	December 31,
	2019		2018
Current portion	$	—	$	2,239,637
Non-current portion		68,380,345		67,621,470
Total loans and borrowings	$	68,380,345	$	69,861,107

On October 22, 2019, the Company entered into a new, three year revolving credit line which provides up to $200 million in borrowing capacity and represents an increase from the Company’s previous $100 million facility. The new facility includes a committed $125 million facility and access to an accordion feature that increases the amount of the credit available to the Company by $75 million. Interest on the facility is calculated with reference to LIBOR plus 1.25% to 1.75%, dependent on the Company’s Total leverage ratio. The Facility is secured by the assets of the Company and matures on October 22, 2022. Since the JP Morgan Facility is a syndicated facility, which includes the Bank of Nova Scotia as a lender, any remaining deferred financing fees under the previous Scotia Facility were retained and will be amortized over the term of the new facility. The Company incurred deferred financing fees of $839,893 in connection with this facility. Under the JP Morgan Facility, there are no quarterly or annual repayment requirements. As at December 31, 2019, the Company is required to maintain the following financial covenants in respect of this Facility:

Financial Covenant		Required Ratio
Total leverage ratio		Not greater than 3.00:1.00
Interest coverage ratio		Not less than 3.00:1.00

On November 24, 2015, the Company entered into a credit facility with the Bank of Nova Scotia. The facility, which had a maturity date of April 30, 2018, provided financing of up to $55,000,000, after amendment on June 15, 2016.

On June 26, 2017, the Company amended the Scotia Facility to provide financing of up to $100,000,000 via a revolving and term facility. The amended facility had a maturity date of June 26, 2020. The facility bore interest at a floating rate based on the US prime rate, LIBOR or bankers’ acceptance rates plus an applicable margin. At December 31, 2018, interest on the facility was calculated at LIBOR plus 2.50% on the revolving portion and term portion of the facility. The Facility was secured by the assets of the Company. The Company repaid and extinguished its obligations under this facility on October 22, 2019.

The consolidated minimum loan payments (principal) in the future for all loan agreements in place as of December 31, 2019 are as follows:

	Minimum Principal
At December 31, 2019
2020	$	—
2021		—
2022		69,341,370
	$	69,341,370