LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2020

LONG-TERM DEBT

Summary of long-term debt

	December 31, 2020		December 31, 2019
Revolving credit and swingline facility
Revolving credit facility	$	148.8	$	—
Term loan
Term loan facility		1,671.6		3,351.2
Bonds
5.625% USD senior unsecured notes (“5.625% 2022 Notes”)(1)		—		454.6
5.375% USD senior unsecured notes (“5.375% 2023 Notes”)(2)		—		519.5
4.250% USD senior secured notes (“4.250% 2025 Secured Notes”)(3)		636.6		—
3.750% USD senior secured notes (“3.750%% 2025 Secured Notes”)(4)		954.9		—
7.000% USD senior unsecured notes (“7.000% 2026 Notes”)(5)		—		876.7
5.125% USD senior secured notes (“5.125% 2026 Secured Notes”)(6)		636.6		649.4
8.500% USD senior unsecured notes, (“8.500% 2027 Notes”)(7)		458.4		779.3
4.000% senior unsecured notes, (“4.000% 2028 Notes”)(8)		636.6		—
3.500% USD senior secured notes (“3.500% 2028 Secured Notes”)(9)		954.9		—
Paid in Kind notes
11.000% Paid in Kind notes (“PIK Notes”), semi-annual interest commencing December 1, 2018, principal maturing on May 31, 2028		—		1,008.0
Promissory notes		—		27.5
Equipment loans and other
At interest rates ranging from 3.02% to 4.37%		9.2		9.5
Subtotal		6,107.6		7,675.7
Fair value adjustment, discount and premium on bonds		(5.4)		(30.1)
Net derivative instruments		122.3		31.1
Deferred finance costs		(58.4)		(51.6)
Total long-term debt		6,166.1		7,625.1
Less: Current portion		(4.6)		(64.4)
Total non-current long-term debt	$	6,161.5	$	7,560.7

(1) The 5.625% 2022 Notes bear interest semi-annually which commenced May 12, 2017 with principal maturing on May 1, 2022.

(2) The 5.375% 2023 Notes bear interest semi-annually which commenced September 1, 2018 with principal maturing on March 1, 2023.

(3) The 4.250% 2025 Secured Notes bear interest semi-annually which commenced December 1, 2020 with the principal maturing on June 1, 2025.

(4) The 3.750% 2025 Secured Notes bear interest semi-annually commencing February 1, 2021 with the principal maturing on August 1, 2025.

(5) The 7.000% 2026 Notes bear interest semi-annually which commenced December 1, 2018 with principal maturing on June 1, 2026.

(6) The 5.125% 2026 Secured Notes bear interest semi-annually which commenced on December 15, 2019 with principal maturing on December 15, 2026.

(7) The 8.500% 2027 Notes bear interest semi-annually which commenced on May 1, 2019 with principal maturing on May 1, 2027.

(8) The 4.000% 2028 Notes bear interest semi-annually commencing February 1, 2021 with principal maturing on August 1, 2028.

(9) The 3.500% 2028 Secured Notes bear interest semi-annually commencing September 1, 2021 with principal maturing on September 1, 2028.

Schedule of changes in long-term debt arising from financing activities

The opening and closing balances of long-term debt are reconciled as follows:

	December 31, 2020		December 31, 2019
Balance, beginning of period	$	7,625.1	$	6,288.7
Cash flows
Issuance of long-term debt		4,667.9		3,143.8
Repayment of long-term debt		(6,200.3)		(1,569.9)
Payment of financing costs		(41.0)		(20.7)
Non-cash changes
Reclassification of finance leases		—		(64.4)
PIK note exchanged for common shares		—		(61.1)
Assumed via business combinations		—		0.4
Accrued interest and other non-cash changes		125.6		153.4
Revaluation of foreign exchange		(129.7)		(160.9)
Fair value movements on cash flow hedges		118.5		(84.2)
Balance, end of period	$	6,166.1	$	7,625.1

Schedule of maturities

Principal future payments on long term debt in each of the next five years are as follows:

	Long-term debt
2021	$	4.6
2022		0.5
2023		0.2
2024		3.7
2025		1,591.5
Thereafter		4,507.1
	$	6,107.6