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Long-term debt (Tables) | 12 Months Ended
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Dec. 31, 2021
LONG-TERM DEBT |
Schedule of borrowings | Long-term debt consists of the following:
| As at December 31 | As at December 31
(in millions of U.S. dollars) | 2021 | 2020
LONG-TERM DEBT |  |
Senior unsecured notes - due May 15, 2025 (a) | 97.1 |  | 96.3 |
Senior unsecured notes - due July 15, 2027 (b) | 393.9 |  | 392.9 |
Credit Facility (c) | — |  | — |
Total long-term debt | 491.0 |  | 489.2 |
Schedule of applicable redemption prices on 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 (%)
2021 | 103.19 |
2022 | 101.59 |
2023 and thereafter | 100.00 |
Schedule of applicable redemption prices on 2025 Unsecured Notes | During the 12-month period beginning on July 15 of the years indicated at the redemption prices below, expressed as a percentage of the principal amount of the 2027 Unsecured Notes to be redeemed, plus accrued and unpaid interest, if any, to the redemption date:
Date | Redemption prices (%)
2023 | 103.75 |
2024 | 101.88 |
2025 and thereafter | 100.00 |
Schedule of significant covenants | Significant financial covenants are as follows:
| Twelve months ended December 31 | Twelve months ended December 31
Financial Covenant | 2021 | 2020
FINANCIAL COVENANTS |  |  |
Minimum interest coverage ratio (Adjusted EBITDA to interest) | >3.0:1.0 | 7.2 : 1 | 5.0 : 1
Maximum leverage ratio (net debt to Adjusted EBITDA) | <4.5:1.0 | 0.6 : 1 | 1.8 : 1
Maximum secured leverage ratio (secured debt to Adjusted EBITDA) | <2.0:1.0 | 0.1 : 1 | 0.3 : 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, 2021:
| As at December 31, 2020 | Borrowings | Repayments | Fair Value changes | Interest & Accretion |  | As at December 31, 2021
Liabilities arising from financing activities |  |  |  |  |
Long-term debt | 489.2 | — |  | — |  | — |  | 1.8 |  | 491.0
Interest payable | 16.7 | — |  | (38.1) |  | — |  | 36.3 |  | 14.9 |
Gold stream obligation | 217.9 | — |  | (26.8) |  | 2.9 |  | — |  |  | 194.0
New Afton free cash flow interest obligation | 436.1 |  | — |  | (4.8) |  | 36.1 | — |  |  | 467.4 |
Total | 1,159.9 |  | — |  | (69.7) |  | 39.0 |  | 38.1 |  | 1,167.3 |

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