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8. Trade and Other Payables
A summary of trade and other payables is as follows:
March 31, December 31, 2013 2012----------------------------------------------------------------------------Trade payables 234.4 241.6Net benefit obligation 3.8 3.6Other payables 50.8 57.7Amounts due to customers under construction contracts 1.3 1.3Share-based payments 14.8 9.9----------------------------------------------------------------------------Trade and other payables 305.1 314.1--------------------------------------------------------------------------------------------------------------------------------------------------------
9. Deferred Revenue
March 31, December 31, 2013 2012----------------------------------------------------------------------------Balance at the beginning of the period 19.2 14.2 Deferred during the period 2.4 29.1 Released to net earnings (8.8) (23.9) Foreign exchange impact 0.2 (0.2)----------------------------------------------------------------------------Balance at the end of the period 13.0 19.2---------------------------------------------------------------------------- March 31, December 31, 2013 2012----------------------------------------------------------------------------Current 12.3 18.2Non-current 0.7 1.0---------------------------------------------------------------------------- 13.0 19.2--------------------------------------------------------------------------------------------------------------------------------------------------------
The deferred revenue relates to Energy Services' unearned service revenue and Specialty Chemicals' unearned product-related revenues.
10. Borrowing
Year of Effective Interest March 31, December 31, Maturity Rate 2013 2012----------------------------------------------------------------------------Revolving term bank credits(1) Bankers 2015 Floating BA rate 92.9 148.6 Acceptances (BA) plus applicable credit spread Canadian Prime 2015 Prime rate plus 5.0 13.0 Rate Loan credit spread LIBOR Loans 2015 Floating LIBOR rate 102.6 137.3 (US$101.0 plus applicable million; 2012- credit spread US$138.0 million) US Base Rate Loan 2015 US Prime rate plus 5.2 34.5 (US$5.1 million; credit spread 2012- US$34.6 million)---------------------------------------------------------------------------- 205.7 333.4----------------------------------------------------------------------------Other Debt Accounts - Floating BA Plus 7.9 - receivable factoring program(2) Deferred 2013-2016 Non-interest- 2.6 2.7 consideration bearing---------------------------------------------------------------------------- 10.5 2.7----------------------------------------------------------------------------Senior Secured Notes(3)---------------------------------------------------------------------------- Senior secured 2013-2015 6.65% 93.4 91.5 notes subject to fixed interest rates (US$92.0 million; 2012 - US$92.0 million)----------------------------------------------------------------------------Senior Unsecured Debentures---------------------------------------------------------------------------- Senior unsecured 2016 8.25% 150.0 150.0 debentures----------------------------------------------------------------------------Finance Lease Obligations---------------------------------------------------------------------------- Finance lease 59.0 62.0 obligations--------------------------------------------------------------------------------------------------------------------------------------------------------Total borrowing before 518.6 639.6 deferred financing feesDeferred financing fees (4.7) (5.2)----------------------------------------------------------------------------Borrowing 513.9 634.4Current maturities (56.9) (59.7)----------------------------------------------------------------------------Borrowing 457.0 574.7--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Superior and its wholly-owned subsidiaries, Superior Plus Financing Inc. and Commercial E Industrial (Chile) Limitada, reduced the revolving term bank credit borrowing capacity to $570 million from $615 million on March 28, 2012. The credit facilities mature on June 27, 2015 and are secured by a general charge over the assets of Superior and certain of its subsidiaries. As at March 31, 2013, Superior had $25.5 million of outstanding letters of credit (December 31, 2012 - $31.1 million) and approximately $115.2 million of outstanding financial guarantees (December 31, 2012 - $121.9 million). The fair value of Superior's revolving term bank credits, other debt, letters of credit, and financial guarantees approximates their carrying value as a result of the market based-interest rates, the short-term nature of the underlying debt instruments and other related factors.(2) Superior has entered into a Master Receivables Purchase Agreement (MRPA) with a financial institution where it may purchase from time to time, on an uncommitted revolving basis, a 100% interest in receivables from Superior. The maximum aggregate amount of purchased receivables purchased by the financial institution under this agreement and outstanding at any time is limited to $15.0 million. As at March 31, 2013, the accounts receivable factoring program totaled CDN $7.9 million (December 31, 2012- CDN $nil million).(3) Senior secured notes (the Notes) totaling US$92.0 million and US$92.0 million (respectively, CDN$93.4 million at March 31, 2013 and CDN $91.5 million at December 31, 2012) are secured by a general charge over the assets of Superior and certain of its subsidiaries. Principal repayments began in the fourth quarter of 2009. Management has estimated the fair value of the Notes based on comparisons to treasury instruments with similar maturities, interest rates and credit risk profiles. The estimated fair value of the Notes as at March 31, 2013 was CDN$99.3 million (December 31, 2012 - CDN$94.4 million).
