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Debt
 12 Months Ended
Dec. 31, 2024
Borrowings [abstract]  
Debt
20. DEBT
December 31, 2023RepaymentsAccrued InterestDecember 31, 2024
Senior note maturing December 2027$273.8 $— $2.1 $275.9 
Senior note maturing August 2031409.8 — 9.7 419.5 
Other loans20.1 (6.7)— 13.4 
Less: current portion of debt$(6.7)$— $— $(6.8)
Non-current portion of debt$697.0 $(6.7)$11.8 $702.0 
December 31, 2022ProceedsRepaymentsAccrued Interest
Other (2)
The Acquisition (1)
DispositionsDecember 31, 2023
Senior note maturing December 2027$— $— $— $1.5 $— $272.3 $— $273.8 
Senior note maturing August 2031— — — 6.9 — 402.9 — 409.8 
SL-Credit Facility160.0 315.0 (475.0)— — — — — 
Other loans (1)
33.7 — (228.5)1.0 (7.0)252.4 (31.5)20.1 
Less: current portion of debt$(13.7)$— $— $— $— $— $— $(6.7)
Non-current portion of debt$180.0 $315.0 $(703.5)$9.4 $(7.0)$927.6 $(31.5)$697.0 
(1)In connection with the Acquisition, the Company acquired a loan in MARA ($37 million), a short term loan in Jacobina ($10.3 million) and revolving credit facility in Yamana Corp ($205.0 million). The MARA and Jacobina loans bore effective interest rates of 5.5%, and the revolving credit facility was immediately repaid at the date of Acquisition (Note 8). The Jacobina loan was repaid and the MARA loan was disposed of during the year ended December 31, 2023.
(2)Includes a $7.0 million reclassification of debt at La Arena to accounts payables and accrued liabilities.
Senior Notes
As part of the Acquisition, the Company acquired the following Senior Notes: $283 million in aggregate principal with a 4.625% coupon and maturing in December 2027; and $500 million in aggregate principal with a 2.63% coupon and maturing in August 2031. These Senior Notes are unsecured with interest payable semi-annually. Each series of Senior Notes is redeemable, in whole or in part, at the Company's option, at any time prior to maturity, subject to make-whole provisions. The Senior Notes are accreted to the face value over their respective terms and were recorded at fair value upon acquisition using an effective interest rate of 5.52%.
SL-Credit Facility
The SL-Credit Facility has a limit of $750.0 million plus an accordion feature for up to an additional $250.0 million, which is available at the discretion of the lenders. As of December 31, 2024, the Company was in compliance with all financial covenants under the SL-Credit Facility, which was undrawn. The borrowing costs under the Company's SL-Credit Facility are based on the Company's credit ratings from Moody's and S&P Global's at either: (i) SOFR plus 1.25% to 2.40% or; (ii) The Bank of Nova Scotia's Base Rate on U.S. dollar denominated commercial loans plus 0.15% to 1.30%. Under the ratings based pricing, undrawn amounts under the SL-Credit Facility are subject to a stand-by fee of 0.23% to 0.46% per annum, dependent on the Company's credit rating and subject to pricing adjustments based on sustainability performance ratings and scores. The Company's SL-Credit Facility matures on November 24, 2028.
The Company paid an effective interest rate of nil% (2023- 5.7%) on the SL-Credit Facility during the year ended December 31, 2024. During the year ended December 31, 2024, the Company made net repayments on the SL-Credit Facility of $nil (2023 - $160.0 million).
Other loans
Construction loans
In June 2021 and May 2022, the Company entered into Peruvian USD denominated five-year loans with a local financial institution in Peru for construction financing. The June 2021 loan bears a 3.6% interest rate per annum and requires quarterly repayments while the May 2022 loan bears 2.2% interest per annum and requires monthly repayments.
As at December 31, 2024 the carrying value of all construction loans was $13.4 million (2023 - $20.1 million).
For the year ended December 31, 2024, the Company paid $2.0 million (2023 - $2.0 million) in standby charges on undrawn amounts related to the SL-Credit Facility and $35.3 million (2023 - $43.1 million) in interest, both included in interest and finance expense.