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Debt | 12 Months Ended
--- | ---
Dec. 31, 2020
Debt |
Debt | 21. Debt ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Carrying amount
​ | ​ | December 31, | ​ | December 31,
​ |  | 2020 |  | 2019
Short-term debt | ​ | $ | 29,145 | ​ | $ | 4,705
​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term debt: | ​ |  |  | ​ |  |
​ | ​ | ​ | ​ | ​ | ​ | ​
Term loan and long-term revolver loan: | ​ |  |  | ​ |  |
Term loan denominated in Canadian dollars, secured, bearing interest at a weighted average rate of 2.72%, due in monthly installments of interest only and quarterly installments of principal, maturing in October 2023 | ​ |  | 98,420 | ​ |  | 155,355
Long-term revolver loan denominated in Canadian dollars, secured, bearing interest at a weighted average rate of 2.72%, due in monthly installments of interest only, maturing in October 2023 | ​ |  | 46,184 | ​ |  | —
Less: unamortized debt issue costs | ​ |  | (690) | ​ |  | (807)
Senior unsecured notes: | ​ |  | ​ | ​ |  | ​
Bearing interest at 5.375% due in semi-annual installments, with the full amount of principal due in January 2025 | ​ |  | 500,000 | ​ |  | 500,000
Less: unamortized debt issue costs | ​ |  | (7,266) | ​ |  | (9,067)
Total long-term debt | ​ |  | 636,648 | ​ |  | 645,481
​ | ​ | ​ | ​ | ​ | ​ | ​
Total debt | ​ | $ | 665,793 | ​ | $ | 650,186
​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term debt: | ​ |  |  | ​ |  |
Current portion | ​ | $ | 10,360 | ​ | $ | 18,277
Non-current portion | ​ |  | 626,288 | ​ |  | 627,204
Total long-term debt | ​ | $ | 636,648 | ​ | $ | 645,481
​ Short-term debt ​ Short-term debt is comprised of drawings in different currencies on the Company’s committed revolving credit facilities and has a weighted average interest rate of 2.3% (December 31, 2019: 2.3%). Long-term debt ​
a) | Term loan and long-term revolver loan
​ On August 14, 2020, the Company entered into an amendment of its credit agreement dated October 27, 2016 (“Credit Agreement”), totaling US$630.0 million with a syndicate of lenders comprising:
| (1) | Multicurrency revolving facilities of up to US$530 Million (the “Revolving Facilities”), and,
| (2) | A delayed-draw term loan facility of up to US$100 Million (the “Delayed-Draw Facility” and together with the Revolving Facilities, the “Facilities”).
​ The amendment, among other things, (i) extended the maturity date of the Facilities from October 27, 2021 to October 27, 2023, (ii) increased the applicable margin for base rate loans and LIBOR loans by 0.50% at each pricing tier level, (iii) increased the applicable percentage per annum used to calculate the commitment fee in respect of the unused commitments under the Revolving Facilities by 0.10% at each pricing tier level, and (iv) increased the aggregate amount available under the Revolving Facilities from $490.0 million to $530.0 million. Immediately prior to the amendment, the aggregate principal amount outstanding under the Delayed-Draw Facility was $141.0 million. In connection with the amendment, the Company prepaid $41.0 million of such amount with the proceeds from a borrowing under the Revolving Facilities. The Delayed-Draw Facility will continue to amortize in equal quarterly installments in an annual amount of 10%, with the balance payable at maturity. 21. Debt (continued) ​ The Company incurred $2,278,000 of total debt issue costs of which $2,038,000 were eligible to be deferred in connection with the amendment. At December 31, 2020, the Company had unamortized deferred debt issue costs relating to the Credit Agreement of $2,953,000. For the year ended December 31, 2020, the Company made scheduled debt repayments of $13,711,000 on the Term loan (2019: $13,592,000). The Company did not make any voluntary prepayments on the Term loan during the year ended December 31, 2020 (2019: $62,690,000).
b) | Senior unsecured notes
​ On December 21, 2016, the Company completed the offering of $500,000,000 aggregate principal amount of 5.375% senior unsecured notes due January 15, 2025 (the “Notes”). Interest on the Notes is payable semi-annually. The Notes are jointly and severally guaranteed on an unsecured basis, subject to certain exceptions, by certain of the Company’s subsidiaries. IronPlanet, Rouse, and certain of their respective subsidiaries were added as additional guarantors in connection with the acquisitions of IronPlanet and Rouse, respectively. As at December 31, 2020, principal repayments for the remaining period to the contractual maturity dates are as follows: ​
​ | ​ | ​ | ​
​ |  | Face value
2021 |  | $ | 10,360
2022 |  | ​ | 10,360
2023 |  | ​ | 123,884
2024 |  | ​ | —
2025 | ​ | ​ | 500,000
Thereafter |  | ​ | —
​ | ​ | $ | 644,604
​ As at December 31, 2020, the Company had unused committed revolving credit facilities aggregating $455,124,000 of which $450,124,000 is available until October 27, 2023 subject to certain covenant restrictions. The Company was in compliance with all financial and other covenants applicable to the credit facilities at December 31, 2020.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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