| DEBT FACILITIES Long-term debt, net of transaction costs is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Repayment | | | | 2026 | | | | 2025 | | Notional amount | | period | | Current | Non-current | | Current | Non-current | | Unsecured senior notes | | | | | | | | | | | | | U.S. dollar, fixed rate - 3.60% to 4.90% | | US$ | 778.0 | | | 2026-2034 | $ | 102.0 | | $ | 978.7 | | $ | 20.0 | | $ | 1,114.7 | | Canadian dollar, Series 1, fixed rate - 5.54% | | $ | 400.0 | | | 2028 | | — | | | 398.7 | | | — | | | 398.1 | | Canadian dollar, fixed rate - 4.15% | | $ | 5.7 | | | 2027 | | 2.9 | | | 2.8 | | | 2.9 | | | 5.7 | | | | | | | | | | | | | | | | Term loans | | | | | | | | | | | | | | U.S. dollar, variable rate | | US$ | 47.7 | | | 2026-2027 | | 4.1 | | | 61.9 | | | 178.7 | | | 288.3 | | | Canadian dollar, variable rate | | $ | 285.9 | | | 2026-2028 | | 5.6 | | | 280.4 | | | 5.6 | | | 12.6 | | | Other | | | | | | — | | | — | | | 33.5 | | | — | | | Lease liabilities | | | | | | | | | | | | | | U.S. dollar | | | | 2026-2071 | | 42.3 | | | 433.3 | | | 92.0 | | | 432.0 | | | Other | | | | 2026-2054 | | 25.9 | | | 260.7 | | | 29.1 | | | 239.0 | | | | | | | | | | | | | | | | R&D obligations | | | | | | | | | | | | | | Canadian dollar | | | | 2026-2048 | | 69.2 | | | 565.7 | | | 37.2 | | | 581.0 | | | Revolving credit facilities | | | | | | | | | | | | | | U.S. dollar, variable rate | | | | | | — | | | — | | | — | | | — | | | Canadian dollar, variable rate | | | | | | — | | | — | | | — | | | — | | | Total long-term debt | | | | | $ | 252.0 | | $ | 2,982.2 | | $ | 399.0 | | $ | 3,071.4 | |
Revolving credit facility In June 2025, the Company extended the maturity date of its US$1.0 billion unsecured revolving credit facility by two years, until June 2030.
Term loans In May 2025, the Company prepaid a US$125.0 million unsecured term loan due in July 2025.
In June 2025, the Company extended the maturity date of a US$200.0 million syndicated term loan, bearing interest at a variable rate, until June 2027. In February 2026, the Company converted this loan to a Canadian dollar loan valued at $273.3 million, with no changes to the maturity date.
In June 2025, the Company entered into an unsecured term loan agreement amounting to US$50.0 million maturing in June 2027, bearing interest at a variable rate.
Information on the change in long-term debt for which cash flows have been classified as financing activities in the statement of cash flows are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unsecured | | | | | | | Revolving | | | | | | senior | | Term | | Lease | | R&D | | credit | | | | | | notes | | loans | | liabilities | obligations | | facility | | Total | | | Net book value as at March 31, 2024 | $ | 1,678.3 | | $ | 239.9 | | $ | 551.9 | | $ | 574.2 | | $ | 30.0 | | $ | 3,074.3 | | | | Changes from financing cash flows | | | | | | | | | | | | | | | Net repayment from borrowing under | | | | | | | | | | | | | | revolving credit facilities | | — | | | — | | | — | | | — | | | (45.0) | | | (45.0) | | | | Proceeds from long-term debt | | — | | | 285.8 | | | — | | | 45.7 | | | — | | | 331.5 | | | | Repayment of long-term debt | | (216.1) | | | (72.6) | | | — | | | (32.6) | | | — | | | (321.3) | | | | Repayment of lease liabilities | | — | | | — | | | (59.9) | | | — | | | — | | | (59.9) | | | | Total changes from financing cash flows | $ | (216.1) | | $ | 213.2 | | $ | (59.9) | | $ | 13.1 | | $ | (45.0) | | $ | (94.7) | | | | Non-cash changes | | | | | | | | | | | | | | Business combinations (Note 2) | | — | | | 48.5 | | | 110.0 | | | — | | | — | | | 158.5 | | | | Foreign currency exchange differences | | 78.1 | | | 16.3 | | | 36.7 | | | — | | | 15.0 | | | 146.1 | | | | Additions and remeasurements of lease liabilities | | — | | | — | | | 153.4 | | | — | | | — | | | 153.4 | | | | | | | | | | | | | | | | | | Accretion | | — | | | — | | | — | | | 32.5 | | | — | | | 32.5 | | | | | | | | | | | | | | | | | | Other | | 1.1 | | | 0.8 | | | — | | | (1.6) | | | — | | | 0.3 | | | | Total non-cash changes | $ | 79.2 | | $ | 65.6 | | $ | 300.1 | | $ | 30.9 | | $ | 15.0 | | $ | 490.8 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net book value as at March 31, 2025 | $ | 1,541.4 | | $ | 518.7 | | $ | 792.1 | | $ | 618.2 | | $ | — | | $ | 3,470.4 | | | | Changes from financing cash flows | | | | | | | | | | | | | | | Net repayment from borrowing under | | | | | | | | | | | | | | revolving credit facilities | | — | | | — | | | — | | | — | | | — | | | — | | | | Proceeds from long-term debt | | — | | | 68.4 | | | — | | | 21.1 | | | — | | | 89.5 | | | | Repayment of long-term debt | | (22.1) | | | (217.9) | | | — | | | (38.9) | | | — | | | (278.9) | | | | Repayment of lease liabilities | | — | | | — | | | (61.1) | | | — | | | — | | | (61.1) | | | | Total changes from financing cash flows | $ | (22.1) | | $ | (149.5) | | $ | (61.1) | | $ | (17.8) | | $ | — | | $ | (250.5) | | | | Non-cash changes | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign currency exchange differences | | (35.1) | | | (17.2) | | | (5.8) | | | — | | | — | | | (58.1) | | | | Additions and remeasurements of lease liabilities | | — | | | — | | | 37.4 | | | — | | | — | | | 37.4 | | | | | | | | | | | | | | | | | | Accretion | | — | | | — | | | — | | | 34.1 | | | — | | | 34.1 | | | | | | | | | | | | | | | | | | Other | | 0.9 | | | — | | | (0.4) | | | 0.4 | | | — | | | 0.9 | | | | Total non-cash changes | $ | (34.2) | | $ | (17.2) | | $ | 31.2 | | $ | 34.5 | | $ | — | | $ | 14.3 | | | | Net book value as at March 31, 2026 | $ | 1,485.1 | | $ | 352.0 | | $ | 762.2 | | $ | 634.9 | | $ | — | | $ | 3,234.2 | | |
As at March 31, 2026, the Company has no remaining R&D obligations in the drawdown phase, and the funding received to date on these loans will be repaid between calendar 2026 and 2048. These loan agreements with government entities include certain eligibility criteria, performance conditions, ongoing compliance obligations, commitments and events of default whereby suspension of funding, repayment obligations, accelerated repayment and/or termination of the agreements may result if the Company fails to meet these conditions and commitments throughout the repayment period and if no mutual agreement is found following the mandatory resolution processes.
The Company's unsecured senior notes, term loans and revolving credit facility include standard events of default and various covenant provisions, including financial covenants, whereby accelerated repayment and/or termination of the agreements may result if the Company were to default on payment or violate certain covenants. The Company is required to maintain compliance with these covenants at all times. As at March 31, 2026, the Company is in compliance with all of its financial covenants, as amended from time to time.
|