Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

Debt as of March 31, 2022 and December 31, 2021, was comprised of the following:

		March 31,			December 31,
	Maturity	2022			2021
Senior notes (a)
5.500% senior notes	2026	$	300,000		$	300,000
5.125% senior notes	2029		875,000			875,000
Credit arrangements
€200 million German joint revolving credit facility (b)	2023		—			—
C$160 million Canadian joint revolving credit facility (c)	2027		54,017			—
C$60 million Peace River revolving credit facility (c)			—			22,874
C$60 million Celgar revolving credit facility (c)			—			—
€2.6 million demand loan (d)			—			—
Finance lease liability			58,081			64,041
			1,287,098			1,261,915
Less: unamortized senior note issuance costs			(15,259	)		(15,903	)
Less: finance lease liability due within one year			(7,314	)		(8,467	)
		$	1,264,525		$	1,237,545

(a) In January 2021, the Company issued $875,000 in aggregate principal amount of 5.125% senior notes which mature on February 1, 2029 (the “2029 Senior Notes”). The net proceeds from the 2029 Senior Notes issuance was $860,517 after deducting the underwriter’s discount and offering expenses. The net proceeds were used to redeem the outstanding senior notes which were to mature in 2024 and 2025 and for general corporate purposes. In connection with the redemption, the Company recorded a loss on early extinguishment of debt of $30,368 in the Interim Consolidated Statements of Operations.

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.

Note 4. Debt (continued)

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

2026 Senior Notes		2029 Senior Notes
12 Month Period Beginning	Percentage	12 Month Period Beginning	Percentage
January 15, 2022	101.375%	February 1, 2024	102.563%
January 15, 2023 and thereafter	100.000%	February 1, 2025	101.281%
		February 1, 2026 and thereafter	100.000%

(b) A €200.0 million joint revolving credit facility with all of the Company's German mills that matures in December 2023. Borrowings under the facility are unsecured and bear interest at Euribor plus a variable margin ranging from 1.05% to 2.00% dependent on conditions including but not limited to a prescribed leverage ratio. As of March 31, 2022, approximately €12.5 million ($13,912) of this facility was supporting bank guarantees and approximately €187.5 million ($208,108) 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, 2022, approximately C$67.5 million ($54,017) of this facility was drawn and accruing interest at a rate of 2.38%, approximately C$1.4 million ($1,093) was supporting letters of credit and approximately C$91.1 million ($72,931) was available.

The facility replaced the Peace River and Celgar C$60.0 million revolving credit facilities.

(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, 2022, approximately €2.6 million ($2,833) of this facility was supporting bank guarantees and approximately $nil was available.

Principal Maturities of Senior Notes and Credit Arrangements

The maturities of the principal portion of the senior notes and credit arrangements as of March 31, 2022 were as follows:

	Senior Notes and Credit Arrangements
2022	$	—
2023		—
2024		—
2025		—
2026		300,000
Thereafter		929,017
	$	1,229,017

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 outstanding Senior Notes:

2026 Senior Notes		2029 Senior Notes
12 Month Period Beginning	Percentage	12 Month Period Beginning	Percentage
January 15, 2022	101.375%	February 1, 2024	102.563%
January 15, 2023 and thereafter	100.000%	February 1, 2025	101.281%
		February 1, 2026 and thereafter	100.000%