XML 45 R22.htm IDEA: XBRL DOCUMENT v3.25.0.1
Long-term debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Long-term debt Long-term debt
 
(Expressed in thousands)  
IssuedDecember 31, 2024December 31, 2023
5.50% Senior Secured Notes
$— $113,050 
Unamortized Debt Issuance Cost— (392)
$— $112,658 

5.50% Senior Secured Notes due 2025 (the "Notes")
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. 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"). We did not receive any proceeds in the exchange offer. The Notes had a stated maturity of October 1, 2025 and bore interest at a rate of 5.50% per annum, payable semiannually on April 1st and October 1st, respectively, of each year.
On September 19, 2024, the Company issued a notice of redemption to the holders of its Notes stating that it intended to redeem all of the $113.05 million aggregate principal amount of the Notes outstanding on October 10, 2024. The Company had previously repurchased and retired $11.95 million of the Notes through open market purchases completed in 2022 and 2023. 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 year ended December 31, 2024 was $4.8 million ($6.2 million for the year ended December 31, 2023). Interest paid on the Notes for the year ended December 31, 2024 was $4.8 million ($6.2 million for the year ended December 31, 2023).