Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2020

LONG-TERM DEBT

		2020			2019		2020			2019
Current Portion of Long-Term Debt
Real Estate Credit Facility	US	$	704	US	$	—	$	896		$	—


Long-Term Debt
Senior Credit Facility	US	$	74,650	US	$	—	$	95,041		$	—
Real Estate Credit Facility			9,797			—		12,474			—
Unsecured Senior Notes:
6.5% senior notes due 2021			—			90,625		—			117,678
7.75% senior notes due 2023			285,734			344,845		363,782			447,792
5.25% senior notes due 2024			263,205			307,690		335,099			399,545
7.125% senior notes due 2026			347,765			369,735		442,757			480,112
	US	$	981,151	US	$	1,112,895		1,249,153			1,445,127
Less net unamortized debt issue costs								(12,943	)		(17,946	)
							$	1,236,210		$	1,427,181

	Senior Credit Facility			Unsecured Senior Notes			Real Estate Credit Facility			Debt Issue Costs			Total
Balance December 31, 2018	$	—		$	1,729,351		$	—		$	(23,098	)	$	1,706,253
Changes from financing cash flows:
Redemption / repurchase of unsecured senior notes		—			(198,387	)		—			—			(198,387	)
Non-cash changes:
Gain on redemption / repurchase of unsecured senior notes		—			(6,815	)		—			—			(6,815	)
Amortization of debt issue costs		—			—			—			5,152			5,152
Foreign exchange adjustment		—			(79,022	)		—			—			(79,022	)
Balance December 31, 2019		—			1,445,127			—			(17,946	)		1,427,181
Changes from financing cash flows:
Redemption / repurchase of unsecured senior notes		—			(240,793	)		—			—			(240,793	)
Repayment of long-term debt		(37,243	)		—			(76	)		—			(37,319	)
Proceeds from Senior Credit Facility		137,255			—			—			—			137,255
Proceeds from Real Estate Credit Facility		—			—			13,811			—			13,811
Addition of debt issue costs		—			—			—			(354	)		(354	)
Non-cash changes:
Gain on redemption / repurchase of unsecured senior notes		—			(43,814	)		—			—			(43,814	)
Amortization of debt issue costs		—			—			—			5,350			5,350
Reclassified to current portion of long-term debt		—			—			(896	)		—			(896	)
Foreign exchange adjustment		(4,971	)		(18,882	)		(365	)		7			(24,211	)
Balance December 31, 2020	$	95,041		$	1,141,638		$	12,474		$	(12,943	)	$	1,236,210

Precision’s current and long-term debt obligations at December 31, 2020 will mature as follows:

Following is a listing of the currently applicable restrictive and financial covenants as at December 31, 2020:

	Covenant	At December 31, 2020
Senior Credit Facility
Consolidated senior debt to consolidated covenant EBITDA⁽¹⁾	≤ 2.50		0.23
Consolidated covenant EBITDA to consolidated interest expense	≥ 1.75		2.68

Real Estate Credit Facility
Consolidated covenant EBITDA to consolidated interest expense	≥ 1.75		2.68

Unsecured Senior Notes
Consolidated interest coverage ratio	≥ 2.00		2.57

(1) For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness.