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Note 12 - Long-term Debt
 12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Long-term Debt [Text Block]
12.
Long-term debt
 
    December 31,
    2020
     
Credit Agreement   $
425,750
  
Senior Notes    
150,000
  
Capital leases maturing at various dates through 2026    
10,898
  
Other long-term debt maturing at various dates up to 2023    
2,956
  
     
589,604
  
Less: current portion    
56,478
  
Long-term debt - non-current   $
533,126
  
 
The Company has
$150
 million of 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 entered into the Credit Agreement with a syndicate of lenders. The Credit Agreement is comprised of a committed multi-currency revolving credit facility of
$450,000
(the “Facility”) and a term loan (drawn in a single advance) in the aggregate amount of
$440,000
(the “Term Loan”). The Facility portion of the Credit Agreement has a term ending on
January 
17,
2023
and bears interest at
0.25%
to
2.50%
over floating preference rates, depending on certain leverage ratios. The Term Loan portion of the Credit Agreement has a term ending on
June 
21,
2024,
with repayments of
5%
per annum, paid quarterly, beginning in
September 2020,
with the balance payable at maturity, and bears interest at
0.25%
to
2.50%
over floating preference rates, depending on certain leverage ratios. The weighted average interest rate for
2020
was
3.4%.
The Facility had
$422,369
of available un-drawn credit as at
December 31, 2020.
As of
December 31, 2020,
letters of credit in the amount of
$12,631
were outstanding (
$6,316
as at
December 31, 2019).
The Credit Agreement requires a commitment fee of
0.25%
to
0.50%
of the unused portion, depending on certain leverage ratios. The Company
may
repay amounts owing under the Credit Agreement at any time without penalty. The Facility is available to fund working capital requirements (including acquisitions and any associated contingent purchase consideration) and other general corporate purposes. The Term Loan was implemented in order to substantially finance the purchase price for Global Restoration in the prior year.
 
The indebtedness under the Credit Agreement and the Senior Notes rank equally in terms of seniority. The Company has granted the lenders under the Credit Agreement and the holders of the Senior Notes various security, including an interest in all of our assets. The Company is prohibited under the Credit Agreement and the Senior Notes from undertaking certain acquisitions and dispositions, and incurring certain indebtedness and encumbrances, without prior approval of the lenders under the Credit Agreement and the holders of the Senior Notes.
 
The effective interest rate on the Company's long-term debt for the year ended
December 31, 2020
was
3.4%
(
2019
–
4.4%
). 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:
 
  2021     $
56,479
  
  2022      
56,968
  
  2023      
54,536
  
  2024      
391,056
  
 
2025 and thereafter
      
30,565