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Long-term debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Long-term debt Long-term debt
 
(Expressed in thousands)   
IssuedMaturity DateSeptember 30, 2024December 31, 2023
5.50% Senior Secured Notes
10/1/2025$113,050 $113,050 
Unamortized Debt Issuance Cost(228)(392)
$112,822 $112,658 
5.50% Senior Secured Notes due 2025
On September 22, 2020, in a private offering, the Company issued $125.0 million aggregate principal amount of 5.50% Senior Secured Notes due 2025 (the "Unregistered Notes") under an indenture at an issue price of 100% of the principal amount. Interest on the Unregistered Notes is payable semi-annually on April 1st and October 1st. The Company used the net proceeds from the offering of the Unregistered Notes, along with cash on hand, to redeem in full our 6.75% Senior Secured Notes due July 1, 2022 (the "Old Notes") in the principal amount of $150.0 million (the Company held $1.4 million in treasury for a net outstanding amount of $148.6 million), and pay all related fees and expenses in relation thereto.
On November 23, 2020, we completed an exchange offer in which we exchanged 99.8% of the Unregistered Notes for a like principal amount of notes (the "Notes") with identical terms, except that such new Notes have been registered under the Securities Act of 1933, as amended (the "Securities Act").

As of September 30, 2024, $113.05 million aggregate principal amount of the Notes remain outstanding. On September 19, 2024, the Company issued a notice of redemption to the holders of its Notes stating that it intends to redeem all of the $113.05 million aggregate principal amount of the Notes outstanding on October 10, 2024. On October 10, 2024, the Company completed its redemption of all of the $113.05 million aggregate principal amount of the Notes outstanding at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus accrued and unpaid interest.

Interest expense on the Notes for the three and nine months ended September 30, 2024 was $1.6 million and $4.7 million, respectively. Interest expense on the Notes for the three and nine months ended September 30, 2023 was $1.6 million and $4.7 million, respectively.