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Repayment requirements of Borrowing before deferred financing costs are as follows:
Current maturities 56.9Due in 2014 48.6Due in 2015 251.8Due in 2016 158.3Due in 2017 2.1Due in 2018 0.9Subsequent to 2018 -----------------------------------------------------------------------------Total 518.6--------------------------------------------------------------------------------------------------------------------------------------------------------
11. Convertible Unsecured Subordinated Debentures
Superior's debentures are as follows:
---------------------------------------------------------------------------- October December June June OctoberMaturity 2015(1) 2014 2017 2018 2016 TotalInterest rate 5.85% 7.50% 5.75% 6.00% 7.50% CarryingConversion price per share $31.25 $13.10 $19.00 $15.10 $11.35 Value----------------------------------------------------------------------------Debentures outstanding as at March 31, 2013 24.7 67.5 167.8 144.3 72.1 476.4Debentures outstanding as at December 31, 2012 74.1 67.4 167.6 144.0 72.0 525.1--------------------------------------------------------------------------------------------------------------------------------------------------------Quoted market value as at March 31, 2013 25.3 70.5 174.2 154.0 87.3 511.3Quoted market value as at December 31, 2012 75.2 71.4 169.2 148.0 84.2 548.0----------------------------------------------------------------------------(1) Superior redeemed $50.0 million of the outstanding amount on the 5.85% October 2015 convertible unsecured subordinated debentures, on January 3, 2013.
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 (FVTNE) (see Note 12 for further details).
12. 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.
