Total Debt and NotesI asked about the increase in long-term notes when the 2027's were rolled over. It's going against credit facilities. Between June presentation and March FS I do see ~75mm CAD decrease, but flipping currencies and different exchange rates muddies things. Regardless it will make Q2 look better. Actual response is below. I do wish he mentioned what the redemption fees totaled.
We issued US$575 million of notes due 2032 and repaid U$$410 million of notes due 2027. The remainder of the proceeds from the bond offering after taking out the 2027 notes (US$165 million less issuance and redemption fees) goes to reduce the outstanding bank debt on our credit facilities. You will see this reflected in our second quarter results.
Regarding our overall debt levels, we are targeting an approximate 10% reduction in our net debt by year-end 2024 as we generate significant free cash flow over the balance of the year and allocate 50% of the free cash flow to the balance sheet.