Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Debt as of June 30, 2024 and December 31, 2023, was comprised of the following:

	Maturity	June 30, 2024			December 31, 2023
Senior notes (a)
5.500% senior notes	2026	$	300,000		$	300,000
12.875% senior notes	2028		200,000			200,000
5.125% senior notes	2029		875,000			875,000
Credit arrangements
€370.1 million German joint revolving credit facility (b)	2027		144,519			161,330
C$160.0 million Canadian joint revolving credit facility (c)	2027		21,553			47,255
€2.6 million demand loan (d)			—			—
Finance lease liability			50,562			48,349
			1,591,634			1,631,934
Less: unamortized senior note issuance costs			(13,419	)		(14,845	)
Less: finance lease liability due within one year			(9,147	)		(7,664	)
		$	1,569,068		$	1,609,425

As of June 30, 2024, the Company was in compliance with the terms of its debt agreements.

(a)In September 2023, the Company issued $200,000 in aggregate principal amount of 12.875% senior notes which mature on October 1, 2028 (the “2028 Senior Notes”). The net proceeds from the 2028 Senior Notes issuance was $195,668 after deducting the underwriter’s discount and offering expenses.

(b)A €370.1 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 1.40% to 2.35% 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 June 30, 2024, approximately €135.0 million ($144,519) of this facility was drawn and accruing interest at a rate of 5.229%, approximately €13.6 million ($14,534) was supporting bank guarantees and approximately €221.5 million ($237,166) 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 dollar denominated advances, which bear interest at a designated prime rate per annum; (ii) Canadian dollar denominated advances, which bear interest at the applicable Adjusted Term Canadian Overnight Repo Rate Average (“CORRA”) 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 Secured Overnight Financing Rate (“SOFR”) for a one month tenor plus 1.00% and the bank’s applicable reference rate for dollar denominated loans; and (iv) dollar SOFR advances, which bear interest at the applicable Adjusted Term SOFR plus 1.20% to 1.45% per annum. As of June 30, 2024, approximately C$29.5 million ($21,553) of this facility was drawn and accruing interest at a rate of 6.480%, approximately C$0.6 million ($471) was supporting letters of credit and approximately C$109.9 million ($80,280) was available.

In June 2024, the Company amended the revolving credit facility agreement to transition from the Canadian Dollar Offered Rate (“CDOR”) benchmark to the CORRA benchmark for applicable Canadian dollar denominated advances under the credit facility as the CDOR benchmark was discontinued on June 28, 2024. The discontinuation of CDOR did not have a material impact on the Company’s financial position.

(d)A €2.6 million demand loan for the Rosenthal mill 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 June 30, 2024, approximately €2.6 million ($2,732) of this facility was supporting bank guarantees and approximately $nil was available.

Principal Maturities of Debt

The maturities of the principal portion of the senior notes and credit arrangements as of June 30, 2024 were as follows:

	Senior Notes and Credit Arrangements
2025	$	—
2026		300,000
2027		166,072
2028		200,000
2029		875,000
Thereafter		—
	$	1,541,072

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 2028 Senior Notes and the 2029 Senior Notes:

2028 Senior Notes		2029 Senior Notes
12 Month Period Beginning	Percentage	12 Month Period Beginning	Percentage
October 1, 2025	106.438%	February 1, 2024	102.563%
October 1, 2026	103.219%	February 1, 2025	101.281%
October 1, 2027 and thereafter	100.000%	February 1, 2026 and thereafter	100.000%