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Repayment requirements of Borrowing before deferred financing costs are as follows:
Current maturities 49.1Due in 2013 48.0Due in 2014 378.9Due in 2015 158.4Due in 2016 4.0Due in 2017 1.2Subsequent to 2017 -----------------------------------------------------------------------------Total 639.6--------------------------------------------------------------------------------------------------------------------------------------------------------
12. Convertible Unsecured Subordinated Debentures
Superior's debentures are as follows:---------------------------------------------------------------------------- December October December June June OctoberMaturity 2012 2015 2014 2017 2018 2016(1) TotalInterest rate 5.75% 5.85% 7.50% 5.75% 6.0% 7.5% CarryingConversion price per share $36.00 $31.25 $13.10 $19.00 $15.10 $11.35 Value----------------------------------------------------------------------------Debentures outstanding as at December 31, 2012 - 74.1 67.4 167.6 144.0 72.0 525.1Debentures outstanding as at December 31, 2011 49.3 73.9 66.6 166.6 143.1 71.5 571.0--------------------------------------------------------------------------------------------------------------------------------------------------------Quoted market value as at December 31, 2012 - 75.2 71.4 169.2 148.0 84.2 548.0Quoted market value as at December 31, 2011 50.0 63.0 65.2 122.5 105.6 62.3 468.6----------------------------------------------------------------------------(1) Superior issued $75.0 million in 7.5% convertible unsecured subordinated debentures during the fourth quarter of 2011.(2) Superior redeemed $49.9 million being the outstanding amount on the 5.75% December 2012 convertible unsecured subordinated debentures, on August 2, 2012.
The debentures may be converted into shares at the option of the holder at any time prior to maturity and may be redeemed by Superior in certain circumstances. Superior may elect to pay interest and principal upon maturity or redemption by issuing shares to a trustee in the case of interest payments, and to the debenture holders in the case of payment of principal. The number of any shares issued will be determined based on market prices for the shares at the time of issuance. Superior also has a cash conversion put option which allows Superior to settle any conversion of debentures in cash, in lieu of delivering common shares to the debenture holders of the June 2018 and October 2016 convertible debentures. The cash conversion put option has been classified as an embedded derivative and measured at fair value through net earnings (loss) (FVTNEL) (see Note 13 for further details).
13. Financial Instruments
IFRS requires disclosure around fair value and specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect Superior's market assumptions. These two types of input create the following fair-value hierarchy:
-- Level 1 - quoted prices in active markets for identical instruments.-- Level 2 - quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.-- Level 3 - valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
