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LONG-TERM DEBT AND CREDIT FACILITIES

12 Months Ended

Dec. 31, 2024

LONG-TERM DEBT AND CREDIT FACILITIES

10.	LONG-TERM DEBT AND CREDIT FACILITIES


		December 31, 2024								December 31, 2023
				Deferred
		Nominal		Financing		Carrying		Fair		Carrying		Fair
	Interest Rates	Amount		Costs^(a)		Amount		Value^(b)		Amount^(a)		Value^(b)
Senior notes (i)	4.50%-6.875%	$	1,243.4	$	(7.9)	$	1,235.5	$	1,272.7	$	1,233.5	$	1,272.3
Term loan (ii)	SOFR plus 1.25%		200.0		(0.1)		199.9		200.0		999.1		1,000.0
Total long-term and current debt		$	1,443.4	$	(8.0)	$	1,435.4	$	1,472.7	$	2,232.6	$	2,272.3
Less: current portion			(200.0)		0.1		(199.9)		(200.0)		—		—
Long-term debt and credit facility		$	1,243.4	$	(7.9)	$	1,235.5	$	1,272.7	$	2,232.6	$	2,272.3

(a)	Includes transaction costs on the senior notes and term loan.

(b)	The fair value of the senior notes is primarily determined using quoted market determined variables. See Note 8iii.

Scheduled debt repayments


											2030 and
	2025		2026		2027		2028		2029		thereafter		Total
Senior notes (i)	$	—	$	—	$	500.0	$	—	$	—	$	750.0	$	1,250.0
Term Loan (ii)		200.0		—		—		—		—		—		200.0
Total debt payable	$	200.0	$	—	$	500.0	$	—	$	—	$	750.0	$	1,450.0

i.	Senior notes

The Company’s senior notes consist of $500.0 million principal amount of 4.50% notes due in 2027, $500.0 million principal amount of 6.250% notes due in 2033 and $250.0 million principal amount of 6.875% notes due in 2041.

The senior notes (collectively, the “notes”) pay interest semi-annually. Except as noted below, the notes are redeemable by the Company, in whole or part, for cash at any time prior to maturity, at a redemption price equal to the greater of 100% of the principal amount or the sum of the present value of the remaining scheduled principal and interest payments on the notes discounted at the applicable treasury rate, as defined in the indentures, plus a premium of between 45 and 50 basis points, plus accrued interest, if any. Within three months of maturity of the notes due in 2027 and 2033, and within six months of maturity of the notes due in 2041, the Company can redeem the notes at 100% of the principal amount plus accrued interest, if any. In addition, the Company is required to make an offer to repurchase the notes prior to maturity upon certain fundamental changes at a repurchase price equal to 101% of the principal amount of the notes plus accrued and unpaid interest to the repurchase date, if any.

ii.

Revolving credit facility and term loan

As at December 31, 2024, the Company had utilized $6.9 million (December 31, 2023 - $6.8 million) of its $1,500.0 million revolving credit facility, entirely for letters of credit.

On October 28, 2024, the Company amended its $1,500 million revolving credit facility to extend the maturity by two years to October 2029, restoring a five-year term.

The term loan, maturing on March 7, 2025, has no mandatory amortization payments and can be repaid at any time prior to maturity. During the year ended December 31, 2024, the Company repaid $800.0 million of the outstanding balance on the term loan, with $200.0 million in principal outstanding as of December 31, 2024. On February 10, 2025, the Company repaid the remaining $200.0 million of the outstanding balance on the term loan.

Loan interest on the revolving credit facility and term loan is variable and is dependent on the Company’s credit rating. Based on the Company’s credit rating at December 31, 2024, interest charges and fees are as follows:


Type of credit
Revolving credit facility	SOFR plus		1.45	%
Term loan	SOFR plus		1.25	%
Letters of credit	0.967	-	1.45	%
Standby fee applicable to unused availability			0.29	%

The revolving credit facility agreement and the term loan agreement contain various covenants including limits on indebtedness, asset sales and liens. The Company was in compliance with its financial covenant in the credit agreements as at December 31, 2024.

iii.

Other

Effective July 1, 2024, the Company entered into an amendment to increase the Letter of Credit guarantee facility with Export Development Canada (“EDC”) from $300.0 million to $400.0 million and extended the maturity date from June 30, 2024 to June 30, 2026. Total fees related to letters of credit under this facility were 0.75% of the utilized amount. As at December 31, 2024, $247.2 million (December 31, 2023 - $235.7 million) was utilized under this facility.

In addition, as at December 31, 2024, the Company had $738.9 million (December 31, 2023 - $617.9 million) in letters of credit and surety bonds outstanding in respect of its operations in Brazil, Mauritania, the United States and Chile, as well as its discontinued operations in Ghana, which have been issued pursuant to arrangements with certain international banks and insurance companies and incur average fees of approximately 0.63%.

iv.

Changes in liabilities arising from financing activities

Total current

Lease

Accrued interest

and long-term debt

liabilities

payable^(a)

Total

Balance as at January 1, 2024

2,232.6

27.6

36.3

2,296.5

Changes from financing cash flows

Debt repayments

(800.0)

—

(800.0)

Interest paid

—

(35.6)

Payment of lease liabilities

—

(12.1)

—

(12.1)

1,432.6

15.5

0.7

1,448.8

Other changes

Interest expense and accretion^(b)

—

1.4

49.1

50.5

Capitalized interest^(c)

—

88.2

Capitalized interest paid

—

(92.6)

Additions of lease liabilities

—

1.9

—

1.9

Other

2.8

(1.7)

(14.3)

(13.2)

2.8

1.6

30.4

34.8

Balance as at December 31, 2024

1,435.4

17.1

31.1

1,483.6


	Total current		Lease		Accrued interest
	and long-term debt		liabilities		payable^(a)		Total
Balance as at January 1, 2023	$	2,592.9	$	47.6	$	41.9	$	2,682.4
Changes from financing cash flows
Debt issuance and drawdowns		588.1		—		—		588.1
Debt repayments		(960.0)		—		—		(960.0)
Interest paid		—		—		(53.2)		(53.2)
Payment of lease liabilities		—		(30.2)		—		(30.2)
		2,221.0		17.4		(11.3)		2,227.1
Other changes
Interest expense and accretion^(b)	$	—	$	2.1	$	66.9	$	69.0
Capitalized interest^(c)		—		—		108.9		108.9
Capitalized interest paid		—		—		(114.1)		(114.1)
Additions of lease liabilities		—		7.9		—		7.9
Other		11.6		0.2		(14.1)		(2.3)
		11.6		10.2		47.6		69.4
Balance as at December 31, 2023	$	2,232.6	$	27.6	$	36.3	$	2,296.5

(a)	Included in Accounts payable and accrued liabilities. See Note 6vi.

(b)	Included in Finance expense. See Note 6viii.

(c)	Included in Property, plant and equipment. See Note 6iv.