Note 12 - Long-term Debt

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Long-term Debt [Text Block]

12. Long-term debt

	December 31, 2016		December 31, 2015
Revolving credit facility	$	259,081	$	255,165
Capital leases maturing at various dates through 2019		1,868		1,870
Other long-term debt maturing at various dates up to 2020		1,549		3,912
		262,498		260,947
Less: current portion		1,961		3,200
Long-term debt - non-current	$	260,537	$	257,747

On

June

1,

2015,

the Company entered into a credit agreement with a syndicate of banks to provide a

$525,000

committed revolving credit facility (the “Facility”). The Facility has a

five

-year term ending

June

1,

2020

and bears interest at

1.5%

to

2.75%

over floating reference rates, depending on certain leverage ratios. The weighted average interest rate for

2016

was

2.4%

(2015

-

2.3%).

The Facility had

$253,696

of available un-drawn credit as at

December

31,

2016.

As of

December

31,

2016,

letters of credit in the amount of

$12,073

were outstanding

($17,232

as at

December

31,

2015).

The Facility requires a commitment fee of

0.30%

to

0.55%

of the unused portion, depending on certain leverage ratios. At any time during the term, the Company has the right to increase the Facility by up to

$150,000

on the same terms and conditions as the original Facility.

The Company granted the banks collateral including an interest in the Company’s shares of its subsidiaries, an assignment of material contracts, and an assignment of the Company’s “call” rights with respect to shares of the subsidiaries held by minority interests. The credit agreement covenants require the Company to maintain certain ratios including financial leverage, interest coverage and net worth. The Company is limited from undertaking certain mergers, acquisitions and dispositions without prior approval.

On

January

18,

2017,

the credit agreement for the Facility was amended and restated (see note

25).

The effective interest rate on the Company’s long-term debt for the year ended

December

31,

2016

was

2.8%

(2015

-

3.1%).

The estimated aggregate amount of principal repayments on long-term debt required in each of the next

five

years ending

December

31

and thereafter to meet the retirement provisions are as follows:

2017	$	1,961
2018		1,102
2019		350
2020		4
2021 and thereafter		259,081