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LONG-TERM DEBT (Tables) | 12 Months Ended
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Dec. 31, 2019
LONG-TERM DEBT |
Schedule of borrowings | Long-term debt consists of the following:
|  |  |  | As at
|  |  |  | December 31
(in millions of U.S. dollars) |  | 2019 |  | 2018
LONG-TERM DEBT |  |  |  |
Senior unsecured notes - due November 15, 2022 (a) |  | 397.4 |  | 495.3
Senior unsecured notes - due May 15, 2025 (b) |  | 287.1 |  | 285.2
Credit Facility (c) |  | 30.0 |  | —
Total long-term debt |  | 714.5 |  | 780.5
Schedule of applicable redemption prices on unsecured notes |
| · |  | During the 12‑month period beginning on November 15 of the years indicated at the redemption prices below, expressed as a percentage of the principal amount of the 2022 Unsecured Notes to be redeemed, plus accrued and unpaid interest, if any, to the redemption date:
Date |  | Redemption prices (%) |
2019 |  | 101.04 | %
2020 and thereafter |  | 100.00 | %
Schedule of applicable redemption prices on 2025 Unsecured Notes |
| · |  | During the 12‑month period beginning on May 15 of the years indicated at the redemption prices below, expressed as a percentage of the principal amount of the 2025 Unsecured Notes to be redeemed, plus accrued and unpaid interest, if any, to the redemption date:
Date |  | Redemption prices (%) |
2020 |  | 104.78 | %
2021 |  | 103.19 | %
2022 |  | 101.59 | %
2023 and thereafter |  | 100.00 | %
Schedule of significant covenants | Significant financial covenants are as follows:
|  |  |  | Twelve months ended |  | Twelve months ended
|  |  |  | December 31 |  | December 31
|  | Financial Covenant |  | 2019 |  | 2018
FINANCIAL COVENANTS |  |  |  |  |  |
Minimum interest coverage ratio (Adjusted EBITDA to interest) |  | >3.0 : 1 |  | 4.3 : 1 |  | 4.5 : 1
Maximum leverage ratio (net debt to Adjusted EBITDA) |  | <4.5 : 1 |  | 3.1 : 1 |  | 2.6 : 1
Maximum secured leverage ratio (secured debt to Adjusted EBITDA) |  | <2.0 : 1 |  | 0.7 : 1 |  | 0.4 : 1
Schedule of reconciliation of liabilities arising from financing activities explanatory | The following is a summary of the changes in liabilities arising from financing activities for the year ended December 31, 2019:
|  | As at |  |  |  |  |  |  |  |  |  |  |  | As at
|  | December |  |  |  |  |  | Fair Value |  | Interest & |  | Foreign |  | December
|  | 31, 2018 |  | Borrowings |  | Repayments |  | changes |  | Accretion |  | Exchange |  | 31, 2019
LIABILITIES ARISING FROM FINANCING ACTVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | 780.5 |  | 30.0 |  | (99.7) |  | 1.2 |  | 2.5 |  | — |  | 714.5
Interest payable |  | 6.9 |  | — |  | (49.9) |  | — |  | 48.7 |  | — |  | 5.7
Gold stream obligation |  | 180.2 |  | — |  | (20.0) |  | 4.3 |  | — |  | — |  | 164.5
Total |  | 967.6 |  | 30.0 |  | (169.6) |  | 5.5 |  | 51.2 |  | — |  | 884.7

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