Debt

3 Months Ended

Mar. 31, 2021

Debt

Debt

16.    Debt

	Carrying amount
	March 31,		December 31,
	2021		2020
Short-term debt	$	25,933	$	29,145
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 2.68%, due in monthly installments of interest only and quarterly installments of principal, maturing in October 2023		97,279		98,420
Long-term revolver loan denominated in Canadian dollars, secured, bearing interest at a weighted average rate of 2.68%, due in monthly installments of interest only, maturing in October 2023		46,882		46,184
Less: unamortized debt issue costs		(619)		(690)
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		(6,823)		(7,266)
Total long-term debt		636,719		636,648
Total debt	$	662,652	$	665,793
Long-term debt:
Current portion	$	10,517	$	10,360
Non-current portion		626,202		626,288
Total long-term debt	$	636,719	$	636,648

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 2.5% (December 31, 2020: 2.3%).

16.    Debt (continued)

Long-term debt

a) Term loan and long-term revolver loan

On August 14, 2020, the Company entered into an amendment of the Credit Agreement dated October 27, 2016, 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”).

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 March 31, 2021, the Company had unused committed revolving credit facilities aggregating $461,115,000 of which $456,115,000 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 March 31, 2021.