Note 9 - Long-term Debt

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Long-term Debt [Text Block]

9. Long-term debt

	December 31, 2018
Revolving credit facility	$	177,246
3.84% Notes		150,000
Capital leases maturing at various dates through 2022		2,693
Other long-term debt maturing at various dates up to 2023		4,584
		334,523
Less: current portion		3,915
Long-term debt - non-current	$	330,608

The Company has

$150

million of senior secured notes (the “Senior Notes”) bearing interest at a rate of

3.84%.

The Senior Notes are due on

January 16, 2025,

with

five

annual equal repayments beginning on

January 16, 2021.

The Company has a credit agreement with a syndicate of banks to provide a committed multi-currency revolving credit facility (the “Facility”) of

$250

million. The Facility has a

5

-year term ending

January 2023

and bears interest at

0.25%

to

2.50%

over floating reference rates, depending on certain leverage ratios. The weighted average interest rate for

2018

was

3.75%.

The revolving credit facility had

$67,540

of available un-drawn credit as at

December 31, 2018.

As of

December 31, 2018,

letters of credit in the amount of

$5,214

were outstanding (

$5,389

as at

December 31, 2017).

The Facility requires a commitment fee of

0.25%

to

0.50%

of the unused portion, depending on certain leverage ratios. At any time during the term, the Company has the right to increase the Facility by up to

$100

million, on the same terms and conditions as the original Facility. The Facility is available to fund working capital requirements and other general corporate purposes.

The Facility and the Senior Notes rank equally in terms of seniority. The Company has granted the lenders under the Facility and holders of the Senior Notes various collateral, including an interest in all of the assets of the Company. The covenants under the Facility and the Senior Notes require the Company to maintain certain ratios, including financial leverage, interest coverage and net worth. The Company is limited from undertaking certain mergers, acquisitions and dispositions without prior approval.

The effective interest rate on the Company’s long-term debt for the year ended

December 31, 2018

was

3.8%.

The estimated aggregate amount of principal repayments on long-term debt required in each of the next

five

years ending

December 31

and thereafter to meet the retirement provisions are as follows:

2019	$	3,914
2020		1,916
2021		30,584
2022		30,434
2023 and thereafter		267,675