Long-Term Notes (Tables)

12 Months Ended

Dec. 31, 2022


	December 31, 2022		December 31, 2021
Credit facilities - U.S. dollar denominated (1)	$	30,394	$	156,332
Credit facilities - Canadian dollar denominated	355,000		350,182
Credit facilities - principal (2)	$	385,394	$	506,514
Unamortized debt issuance costs	(2,363)		(1,343)
Credit facilities	$	383,031	$	505,171

(1)U.S. dollar denominated credit facilities balance was US$22.5 million as at December 31, 2022 (December 31, 2021 - US$123.5 million).

(2)The decrease in the principal amount of the credit facilities outstanding from December 31, 2021 to December 31, 2022 is the result of net repayments of $136.9 million, partially offset by an increase in the reported amount of U.S. denominated debt of $15.8 million due to foreign exchange.

The following table summarizes the financial covenants applicable to the Credit Facilities and the Company's compliance therewith at December 31, 2022.


Covenant Description	Position as at December 31, 2022	Covenant
Senior Secured Debt (1) to Bank EBITDA (2) (Maximum Ratio)	0.3:1.0	3.5:1.0
Interest Coverage (3) (Minimum Ratio)	15.5:1.0	2.0:1.0

(1)"Senior Secured Debt" is calculated in accordance with the credit facility agreement and is defined as the principal amount of the Credit Facilities and other secured obligations identified in the credit facility agreement. As at December 31, 2022, the Company's Senior Secured Debt totaled $385.4 million.

(2)"Bank EBITDA" is calculated based on terms and definitions set out in the credit facility agreement which adjusts net income or loss for financing and interest expenses, income tax, non-recurring losses, certain specific unrealized and non-cash transactions and is calculated based on a trailing twelve-month basis including the impact of material acquisitions as if they had occurred at the beginning of the twelve month period. Bank EBITDA for the year ended December 31, 2022 was $1.2 billion.

(3)"Interest coverage" is calculated in accordance with the credit facility agreement and is computed as the ratio of Bank EBITDA to financing and interest expenses, excluding certain non-cash transactions, and is calculated on a trailing twelve-month basis. Financing and interest expenses for the year ended December 31, 2022 was $80.2 million.


	December 31, 2022		December 31, 2021
5.625% notes due June 1, 2024 (1)	$	—	$	253,120
8.75% notes due April 1, 2027 (2)	554,597		632,800
Total long-term notes - principal (3)	$	554,597	$	885,920
Unamortized debt issuance costs	(6,999)		(11,393)
Total long-term notes - net of unamortized debt issuance costs	$	547,598	$	874,527

(1)The U.S. dollar denominated principal outstanding of the 5.625% notes was nil at December 31, 2022 (December 31, 2021 - US$200.0 million).

(2)The U.S. dollar denominated principal outstanding of the 8.75% notes was US$409.8 million at December 31, 2022 (December 31, 2021 - US$500.0 million).

(3)The decrease in the principal amount of long-term notes outstanding from December 31, 2021 to December 31, 2022 is the result of principal repayments of $374.1 million and changes in the reported amount of U.S. denominated debt of $42.8 million.