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Note 8 - Long-term Debt | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Long-term Debt [Text Block] |
8. |  | Long-term debt
|  | December 31, 2016
Revolving credit facility |  | $ | 96,688 |
3.84% Notes |  |  | 150,000 |
Capital leases maturing at various dates through 2021 |  |  | 1,188 |
Other long-term debt maturing at various dates up to 2023 |  |  | 3,033 |
|  |  | 250,909 |
Less: current portion |  |  | 1,043 |
Long-term debt - non-current |  | $ | 249,866 |
The Company has $150 million of senior secured notes (the “Senior Notes”) bearing interest at a rate of 3.84%. The Senior Notes are due on January 16, 2025, with five annual equal repayments beginning on January 16, 2021. The Company has a credit agreement with a syndicate of banks to provide a committed multi-currency revolving credit facility (the “Facility”) of $200 million. The Facility has a 5 -year term ending June 1, 2020 and bears interest at 1.25% to 2.50% over floating reference rates, depending on certain leverage ratios. The weighted average interest rate for 2016 was 2.2%. The revolving credit facility had $97,114 of available un-drawn credit as at December 31, 2016. As of December 31, 2016, letters of credit in the amount of $6,198 were outstanding ($5,918 as at December 31, 2015). The Facility requires a commitment fee of 0.25% to 0.50% of the unused portion, depending on certain leverage ratios. At any time during the term, the Company has the right to increase the Facility by up to $50 million, on the same terms and conditions as the original Facility. The Facility is available to fund working capital requirements and other general corporate purposes. The Facility and the Senior Notes rank equally in terms of seniority. The Company has granted the lenders under the Facility and holders of the Senior Notes various collateral, including an interest in all of the assets of the Company. The covenants under the Facility and the Senior Notes require the Company to maintain certain ratios, including financial leverage, interest coverage and net worth. The Company is limited from undertaking certain mergers, acquisitions and dispositions without prior approval. The effective interest rate on the Company’s long-term debt for the year ended December 31, 2016 was 3.9%. The estimated aggregate amount of principal repayments on long-term debt required in each of the next five years ending December 31 and thereafter to meet the retirement provisions are as follows:
2017 |  | $ | 1,043 |
2018 |  |  | 795 |
2019 |  |  | 547 |
2020 |  |  | 97,237 |
2021 and thereafter |  |  | 151,287 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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