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Long-term debt
 12 Months Ended
Dec. 31, 2024
Disclosure of detailed information about borrowings [abstract]  
Long-term debt Long-term debt
(a)Details of long-term debt
As at December 31 (millions)Note20242023
Credit facility (b) $1,284 $1,463 
Deferred debt transaction costs(8)(11)
1,276 1,452 
Lease liabilities (c) 249 298 
Long-term debt$1,525 $1,750 
Current116 122 
Non-current1,409 1,628 
Long-term debt$1,525 $1,750 
(b)Credit facility
20242023
As at December 31 (millions)Revolving
component
Term loan
component(1)
TotalRevolving
component
Term loan
component(1)
Total
Available
$611  N/A  $611 $492 N/A$492 
Outstanding
Due to TELUS
$14 $78 $92 $22 $83 $105 
Due to Other175 1,017 1,192 286 1,072 1,358 
$189 $1,095 $1,284 $308 $1,155 $1,463 
Total$800 $1,095 $1,895 $800 $1,155 $1,955 
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(1)Relative to amounts owed to the syndicate of financial institutions, excluding TELUS, we have entered into foreign exchange derivatives (cross currency interest rate exchange agreements) that effectively convert an amortizing amount of $409 million of principal payments, and associated interest obligations, to European euro obligations with an effective fixed interest rate of 2.6% and an effective fixed exchange rate of US$1.088:€1.00 on the principal amount; the initial notional amount of these foreign exchange derivatives was US$448 million. These have been accounted for as a net investment hedge in a foreign operation (see Note 9—Financial instruments for additional details).
We have a credit facility secured by our assets with a syndicate of financial institutions, which includes TELUS as a lender, maturing on January 3, 2028. As at December 31, 2024, TELUS participates as a lender of 7.17% of our total credit facility. The credit facility is comprised of an $800 million revolving credit facility and an amortizing $1.2 billion term loan. As at December 31, 2024, the revolving credit facility and term loan had an effective interest rate of 6.5% (December 31, 2023 - 7.5%).
The credit facility bears interest at prime rate, U.S. dollar base rate, or term secured overnight financing rate (SOFR) (all such terms as used or defined in the credit facility) plus applicable margins. The credit facility includes customary representations, warranties and covenants, including two financial quarter-end ratio tests. Net Debt to Adjusted EBITDA ratio, both measures as defined in our credit agreement, must not exceed 3.75:1.00 for each quarter in fiscal 2024 and 3.25:1.00 subsequently. Subsequent to December 31, 2024, on January 27, 2025, the credit facility Net Debt to Adjusted EBITDA ratio was amended to not exceed 3.75:1.00 for each quarter of fiscal 2025 (previously 3.25:1.00) and 3.25:1.00 subsequently. All other terms of the credit agreement remain unchanged. The Adjusted EBITDA to Debt Service (interest and scheduled principal repayment) ratio must not be less than 1.50:1.00, all as defined in the credit facility. If an acquisition with an aggregate cash consideration in excess of $250 million occurs in any twelve-month period, the maximum permitted Net Debt to Adjusted EBITDA ratio per credit agreement may be increased by 0.50:1.00 and shall return to the then applicable Net Debt to Adjusted EBITDA ratio after eight fiscal quarters.
The term loan of the credit facility is subject to an amortization schedule requiring that 1.25% of the original principal advanced be repaid each quarter with the balance due at maturity of the credit facility on January 3, 2028.
As at December 31, 2024 and 2023, we were in compliance with all financial covenants, financial ratios and all of the terms and conditions of our credit facility and long-term debt agreement.
(c)Lease liabilities
Leases are subject to amortization schedules, which results in the principal being repaid over various periods, including reasonably expected renewals. The weighted average interest rate on lease liabilities was approximately 11.1% as at December 31, 2024.
(d)Long-term debt maturities
Anticipated requirements to meet long-term debt repayments, calculated upon such long-term debts owing as at
December 31, 2024, are as follows:
Composite long-term debt denominated inU.S dollarsEuropean eurosOther currencies
Years ending December 31 (millions)Long-term
debt,
excluding
leases		LeasesTotalLeasesLeasesTotal
2025$60 $22 $82 $13 $22 $117 
202660 21 81 9 21 111 
202760 19 79 6 17 102 
20281,104 13 1,117 4 14 1,135 
202917 17 4 9 30 
Thereafter— 14 14 15 9 38 
Future cash outflows in respect of
composite long-term debt
principal repayments		1,284 106 1,390 51 92 1,533 
Future cash outflows in respect of
associated interest and like
carrying costs(1)
239 50 289 13 27 329 
Undiscounted contractual maturities$1,523 $156 $1,679 $64 $119 $1,862 
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(1)Future cash outflows in respect of associated interest and carrying costs for amounts drawn under our amended credit facility (if any) have been calculated based upon the rates in effect at December 31, 2024.