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Long-term debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Financial Instruments [Abstract] |
Schedule of borrowings | Long-term debt consists of the following:
| As at December 31 | As at December 31
(in millions of U.S. dollars) | 2023 | 2022
LONG-TERM DEBT |  |
Senior unsecured notes - due July 15, 2027 (a) | 396.0 |  | 394.9 |
Credit Facility (b) | — |  | — |
Total long-term debt | 396.0 |  | 394.9 |
Schedule of applicable redemption prices on 2025 Unsecured Notes | The 2027 Unsecured Notes are redeemable by the Company in whole or in part 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 | 2023 | 2022
FINANCIAL COVENANTS |  |  |
Minimum interest coverage ratio (Adjusted EBITDA to interest) | >3.0 :1 | 8.1 : 1 | 4.5 : 1
Maximum leverage ratio (net debt to Adjusted EBITDA) | <4.5:1 | 1.4 : 1 | 2.1: 1
Maximum secured leverage ratio (secured debt to Adjusted EBITDA) | <2.0:1 | 0.1 : 1 | 0.2 : 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, 2023:
| As at December 31, 2022 | Borrowings | Repayments | Fair Value changes | Interest & Accretion |  | As at December 31, 2023
Liabilities arising from financing activities |  |  |  |  |
Long-term debt | 394.9 | — |  | — |  | — |  | 1.1 |  | 396.0
Interest payable | 14.1 | — |  | (30.0) |  | — |  | 30.0 |  | 14.1 |
Rainy River gold stream obligation | 174.7 | — |  | (29.8) |  | 55.0 |  | — |  |  | 199.9
New Afton free cash flow interest obligation | 378.9 |  | — |  | — |  | 164.5 |  | — |  |  | 543.4 |
Total | 962.6 |  | — |  | (59.8) |  | 219.5 |  | 31.1 |  | 1,153.3 |

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