v3.26.1
Credit Facilities
 6 Months Ended
Jun. 30, 2026
Text block [abstract]  
Credit Facilities
16.
Credit Facilities
 
    
 
June 30, 2026
     December 31, 2025  
(in thousands)
   
Revolving
 
Facility
     
Term
 
Loan
     Total    
Revolving
 
Facility
      Total  
Current portion
    $ -      $ -     $ -     $     -      $     -  
Long-term portion
      472,000        1,500,000        1,972,000       -        -  
Gross bank debt outstanding
    $  472,000      $  1,500,000     $ 1,972,000     $ -      $ -  
Less: unamortized debt issue costs¹
      -        (2,718 )     (2,718 )      -        -  
Net bank debt outstanding
    $ 472,000      $ 1,497,282     $ 1,969,282     $ -      $ -  
 
1)  In addition to the $2.7 million unamortized debt issue costs associated with the Term Loan, there is $6.0 million (December 31, 2025 - $4.7 million) unamortized debt issue costs associated with the Revolving
Credit
Facility which have been recorded as a long-term asset under the classification Other (see Note 23).
   
 
16.1.
Sustainability-Linked Revolving Credit Facility
On June 30, 2026, the Company expanded its unsecured revolving credit facility (the “Revolving
Credit
Facility”) by $500 million to $2.5 billion, in addition to extending the maturity date by an additional year to June 30, 2031. Additionally, the Company has a $500 
million accordion feature. The Revolving Credit Facility includes sustainability-linked features and a financial covenant requiring a capitalization ratio
≤
0.60:1, with which the Company was in compliance as at June 30, 2026 and 2025. Interest on drawn amounts is based on the Company’s leverage ratio at SOFR +
 
1.10
% to
2.15
%. The standby fee was
0.1966
% (2025 –
0.1966
%).
The Revolving Credit Facility, which is classified as a financial liability and reported at amortized cost using the effective interest method, can be drawn down at any time to finance acquisitions, investments or for general corporate purposes.
 
16.2.
Term Loan
On April 1, 2026, the Company entered into a new unsecured $1.5 billion
non-revolving
term loan credit facility
(the “Term Loan”)
, which
carries a
two-year
maturity
and otherwise aligns with the terms of the Company’s existing Revolving Credit Facility. The Term Loan may be repaid at any time without penalty.
 
16.3.
Lease Liabilities
The lease liability on the Company’s offices located in Vancouver, Canada and the Cayman Islands is as follows:
 
 (in thousands)
   
June 30
 
2026
     
December 31
 
2025
  
Current portion
    $ 586      $ 575  
Long-term portion
      6,882        7,330  
Total lease liabilities
    $    7,468      $    7,905  
The maturity analysis, on an undiscounted basis, of these leases is as follows:
 
 (in thousands)
   
June 30
 
2026
  
Not later than 1 year
    $ 983  
Later than 1 year and not later than 5 years
      4,152  
Later than 5 years
      4,287  
Total lease liabilities
    $    9,422  
 
 
16.4.
Finance Costs
A summary of the Company’s finance costs associated with the above facilities during the period is as follows:
 
 
  
 
 
  
Three Months Ended
June 30
 
  
Six Months Ended
June 30
 
 (in thousands)
  
Note
 
  
2026
 
  
2025
 
  
2026
 
  
2025
 
 Interest Expense During Period
  
  
  
  
  
 Average principal outstanding during period
       $
 
 
 
2,380,000
      $
-
      $
 1,190,000
      $
 
 
 
 
-
  
 Average effective interest rate during period
      16        5.09%        n.a.        5.09%        n.a.  
 Total interest expense incurred during period
       $
30,309
      $
-
      $
30,309
      $
-
  
 Costs related to undrawn credit facilities
      16      $ 687      $
 
1,317
 
    $
1,991
      $
2,667
  
 Interest expense - lease liabilities
      16.
3
 
 		      101     
 
 		 110       
202
       
201
  
 Total finance costs
             $ 31,097      $
 1,427
      $
32,502
      $
 
 
2,868