2019(a) |  | $ | 1,735.0 |  | $ | 42.9 |  | $ | 33.3 |  | $ | 1,811.2
Changes from financing cash flows |  |  |  |  |  |  |  |  |  |  |  |
Debt issued |  |  | 300.0 |  |  | — |  |  | — |  |  | 300.0
Debt repayments |  |  | (200.0) |  |  | — |  |  | — |  |  | (200.0)
Interest paid |  |  | — |  |  | — |  |  | (55.6) |  |  | (55.6)
Payment of lease liabilities |  |  | — |  |  | (14.3) |  |  | — |  |  | (14.3)
|  |  | 1,835.0 |  |  | 28.6 |  |  | (22.3) |  |  | 1,841.3
Other changes |  |  |  |  |  |  |  |  |  |  |  |
Interest expense and accretion |  | $ | — |  | $ | — |  | $ | 74.0 |  | $ | 74.0
Capitalized interest |  |  | — |  |  | — |  |  | 47.4 |  |  | 47.4
Capitalized interest paid |  |  | — |  |  | — |  |  | (45.0) |  |  | (45.0)
Additions of lease liabilities |  |  | — |  |  | 22.9 |  |  | — |  |  | 22.9
Accretion of lease liabilities |  |  | — |  |  | 2.9 |  |  | — |  |  | 2.9
Other cash changes |  |  | — |  |  | — |  |  | (10.0) |  |  | (10.0)
Other non-cash changes |  |  | 2.4 |  |  | 0.5 |  |  | (10.8) |  |  | (7.9)
|  |  | 2.4 |  |  | 26.3 |  |  | 55.6 |  |  | 84.3
Balance as at December 31, 2019 |  | $ | 1,837.4 |  | $ | 54.9 |  | $ | 33.3 |  | $ | 1,925.6
| (a) |  | Total lease liabilities of $42.9 million was recognized upon the initial application of IFRS 16 as of January 1, 2019. See Note 4.
| (a) |  | Included in Accounts payable and accrued liabilities.
|  | Long-term |  | Lease |  | Accrued interest |  |  |
|  | debt |  | liabilities |  | payable(a) |  | Total
Balance as at January 1, 2018 |  | $ | 1,732.6 |  | $ | — |  | $ | 33.8 |  | $ | 1,766.4
Changes from financing cash flows |  |  |  |  |  |  |  |  |  |  |  |
Debt issued |  |  | 80.0 |  |  | — |  |  | — |  |  | 80.0
Debt repayments |  |  | (80.0) |  |  | — |  |  | — |  |  | (80.0)
Interest paid |  |  | — |  |  | — |  |  | (57.9) |  |  | (57.9)
|  |  | 1,732.6 |  |  | — |  |  | (24.1) |  |  | 1,708.5
Other changes |  |  |  |  |  |  |  |  |  |  |  |
Interest expense and accretion |  | $ | — |  | $ | — |  | $ | 72.1 |  | $ | 72.1
Capitalized interest |  |  | — |  |  | — |  |  | 41.5 |  |  | 41.5
Capitalized interest paid |  |  | — |  |  | — |  |  | (38.2) |  |  | (38.2)
Other cash changes |  |  | — |  |  | — |  |  | (9.9) |  |  | (9.9)
Other non-cash changes |  |  | 2.4 |  |  | — |  |  | (8.1) |  |  | (5.7)
|  |  | 2.4 |  |  | — |  |  | 57.4 |  |  | 59.8
Balance as at December 31, 2018 |  | $ | 1,735.0 |  | $ | — |  | $ | 33.3 |  | $ | 1,768.3
| (a) |  | Included in Accounts payable and accrued liabilities.

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