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Note 12 - Long-term Debt | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Long-Term Debt [Text Block] | 12. Long-term debt
|  | As at December 31, |
|  | 2024 |  |  | 2023 |
Revolving Credit Facility |  | $ | 995,520 |  |  | $ | 977,110 |
Senior Notes |  |  | 495,519 |  |  |  | 518,982 |
Finance leases maturing at various dates through 2029 |  |  | 12,232 |  |  |  | 5,710 |
Other long-term debt maturing at various dates through 2030 |  |  | 5,204 |  |  |  | 837 |
|  |  | 1,508,475 |  |  |  | 1,502,639 |
Less: current portion |  |  | 6,061 |  |  |  | 1,796 |
Long-term debt - non-current |  | $ | 1,502,414 |  |  | $ | 1,500,843 |
On November 29, 2024 the Company amended and extended the multi-currency, sustainability-linked senior unsecured revolving credit facility (the “Revolving Credit Facility”). The Company increased the Revolving Credit Facility from $1,750,000 to $2,250,000 and extended for a 5-year term maturing November 29, 2029. The Revolving Credit Facility bears interest at an applicable margin of 1.125% to 2.5% over floating reference rates, depending on financial leverage ratios. The applicable margin may be adjusted, annually, plus or minus 0.05% subject to achieving certain sustainability metrics. The weighted average interest rate on borrowings under the Revolving Credit Facility was 6.7% (2023 – 6.6%). The Revolving Credit Facility had $1,235,898 of available undrawn credit as at December 31, 2024 ($759,358 as at December 31, 2023). As at December 31, 2024, letters of credit in the amount of $18,582 were outstanding against the Revolving Credit Facility ($13,532 as at December 31, 2023). The Revolving Credit Facility requires a commitment fee of 0.11% to 0.35% of the unused portion, depending on financial leverage ratios. The Company has outstanding senior unsecured notes with a carrying value of $495,519. A summary of the unsecured senior notes is provided in the table below:
|  | Maturity |  |  |  |  |  | Interest |
| Term | Date |  | Carrying Value |  |  | Rate |
Senior Notes due 2028 - €210,000 | 10-year | May 30, 2028 |  | $ | 216,950 |  |  |  | 2.23 | %
Senior Notes due 2031 - €125,000 | 10-year | October 7, 2031 |  |  | 129,114 |  |  |  | 1.52 | %
Senior Notes due 2031 - $150,000 | 10-year | October 7, 2031 |  |  | 149,455 |  |  |  | 3.02 | %
|  |  |  | $ | 495,519 |  |  |  |  |
The Senior Notes due 2028 and the Senior Notes due 2031 are each held by a group of institutional investors. The Revolving Credit Facility, Senior Notes due 2028, and Senior Notes due 2031 rank equally in terms of seniority and have similar financial covenants, including leverage and interest coverage. The Company was in compliance with all covenants as of December 31, 2024. The Company is limited from undertaking certain mergers, acquisitions and dispositions without prior approval. The estimated aggregate principal repayments on long-term debt required in each of the next five years and thereafter to meet the retirement provisions are as follows:
For the year ended December 31, |  |  |  |
2025 |  | $ | 6,061 |
2026 |  |  | 6,634 |
2027 |  |  | 2,757 |
2028 |  |  | 218,517 |
2029 and thereafter |  |  | 1,274,506 |
|  | $ | 1,508,475 |

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