Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Debt as of March 31, 2023 and December 31, 2022, was comprised of the following:

		March 31,			December 31,
	Maturity	2023			2022
Senior notes (a)
5.500% senior notes	2026	$	300,000		$	300,000
5.125% senior notes	2029		875,000			875,000
Credit arrangements
€300 million German joint revolving credit facility (b)	2027		127,237			109,326
C$160 million Canadian joint revolving credit facility (c)	2027		46,183			31,749
€2.6 million demand loan (d)			—			—
Finance lease liability			50,191			51,129
			1,398,611			1,367,204
Less: unamortized senior note issuance costs			(12,684	)		(13,328	)
Less: finance lease liability due within one year			(7,396	)		(7,368	)
		$	1,378,531		$	1,346,508

(a)The senior notes which mature on February 1, 2029 (the "2029 Senior Notes") and the senior notes which mature on January 15, 2026 (the “2026 Senior Notes” and collectively with the 2029 Senior Notes, the “Senior Notes”) are general unsecured senior obligations of the Company. The Company may redeem all or a part of the Senior Notes upon not less than 10 days’ or more than 60 days’ notice at the redemption price plus accrued and unpaid interest to (but not including) the applicable redemption date. The 2026 Senior Notes redemption price is 100.000% of the principal amount. The following table presents the redemption prices (expressed as percentages of principal amount) and the redemption periods of the 2029 Senior Notes:

2029 Senior Notes
12 Month Period Beginning	Percentage
February 1, 2024	102.563%
February 1, 2025	101.281%
February 1, 2026 and thereafter	100.000%

(b)A €300.0 million joint revolving credit facility for the German mills that matures in September 2027. Borrowings under the facility are unsecured and bear interest at Euribor plus a variable margin ranging from 1.30% to 2.25% dependent on conditions including but not limited to a prescribed leverage ratio. The facility is sustainability linked whereby the interest rate margin is subject to upward or downward adjustments of up to 0.05% per annum if the Company achieves, or fails to achieve, certain specified sustainability targets. As of March 31, 2023, approximately €117.0 million ($127,237) of this facility was drawn and accruing interest at a rate of 3.741%, approximately €13.5 million ($14,694) was supporting bank guarantees and approximately €169.5 million ($184,318) was available.

(c)A C$160.0 million joint revolving credit facility for the Celgar mill, Peace River mill and certain other Canadian subsidiaries that matures in January 2027. The facility is available by way of: (i) Canadian denominated advances, which bear interest at a designated prime rate per annum; (ii) banker’s acceptance equivalent loans, which bear interest at the applicable Canadian dollar banker’s acceptance plus 1.20% to 1.45% per annum; (iii) dollar denominated base rate advances at the greater of the federal funds rate plus 0.50%, an Adjusted Term SOFR for a one month tenor plus 1.00% and the bank’s applicable reference rate for U.S. dollar loans; and (iv) dollar SOFR advances, which bear interest at Adjusted Term SOFR plus 1.20% to 1.45% per annum. As of March 31, 2023, approximately C$62.5 million ($46,183) of this facility was drawn and accruing interest at a rate of 6.147%, approximately C$1.3 million ($971) was supporting letters of credit and approximately C$96.2 million ($71,075) was available.

Note 6. Debt (continued)

(d)A €2.6 million demand loan for Rosenthal that does not have a maturity date. Borrowings under this facility are unsecured and bear interest at the rate of the three-month Euribor plus 2.50%. As of March 31, 2023, approximately €2.6 million ($2,775) of this facility was supporting bank guarantees and approximately $nil was available.

Debt Redemption Period for Outstanding Senior Notes

The following table presents the redemption prices (expressed as percentages of principal amount) and the redemption periods of the 2029 Senior Notes:

2029 Senior Notes
12 Month Period Beginning	Percentage
February 1, 2024	102.563%
February 1, 2025	101.281%
February 1, 2026 and thereafter	100.000%

Principal Maturities of Debt

The maturities of the principal portion of the senior notes and credit arrangements as of March 31, 2023 were as follows:

	Senior Notes and Credit Arrangements
2023	$	—
2024		—
2025		—
2026		300,000
2027		173,420
Thereafter		875,000
	$	1,348,420