Debt

12 Months Ended

Dec. 31, 2020

Debt

Debt

21.   Debt

	Carrying amount
	December 31,		December 31,
	2020		2019
Short-term debt	$	29,145	$	4,705
Long-term debt:
Term loan and long-term revolver loan:
Term loan denominated in Canadian dollars, secured, bearing interest at a weighted average rate of 2.72%, due in monthly installments of interest only and quarterly installments of principal, maturing in October 2023		98,420		155,355
Long-term revolver loan denominated in Canadian dollars, secured, bearing interest at a weighted average rate of 2.72%, due in monthly installments of interest only, maturing in October 2023		46,184		—
Less: unamortized debt issue costs		(690)		(807)
Senior unsecured notes:
Bearing interest at 5.375% due in semi-annual installments, with the full amount of principal due in January 2025		500,000		500,000
Less: unamortized debt issue costs		(7,266)		(9,067)
Total long-term debt		636,648		645,481
Total debt	$	665,793	$	650,186
Long-term debt:
Current portion	$	10,360	$	18,277
Non-current portion		626,288		627,204
Total long-term debt	$	636,648	$	645,481

Short-term debt

Short-term debt is comprised of drawings in different currencies on the Company’s committed revolving credit facilities and has a weighted average interest rate of 2.3% (December 31, 2019: 2.3%).

Long-term debt

a) Term loan and long-term revolver loan

On August 14, 2020, the Company entered into an amendment of its credit agreement dated October 27, 2016 (“Credit Agreement”), totaling US$630.0 million with a syndicate of lenders comprising:

(1) Multicurrency revolving facilities of up to US$530 Million (the “Revolving Facilities”), and,

(2) A delayed-draw term loan facility of up to US$100 Million (the “Delayed-Draw Facility” and together with the Revolving Facilities, the “Facilities”).

The amendment, among other things, (i) extended the maturity date of the Facilities from October 27, 2021 to October 27, 2023, (ii) increased the applicable margin for base rate loans and LIBOR loans by 0.50% at each pricing tier level, (iii) increased the applicable percentage per annum used to calculate the commitment fee in respect of the unused commitments under the Revolving Facilities by 0.10% at each pricing tier level, and (iv) increased the aggregate amount available under the Revolving Facilities from $490.0 million to $530.0 million. Immediately prior to the amendment, the aggregate principal amount outstanding under the Delayed-Draw Facility was $141.0 million. In connection with the amendment, the Company prepaid $41.0 million of such amount with the proceeds from a borrowing under the Revolving Facilities. The Delayed-Draw Facility will continue to amortize in equal quarterly installments in an annual amount of 10%, with the balance payable at maturity.

21.   Debt (continued)

The Company incurred $2,278,000 of total debt issue costs of which $2,038,000 were eligible to be deferred in connection with the amendment. At December 31, 2020, the Company had unamortized deferred debt issue costs relating to the Credit Agreement of $2,953,000.

For the year ended December 31, 2020, the Company made scheduled debt repayments of $13,711,000 on the Term loan (2019: $13,592,000). The Company did not make any voluntary prepayments on the Term loan during the year ended December 31, 2020 (2019: $62,690,000).

b) Senior unsecured notes

On December 21, 2016, the Company completed the offering of $500,000,000 aggregate principal amount of 5.375% senior unsecured notes due January 15, 2025 (the “Notes”). Interest on the Notes is payable semi-annually. The Notes are jointly and severally guaranteed on an unsecured basis, subject to certain exceptions, by certain of the Company’s subsidiaries. IronPlanet, Rouse, and certain of their respective subsidiaries were added as additional guarantors in connection with the acquisitions of IronPlanet and Rouse, respectively.

As at December 31, 2020, principal repayments for the remaining period to the contractual maturity dates are as follows:

	Face value
2021	$	10,360
2022		10,360
2023		123,884
2024		—
2025		500,000
Thereafter		—
	$	644,604

As at December 31, 2020, the Company had unused committed revolving credit facilities aggregating $455,124,000 of which $450,124,000 is available until October 27, 2023 subject to certain covenant restrictions. The Company was in compliance with all financial and other covenants applicable to the credit facilities at December 31, 2020.