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Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure Of Long Term Debt [Abstract]  
Long-Term Debt

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

U.S. Denominated Facilities

 

 

Canadian Facilities and Translated
U.S. Facilities

 

Current Portion of Long-Term Debt

 

 

 

 

 

 

 

 

 

 

 

 

Canadian Real Estate Credit Facility

US

$

—

 

US

$

—

 

 

$

—

 

 

$

1,915

 

U.S. Real Estate Credit Facility

 

 

—

 

 

 

704

 

 

 

—

 

 

 

933

 

 

US

$

—

 

US

$

704

 

 

$

—

 

 

$

2,848

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Debt

 

 

 

 

 

 

 

 

 

 

 

 

Senior Credit Facility

US

$

12,000

 

US

$

—

 

 

$

17,252

 

 

$

—

 

Canadian Real Estate Credit Facility

 

 

—

 

 

 

—

 

 

 

—

 

 

 

24,018

 

U.S. Real Estate Credit Facility

 

 

—

 

 

 

7,685

 

 

 

—

 

 

 

10,181

 

Unsecured Senior Notes:

 

 

 

 

 

 

 

 

 

 

 

 

7.125% senior notes due 2026

 

 

160,000

 

 

 

273,330

 

 

 

230,026

 

 

 

362,096

 

6.875% senior notes due 2029

 

 

400,000

 

 

 

400,000

 

 

 

575,064

 

 

 

529,904

 

 

US

$

572,000

 

US

$

681,015

 

 

 

822,342

 

 

 

926,199

 

Less net unamortized debt issue costs

 

 

 

 

 

 

 

 

(9,873

)

 

 

(11,369

)

 

 

 

 

 

 

 

 

$

812,469

 

 

$

914,830

 

 

 

 

 

Senior Credit
Facility

 

 

Unsecured
Senior Notes

 

 

Canadian Real Estate Credit Facility

 

 

U.S. Real Estate Credit Facility

 

 

CWC Syndicated Loan

 

 

Debt Issue Costs and Original Issue Discount

 

 

Total

 

Balance December 31, 2022

 

$

59,620

 

 

$

1,013,229

 

 

$

17,667

 

 

$

12,322

 

 

$

—

 

 

$

(14,581

)

 

$

1,088,257

 

Changes from financing cash flows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Proceeds from Senior Credit Facility

 

 

162,649

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

162,649

 

   Acquired long-term debt

 

 

—

 

 

 

—

 

 

 

9,697

 

 

 

—

 

 

 

50,690

 

 

 

—

 

 

 

60,387

 

   Repayment of long-term debt

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(50,690

)

 

 

—

 

 

 

(50,690

)

   Repayment of unsecured senior notes

 

 

—

 

 

 

(99,950

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(99,950

)

   Repayment of Senior Credit Facility

 

 

(222,216

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(222,216

)

   Repayment of Real Estate Credit
       Facility

 

 

—

 

 

 

—

 

 

 

(1,431

)

 

 

(950

)

 

 

—

 

 

 

—

 

 

 

(2,381

)

Non-cash changes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Gain on repurchase of unsecured
       senior notes

 

 

—

 

 

 

(137

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(137

)

   Amortization of debt issue costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,210

 

 

 

3,210

 

   Foreign exchange

 

 

(53

)

 

 

(21,142

)

 

 

—

 

 

 

(258

)

 

 

—

 

 

 

2

 

 

 

(21,451

)

Balance December 31, 2023

 

$

—

 

 

$

892,000

 

 

$

25,933

 

 

$

11,114

 

 

$

—

 

 

$

(11,369

)

 

$

917,678

 

Current

 

 

—

 

 

 

—

 

 

 

1,915

 

 

 

933

 

 

 

—

 

 

 

—

 

 

 

2,848

 

Long-term

 

 

—

 

 

 

892,000

 

 

 

24,018

 

 

 

10,181

 

 

 

—

 

 

 

(11,369

)

 

 

914,830

 

Balance December 31, 2023

 

$

—

 

 

$

892,000

 

 

$

25,933

 

 

$

11,114

 

 

$

—

 

 

$

(11,369

)

 

$

917,678

 

Changes from financing cash flows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Proceeds from Senior Credit Facility

 

 

27,978

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

27,978

 

   Repayment of unsecured senior notes

 

 

—

 

 

 

(155,682

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(155,682

)

   Repayment of Senior Credit Facility

 

 

(10,981

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(10,981

)

   Repayment of Real Estate Credit
       Facility

 

 

—

 

 

 

—

 

 

 

(25,933

)

 

 

(11,723

)

 

 

—

 

 

 

—

 

 

 

(37,656

)

Non-cash changes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Amortization of debt issue costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,090

 

 

 

3,090

 

   Reclassification of loan commitment
      fees

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,594

)

 

 

(1,594

)

   Foreign exchange

 

 

255

 

 

 

68,772

 

 

 

—

 

 

 

609

 

 

 

—

 

 

 

—

 

 

 

69,636

 

Balance December 31, 2024

 

$

17,252

 

 

$

805,090

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

(9,873

)

 

$

812,469

 

Current

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Long-term

 

 

17,252

 

 

 

805,090

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(9,873

)

 

 

812,469

 

Balance December 31, 2024

 

$

17,252

 

 

$

805,090

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

(9,873

)

 

$

812,469

 
Long-Term Debt Obligations

Precision’s current and long-term debt obligations at December 31, 2024 will mature as follows:

 

 

 

 

 

2025

 

$

—

 

2026

 

 

230,026

 

2027

 

 

17,252

 

2028

 

 

—

 

Thereafter

 

 

575,064

 

 

 

$

822,342

 
Schedule of Listing of Currently Applicable Restrictive and Financial Covenants

At December 31, 2024, Precision was in compliance with the covenants of the Senior Credit Facility and unsecured senior notes.

 

 

 

Covenant

 

At December 31, 2024

 

Senior Credit Facility

 

 

 

 

 

Consolidated senior debt to consolidated covenant EBITDA(1)

 

≤ 2.50

 

 

0.04

 

Consolidated covenant EBITDA to consolidated interest expense

 

≥ 2.50

 

 

7.64

 

 

 

 

 

 

 

Unsecured Senior Notes

 

 

 

 

 

Consolidated interest coverage ratio

 

≥ 2.00

 

 

7.94

 

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