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Long-term debt | 12 Months Ended
--- | ---
Dec. 31, 2022
Financial Instruments [Abstract] |
Long-term debt | Long-term debt:
As at | Dec 31 2022 | Dec 31 2021 |
Unsecured notes |  |  |
(i) $300 million at 4.25% due December 1, 2024 | $ | 298,836 |  | $ | 298,408 |  |
(ii) $700 million at 5.125% due October 15, 2027 | 693,649 |  | 692,516 |  |
(iii) $700 million at 5.25% due December 15, 2029 | 695,283 |  | 694,770 |  |
(iv) $300 million at 5.65% due December 1, 2044 | 295,606 |  | 295,505 |  |
| 1,983,374 |  | 1,981,199 |  |
Other limited recourse debt facilities |  |  |
(i) 5.58% due through June 30, 2031 | 61,978 |  | 65,745 |  |
(ii) 5.35% due through September 30, 2033 | 70,312 |  | 73,836 |  |
(iii) 5.08% due through September 15, 2036 | 35,849 |  | 37,412 |  |
| 168,139 |  | 176,993 |  |
Total long-term debt 1 | 2,151,513 |  | 2,158,192 |  |
Less current maturities 1 | (15,133) |  | (11,775) |  |
| $ | 2,136,380 |  | $ | 2,146,417 |  |
1 Long-term debt and current maturities are presented net of discounts and deferred financing fees of $19.4 million as at December 31, 2022 (2021 - $21.8 million). Other limited recourse debt facilities relate to financing for certain ocean-going vessels which we own through less than wholly-owned entities under the Company's control. For the year ended December 31, 2022, non-cash accretion, on an effective interest basis, of deferred financing costs included in finance costs was $2.2 million (2021 - $3.5 million). The gross minimum principal payments for long-term debt in aggregate and for each of the five succeeding years are as follows:
| Other limited recourse debt facilities | Unsecured notes | Total
2023 | $ | 15,067 | $ | — |  | $ | 15,067
2024 | 12,580 | 300,000 |  | 312,580
2025 | 13,660 | — |  | 13,660
2026 | 13,796 | — |  | 13,796
2027 | 15,173 | 700,000 |  | 715,173
Thereafter | 100,599 | 1,000,000 |  | 1,100,599
| $ | 170,875 | $ | 2,000,000 |  | $ | 2,170,875
The Company has access to a $300 million committed revolving credit facility and a $300 million non-revolving construction facility for the Geismar 3 project, both with a syndicate of highly rated financial institutions. The covenants governing the Company’s unsecured notes, which are specified in an indenture, apply to the Company and its subsidiaries, excluding the Egypt entity and the Atlas joint venture entity, and include restrictions on liens, sale and lease-back transactions, a merger or consolidation with another corporation or sale of all or substantially all of the Company’s assets. The indenture also contains customary default provisions. Significant covenants and default provisions under both facilities include: i) the obligation to maintain an EBITDA to interest coverage ratio of greater than or equal to 2:1 calculated on a four-quarter trailing basis where for only one quarter during the term of the credit facility the ratio can be as low as, but not less than 1.25:1, and a debt to capitalization ratio of less than or equal to 60%, both ratios calculated in accordance with definitions in the credit agreement that include adjustments related to the limited recourse subsidiaries, ii) a default if payment is accelerated by a creditor on any indebtedness of $50 million or more of the Company and its subsidiaries, except for the limited recourse subsidiaries, and iii) a default if a default occurs that permits a creditor to demand repayment on any other indebtedness of $50 million or more of the Company and its subsidiaries, except for the limited recourse subsidiaries. The credit facilities are secured by certain assets of the Company, and also include other customary covenants including restrictions on the incurrence of additional indebtedness, restrictions against the sale or abandonment of the Geismar 3 project, as well as requirements associated with completion of plant construction and commissioning. The limited recourse debt facilities are described as limited recourse as they are secured only by the assets of the entity that carries the debt. Accordingly, the lenders to the limited recourse debt facilities have no recourse to the Company or its other subsidiaries. Failure to comply with any of the covenants or default provisions of the long-term debt facilities described above could result in a default under the applicable credit agreement that would allow the lenders to not fund future loan requests, accelerate the due date of the principal and accrued interest on any outstanding loans or restrict the payment of cash or other distributions. As at December 31, 2022, management believes the Company was in compliance with all covenants related to its long-term debt obligations.

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