|
|
|
Debt Structure
(as at December 31, 2009) |
|
|
Rate/Coupon |
Maturity |
Type |
Amount authorized
(M CAN$) |
Amount drawn or value
(M CAN$) |
| Credit facilities |
|
|
|
|
|
|
| Revolving credit facility1,2 |
Variable rate |
December 2011 |
Secured |
750 |
159 |
| Term credit facility1,2 |
Variable rate |
October 2012 |
Secured |
100 |
100 |
 |
|
|
|
|
850 |
259 |
|
|
|
|
|
|
| Long term notes3 |
|
|
| US$646 million |
7.25% |
February 2013 |
Unsecured |
|
122 |
| US$250 million |
6.75% |
June 2013 |
Unsecured |
|
63 |
| CA$200million |
7.75% |
December 2016 |
Unsecured |
|
197 |
| US$500million |
7.75% |
December 2017 |
Unsecured |
|
516 |
| US$250 million |
7.875% |
January 2020 |
Unsecured |
|
257 |
|
|
|
|
|
|
1,155 |
|
|
|
|
|
|
| Other debts, including our share of joint ventures |
|
75 |
| Less: Unamortized financing costs |
|
20 |
|
|
|
|
|
|
|
| TOTAL LONG TERM DEBT |
|
1,469 |
| Less : Current portion |
|
10 |
|
| LONG TERM DEBT |
|
|
|
|
1,459 |
|
|
| TOTAL DEBT |
|
|
|
|
|
| Total long term debt (including current portion) |
|
1,469 |
| Bank loans and advances |
|
83 |
|
|
|
|
|
|
1,552 |
| Less: Cash and cash equivalents |
|
19 |
|
| NET DEBT CONSOLIDATED |
|
|
|
|
1,533 |
|
| Less: Net debt of subsidiaries and without recourse to the Company |
|
104 |
|
| NET DEBT |
|
|
|
|
1,429 |
|
'1. The Company's obligations under the revolving credit facility and the term facility are secured by all the inventory and receivables of the Company and its subsidiaries located in North America and by the property, plant and equipment of five of its mills.
'2. The facility can be reimbursed without penalty at the Company's option any time prior to maturity.
'3. On November 19,2009, the Company issued US$500 million aggregate principal amount of 7.75% senior notes due 2017 and CAN$200 million aggregate principal amount of 7.75% senior notes due 2016. On December 9, 2009, the Company also completed a US$250 million aggregate principal amount of 7.875% senior notes due 2020. The Company used the gross proceeds from these offering of notes to fund the purchase of the Company's outstanding senior notes maturing in 2013. As of December 31, 2009, approximately US$116 million aggregate principal amount of 7.25% notes and approximately US$61 million aggregate principal amount of 6.75% notes remained outstanding. As of March 15, 2010, approximately US$10 million aggregate principal amount of 7.25% notes and approximately US$12 million aggregate principal amount of 6.75% notes remained outstanding.
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