LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2019

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