|
|
|
Debt Structure
(as at June 30, 2009) |
|
|
Rate/Coupon |
Maturity |
Type |
Amount authorized
(M CAN$) |
Amount drawn or value
(M CAN$) |
| Credit facilities |
|
|
|
|
|
|
| Revolving credit facility1,2 |
Variable rate |
December 2011 |
Secured |
750 |
379 |
| Term credit facility1,2 |
Variable rate |
October 2012 |
Secured |
100 |
100 |
 |
|
|
|
|
850 |
479 |
|
|
|
|
|
|
| Long term notes3 |
|
|
| US$646 million |
7.25% |
February 2013 |
Unsecured |
|
693 |
| US$250 million |
6.75% |
June 2013 |
Unsecured |
|
268 |
|
|
|
|
|
|
961 |
|
|
|
|
|
|
| Other debts, including our share of joint ventures |
|
79 |
| Less: Unamortized financing costs |
|
8 |
|
|
|
|
|
|
|
| TOTAL LONG TERM DEBT |
|
1,511 |
| Less : Current portion |
|
10 |
|
| LONG TERM DEBT |
|
|
|
|
1,501 |
|
|
| TOTAL DEBT |
|
|
|
|
|
| Total long term debt (including current portion) |
|
1,511 |
| Bank loans and advances |
|
79 |
|
|
|
|
|
|
1,590 |
| Less: Cash and cash equivalents |
|
20 |
|
| NET DEBT CONSOLIDATED |
|
|
|
|
1,570 |
|
| Less: Net debt of subsidiaries and without recourse to the Company |
|
108 |
|
| NET DEBT |
|
|
|
|
1,462 |
|
'1. The Company's obligations under the revolving credit facility and the term facility are secured by all the inventory and receivables of the Company and its subsidiaries located in North America and by the property, plant and equipment of five of its mills.
'2. The facility can be reimbursed without penalty at the Company's option any time prior to maturity.
'3. In 2007, the Company entered into derivatives instruments to fix $900 million of its US denominated debt at an average exchange rate of CAN$0.981 (US$1.019). The maturity of these derivatives instruments is in line with the maturity of the underlying debt. However, in the fourth quarter of 2008 and in the second quarter of 2009, the Company terminated some of these forward exchange derivatives contracts prior to maturity for net cash proceeds of approximately $160 million. The Company is now hedge through derivatives instruments to fix approximately 40% of the nominal value of its US$-denominated debt.
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