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Long-term debt (Tables)

12 Months Ended

Dec. 31, 2020


As at	Dec 31 2020		Dec 31 2019
Unsecured notes

(i) $250 million at 5.25% due March 1, 2022	—		248,912
(ii) $300 million at 4.25% due December 1, 2024	297,999		297,607
(iii) $700 million at 5.125% due October 15, 2027	691,434		—
(iv) $700 million at 5.25% due December 15, 2029	694,282		693,822
(v) $300 million at 5.65% due December 1, 2044	295,410		295,321
	1,979,125		1,535,662
Geismar 3 construction facility at LIBOR+3%	176,335		—
Egypt limited recourse debt facilities	46,948		75,165
Other limited recourse debt facilities
(i) LIBOR+0.75% to LIBOR+2.5% due through 2019 to 2021	—		1,526
(ii) 5.58% due through June 30, 2031	69,734		73,700
(iii) 5.35% due through September 30, 2033	78,391		82,800
(iv) 5.08% due through September 15, 2036	12,839		—
	160,964		158,026
Total long-term debt1	2,363,372		1,768,853
Less current maturities1	(39,771)		(38,420)
	$	2,323,601	$	1,730,433

1 Long-term debt and current maturities are presented net of discounts and deferred financing fees of $25.4 million as at December 31, 2020 (2019 - $20.4 million).

Schedule of minimum principal payments for long-term debt

The gross minimum principal payments for long-term debt in aggregate and for each of the five succeeding years are as follows:


	Egypt limited recourse debt facilities		Other limited recourse debt facilities		Unsecured notes		Construction Facility1		Total
2021	$	31,552	$	8,824	$	—	$	—	$	40,376
2022	16,606		11,778		—		—		28,384
2023	—		12,424		—		—		12,424
2024	—		12,576		300,000		173,000		485,576
2025	—		13,654		—		—		13,654
Thereafter	—		105,002		1,700,000		—		1,805,002
	$	48,158	$	164,258	$	2,000,000	$	173,000	$	2,385,416

1 Balance in long-term debt exceeds the principal payments by $3.3 million due the treatment for modification of interest terms.

Disclosure of debt covenants

The impact on the remaining periods for which the waivers apply is as follows:


Four quarters ended	Minimum interest coverage ratio 2	Minimum EBITDA 1 2



Q4 2020	not applicable	$25 million
Q1 2021	not applicable	$30 million
Q2 2021	not applicable	$70 million
Q3 2021	1.00x	not applicable
Q4 2021	1.25x	not applicable
Q1 2022 & thereafter	2.00x	not applicable

1 EBITDA is defined under the terms of the credit facilities.

2 The minimum EBITDA or minimum interest coverage ratio provision may be fully waived for any two of the remaining measurement periods until Q4 2021.