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The Company has lodged objections to the assessments. Based on the merits of the cases and legal interpretation, management believes its position should be sustained.
5. Long-term debt:
Mar 31 Dec 31 Jan 1As at 2013 2012 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Unsecured notes $350 million at 3.25% due December 15, 2019 $ 343,909 $ 343,828 $ - $250 million at 5.25% due March 1, 2022 246,408 246,326 - $150 million at 6.00% due August 15, 2015 149,399 149,344 149,119 $200 million at 8.75% due August 15, 2012 - - 199,643---------------------------------------------------------------------------- 739,716 739,498 348,762Egypt limited recourse debt facilities 421,479 438,631 470,208Other limited recourse debt facilities 25,692 16,242 18,386---------------------------------------------------------------------------- 1,186,887 1,194,371 837,356Less current maturities (40,444) (38,290) (236,063)---------------------------------------------------------------------------- $1,146,443 $1,156,081 $ 601,293----------------------------------------------------------------------------
During the three months ended March 31, 2013, the Company made repayments on its Egypt limited recourse debt facilities of $18.3 million. During the three months ended March 31, 2013, the Company issued $10.0 million of other limited recourse debt.
The Egypt limited recourse debt facilities are described as limited recourse as they are secured only by the assets of the Egypt entity. Accordingly, the lenders to the limited recourse debt facilities have no recourse to the Company or its other subsidiaries. The Egypt limited recourse debt facilities have customary covenants and default provisions that apply only to the Egypt entity, including restrictions on the incurrence of additional indebtedness, a requirement to fulfill certain conditions before the payment of cash or other distributions and a restriction on these distributions if there is a default subsisting. The Egypt limited recourse debt facilities also contain a covenant to complete certain land title registrations and related mortgages that require action by Egyptian government entities. Under the terms of a waiver received from the lenders in March 2013, the Company is required to complete the covenant by March 31, 2014. The Company does not believe that the finalization of these items is material to the security provided to the lenders.
At March 31, 2013, management believes the Company was in compliance with all of the covenants and default provisions related to long-term debt obligations.
6. Finance costs:
Three Months Ended ----------------------- Mar 31 Mar 31 2013 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Finance costs $ 16,518 $ 16,033Less capitalized interest related to Louisiana plant under construction (1,067) ----------------------------------------------------------------------------- $ 15,451 $ 16,033----------------------------------------------------------------------------
