Agnico Eagle Reports First Quarter 2024 Results – Strong Quarterly GOLD Production and Cost Performance Drive Record Quarterly Free Cash Flow; 2023 Sustainability Report Released
Stock Symbol: AEM (NYSE and TSX)
For further information: Investor Relations
(416) 947-1212
(All amounts expressed in U.S. dollars unless otherwise noted)
AGNICO EAGLE REPORTS FIRST QUARTER 2024 RESULTS – STRONG QUARTERLY GOLD
PRODUCTION AND COST PERFORMANCE DRIVE RECORD QUARTERLY FREE CASH FLOW; 2023
SUSTAINABILITY REPORT RELEASED
Toronto (April 25, 2024) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle" or the
"Company") today reported financial and operating results for the first quarter of 2024.
"Building on a very strong close to 2023, we are reporting our second consecutive quarter of record
operating margins and record free cash flow, on the back of solid operational and cost performance. With
this strong start to the year, we are well positioned to achieve our production and cost guidance for 2024,"
said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "During the quarter, we
continued to advance our key value drivers and project pipeline, and our exploration program yielded
significant results at Hope Bay, Canadian Malartic and Detour Lake. We strengthened our balance sheet in
the quarter and our focus remains on capital discipline and cost control, while investing in our projects
pipeline and providing returns to shareholders," added Mr. Al-Joundi.
First quarter 2024 highlights:
• Strong quarterly gold production – Payable gold production 1 in the first quarter of 2024 was
878,652 ounces at production costs per ounce of $892, total cash costs per ounce2 of $901 and all-
in sustaining costs ("AISC") per ounce 3 of $1,190. Gold production in the first quarter of 2024 was
led by record quarterly production at Canadian Malartic and strong production from Macassa and
the Company's Nunavut operations
1
1 Payable production of a mineral means the quantity of a mineral produced during a period contained in products that have been or
will be sold by the Company whether such products are shipped during the period or held as inventory at the end of the period.
2 Total cash costs per ounce is a non-GAAP ratio that is not a standardized financial measure under IFRS and in this news release,
unless otherwise specified, is reported on (i) a per ounce of gold production basis, and (ii) a by-product basis. For a description of the
composition and usefulness of this non-GAAP measure and a reconciliation of total cash costs to production costs on both a by-
product and a co-product basis, see "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain
Measures of Performance", respectively, below.
3 AISC per ounce is a non-GAAP ratio that is not a standardized financial measure under the IFRS and in this news release, unless
otherwise specified, is reported on (i) a per ounce of gold production basis, and (ii) a by-product basis. For a description of the
composition and usefulness of this non-GAAP measure and a reconciliation to production costs and for all-in sustaining costs on both
a by-product and co-product basis, see "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain
Measures of Performance", respectively, below.
• Record quarterly cash provided by operating activities and free cash flow – The Company
reported quarterly net income of $347.2 million or $0.70 per share and adjusted net income 4 of
$377.5 million or $0.76 per share for the first quarter of 2024. Cash provided by operating activities
was $1.57 per share ( $1.56 per share before changes in non-cash working capital balances 5) and
free cash flow 5 was $0.79 per share ( $0.78 per share before changes in non-cash working capital
balances5)
• Strengthening investment grade balance sheet – In the first quarter of 2024, the Company
increased its cash position by $ 186 million and reduced net debt. In addition, in March 2024,
Moody's upgraded the Company's long-term issuer rating to Baa1 from Baa2
• 2024 gold production, cost and capital expenditure guidance reiterated – Expected payable
gold production remains unchanged at approximately 3.35 to 3.55 million ounces in 2024, with total
cash costs per ounce and AISC per ounce in 2024 unchanged at $875 to $925 and $1,200 to
$1,250, respectively. Total capital expenditures (excluding capitalized exploration) for 2024 are still
estimated to be between $1.6 billion to $1.7 billion
• Update on key value drivers and pipeline projects
• Construction of Odyssey mine at the Canadian Malartic complex progressing well –
In the first quarter of 2024, ramp development continued to exceed target, reaching the first
production level of East Gouldie in February 2024 and a depth of 765 metres as at March
31, 2024. Shaft sinking improved during the quarter, with an average sinking rate of 2.4
metres per day (including pre-sinking). The temporary loading pocket, previou sly planned
at level 102, will now be built at Level 64, which is expected to provide hoisting capacity by
mid-2025, six months earlier than previously planned and will provide added development
and production flexibility. Surface construction is progressing as planned, with a focus on
the main hoist building, phase two of the paste plant and the operational complex
• Positive exploration results at Odyssey mine – Exploration drilling continues to return
positive results to the east of the East Gouldie mineral resources, including 4.5 g/t gold
over 30.0 metres at 1,162 metres depth and 1,060 metres east of current mineral reserves;
and 3.1 g/t gold over 32.8 metres at 1,556 metres depth and 420 metres east of the lower
portion of the East Gouldie mineral reserves
• Detour Lake – The mill delivered a solid performance with a throughput rate of 71,451
tonnes per day ("tpd"), which was the highest for a first quarter period, demonstrating
continued mill improvement year-over-year. The Company continues to evaluate
underground mining scenarios at Detour Lake and expects to provide an update on the
project, mill optimization efforts and ongoing exploration results in the second quarter of
2024. Exploration during the first quarter included infill drilling in the shallow portion of the
West Pit Extension, with highlight intercepts of 3.9 g/t gold over 25.4 metres at 369 metres
depth and 5.4 g/t gold over 16.6 metres at 307 metres depth, both at underground depths
near the proposed exploration ramp
◦ Hope Bay – Exploration drilling during the first quarter totalled 30,600 metres and returned
strong results in the Patch 7 area of the Madrid deposit, including 20.8 g/t gold over 17.7
metres at 461 metres depth and 14.1 g/t gold over 16.4 metres at 480 metres depth in a
cluster of high-grade intersections approximately 200 metres north of Patch 7 mineral
resources
2
4 Adjusted net income and adjusted net income per share are non-GAAP measures or ratios that are not standardized financial
measures under IFRS. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net
income see "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance",
respectively, below.
5 Cash provided by operating activities before changes in non-cash working capital balances, free cash flow and free cash flow before
changes in non-cash working capital balances are non-GAAP measures or ratios that are not standardized financial measures under
IFRS. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to cash provided by
operating activities see "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of
Performance", respectively, below.
• 2023 Sustainability Report published – The Company continues to demonstrate its commitment
to ESG performance. In 2023, the Company recorded its best safety performance in its 66-year
history and maintained or improved performance across other key ESG indicators, including
efficient management of water resources and increased local employment. In addition, efforts
continued in 2023 to maintain a climate resilient business and meet our interim reduction target of
30% of absolute Scope 1 and 2 emissions by 2030
• Continued focus on shareholder returns – In the first quarter of 2024, a quarterly dividend of
$0.40 per share has been declared and the Company repurchased 375,000 common shares for
$19.9 million through its normal course issuer bid ("NCIB")
First Quarter 2024 Results Conference Call and Webcast Tomorrow
Agnico Eagle's senior management will host a conference call on Friday, April 26, 2024 at 8 :30 AM (E.D.T.)
to discuss the Company's financial and operating results.
Via Webcast:
A live audio webcast of the conference call will be available on the Company's website
www.agnicoeagle.com.
Via URL Entry:
To join the conference call without operator assistance, you may register and enter your phone number at
https://emportal.ink/3Rvps04 to receive an instant automated call back. You can also dial direct to be
entered to the call by an Operator (see "Via Telephone" details below).
Via Telephone:
For those preferring to listen by telephone, please dial 416.764.8659 or toll-free 1.888.664.6392. To ensure
your participation, please call approximately five minutes prior to the scheduled start of the call.
Replay Archive:
Please dial 416.764.8677 or toll-free 1.888.390.0541, access code 505445#. The conference call replay
will expire on May 26, 2024.
The webcast, along with presentation slides, will be archived for 180 days on the Company's website.
Annual Meeting
The Company will host its Annual and Special Meeting of Shareholders (the "AGM") on Friday, April 26,
2024 at 11:00 AM (E.D.T). During the AGM, management will provide an overview of the Company's
activities.
The AGM will be held in person at the Arcadian Court, 401 Bay Street, Simpson Tower, 8th Floor, Toronto,
Ontario, M5H 2Y4 and online at: https://meetnow.global/MFJPVMP.
For details explaining how to attend, communicate and vote virtually at the AGM please see the Company's
Management Information Circular dated March 22, 2024, filed under the Company's profile on SEDAR+ at
www.sedarplus.ca and on EDGAR at www.sec.gov. Shareholders who have questions about voting their
shares or attending the AGM may contact Investor Relations by phone at 416.947.1212, by toll-free phone
at 1.888.822.6714 or by email at [email protected] or may contact the Company's
strategic shareholder advisor and proxy solicitation agent, Laurel Hill Advisory Group, by phone at
1.877.452.7184 (toll free in North America), at 1.416.304.0211 (for collect calls outside of North America) or
by e-mail at [email protected].
3
First Quarter 2024 Production and Costs
Production and Cost Results Summary*
Three Months Ended
March 31,
2024 2023
Gold production (ounces) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 878,652 812,813
Gold sales (ounces) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 879,063 787,558
Production costs per ounce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 892 $ 804
Total cash costs per ounce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 901 $ 832
AISC per ounce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,190 $ 1,125
* Reflects Agnico Eagle's 50% interest in the Canadian Malartic complex up to and including March 30, 2023 and 100%
interest thereafter.
Gold Production
Gold production increased in the first quarter of 2024 when compared to the prior-year period primarily due
to additional production from the acquisition of the remaining 50% of the Canadian Malartic complex
following the closing of the acquisition of the Canadian assets of Yamana Gold Inc. (the "Yamana
Transaction") and higher production from the Meadowbank complex, partially offset by lower production at
the Fosterville mine.
Production Costs per Ounce
Production costs per ounce increased in the first quarter of 2024 when compared to the prior-year period
primarily due to higher production costs at most mine sites resulting from inflation, combined with the
impact of the timing of inventory sales and lower production at the LaRonde complex, a lower build-up of
ore stockpiles, lower gold production at the Detour Lake mine and the timing of inventory sales at the
Meliadine mine, partially offset by higher gold production and lower production costs at the Meadowbank
complex.
Total Cash Costs per Ounce
Total cash costs per ounce increased in the first quarter of 2024 when compared to the prior-year period
primarily due to higher operating costs at most mine sites resulting from inflation, higher royalties arising
from higher gold prices and gold production, and the impact of lower gold grades at the LaRonde complex,
the Detour Lake mine and the Fosterville mine due to mining sequence, partially offset by higher gold
production and lower production costs at the Meadowbank complex.
AISC per Ounce
AISC per ounce increased in the first quarter of 2024 when compared to the prior-year period due to higher
total cash costs per ounce and higher sustaining capital expenditures during th e period associated with the
acquisition of the remaining 50% of the Canadian Malartic complex, partially offset by higher production.
AISC per ounce in the first quarter of 2024 was lower than expected primarily as a result of the deferral of
certain sustaining capital expenditures at the Detour Lake mine to later in 2024. AISC per ounce is
expected to be higher in the remainder 2024 as the Company still expects company-wide AISC per ounce
for the full year 2024 to be in the range of $1,200 to $1,250 per ounce.
4
First Quarter 2024 Financial Results
Financial Results Summary
Three Months Ended
March 31,
2024 2023
Realized gold price ($/ounce)6
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,062 $ 1,892
Net income ($ millions)7
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 347.2 $ 1,816.9
Adjusted net income ($ millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 377.5 $ 271.3
EBITDA ($ millions)8
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 882.5 $ 2,272.9
Adjusted EBITDA ($ millions)8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 929.3 $ 740.4
Cash provided by operating activities ($ millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 783.2 $ 649.6
Cash provided by operating activities before changes in non-cash working capital
balances ($ millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 777.1 $ 608.8
Capital expenditures9
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 372.0 $ 341.7
Free cash flow ($ millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 395.6 $ 264.7
Free cash flow before changes in non-cash working capital balances ($ millions) . . . . . . . $ 389.5 $ 223.9
Net income per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.70 $ 3.87
Adjusted net income per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.76 $ 0.58
Cash provided by operating activities per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.57 $ 1.39
Cash provided by operating activities before changes in non-cash working capital
balances per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.56 $ 1.30
Free cash flow per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.79 $ 0.56
Free cash flow before changes in non-cash working capital balances per share (basic) . . $ 0.78 $ 0.48
Net Income
In the first quarter of 2024 , net income was $347.2 million ( $0.70 per share). This result includes the
following items (net of tax): derivative losses on financial instruments of $29.2 million ($0.05 per share), net
asset disposal losses of $2.6 million ($0.01 per share ), foreign exchange gains of $4.5 million ($0.01 per
share), and foreign currency translation losses on deferred tax liabilities and various other adjustments
totaling $3.0 million ($0.01 per share).
Excluding the above items results in adjusted net income of $377.5 million or $0.76 per share for the first
quarter of 2024 . Included in the first quarter of 2024 net income, and not adjusted above, is a non-cash
stock option expense of $4.2 million ($0.01 per share).
Net income of $347.2 million in the first quarter of 2024 decreased when compared to net income of
$1,816.9 million in the prior-year period primarily due to the recognition of a $1,543.4 million
remeasurement gain on the 50% of the Canadian Malartic complex that the Company owned prior to the
Yamana Transaction in the prior-year period, partially offset by higher revenues from higher gold sales and
higher realized gold prices in the current period.
5
6 Realized gold price is calculated as gold revenues from mining operations divided by the number of ounces sold.
7 For the first quarter of 2023, includes a $1.5 billion revaluation gain on the 50% interest the Company owned in the Canadian
Malartic complex prior to the Yamana Transaction on March 31, 2023.
8 "EBITDA" means earnings before interest, taxes, depreciation, and amortization. EBITDA and adjusted EBITDA are non-GAAP
measures or ratios that are not standardized financial measures under IFRS. For a description of the composition and usefulness of
these non-GAAP measures and a reconciliation to net income see "Reconciliation of Non-GAAP Financial Performance Measures"
and "Note Regarding Certain Measures of Performance", respectively, below.
9 Includes capitalized exploration
Adjusted EBITDA
Adjusted EBITDA increased in the first quarter of 2024 when compared to the prior-year period primarily
due to record operating margins 10 from higher gold sales and higher realized gold prices, partially offset by
higher production costs.
Cash Provided by Operating Activities
Cash provided by operating activities and cash provided by operating activities before changes in non-cash
working capital balances both increased in the first quarter of 2024 when compared to the prior-year period
primarily due to higher revenues from higher gold sales and higher realized gold prices, partially offset by
higher production costs.
Free Cash Flow Before Changes in Non-Cash Working Capital Balances
Free cash flow before changes in non-cash working capital balances was a record in the first quarter of
2024 and increased when compared to the prior-year period primarily due to the reasons described above
in respect of cash provided by operating activities, partially offset by higher capital expenditures.
Capital Expenditures
The capital expenditures in the first quarter of 2024 were lower than forecast primarily due to the deferral of
certain sustaining capital expenditures at Detour Lake mine to later in 2024. Total expected capital
expenditures (including capitalized exploration) remain in line with guidance for the full year 2024.
6
10 Operating margin is a non-GAAP measure that is not a standardized measure under IFRS. For a description of the composition and
usefulness of this non-GAAP measure and a reconciliation to net income see "Summary of Operations Key Performance Indicators"
and "Note Regarding Certain Measures of Performance", respectively, below.
The following table sets out a summary of capital expenditures (including sustaining capital expenditures 11
and development capital expenditures11) and capitalized exploration in the first quarter of 2024.
Mar 31, 2024 Mar 31, 2024
Sustaining Capital Expenditures
LaRonde complex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,924 $ 319
Canadian Malartic complex . . . . . . . . . . . . . . . . . . . . . . . . . . 27,045 —
Goldex complex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,053 738
Detour Lake mine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,638 —
Macassa mine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,131 400
Meliadine mine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,865 1,337
Meadowbank complex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,942 —
Fosterville mine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,483 —
Kittila mine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,064 450
Pinos Altos mine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,989 303
La India mine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 329 575
Total Sustaining Capital Expenditures . . . . . . . . . . . . . . . . . . $ 186,485 $ 4,122
Development Capital Expenditures
LaRonde complex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24,089 $ —
Canadian Malartic complex . . . . . . . . . . . . . . . . . . . . . . . . . . 36,005 1,318
Goldex complex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,131 —
Detour Lake mine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,759 7,552
Macassa mine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,146 8,318
Meliadine mine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,245 4,086
Meadowbank complex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (27) —
Fosterville mine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,428 3,624
Kittila mine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 908 2,131
Pinos Altos mine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 646 4
San Nicolás project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,371 —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,677 —
Total Development Capital Expenditures . . . . . . . . . . . . . . . . $ 154,378 $ 27,033
Total Capital Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . $ 340,863 $ 31,155
Summary of Capital Expenditures
($ thousands)
Capital Expenditures* Capitalized Exploration
Three Months Ended Three Months Ended
* Excludes capitalized exploration
2024 Guidance Reiterated
The Company is well positioned to achieve its 2024 gold production guidance of approximately 3.35 to 3.55
million ounces, its 2024 total cash costs per ounce guidance of $875 to $925 and its 2024 AISC per ounce
guidance of $1,200 to $1,250.
7
11 Sustaining capital expenditures and development capital expenditures are non-GAAP measures that are not standardized financial
measures under IFRS. For a discussion of the composition and usefulness of these non-GAAP measures and a reconciliation to
additions to property, plant and mine development per the consolidated statements of cash flows, see "Reconciliation of Non-GAAP
Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.
Total expected capital expenditures (excluding capitalized exploration) for 2024 are still estimated to be
between $1.6 billion to $1.7 billion.
Strong Cash Flow Generation Enhances Investment Grade Balance Sheet Alongside Continued
Commitment to Shareholder Returns
As at March 31, 2024, the Company's long-term debt was $1,841.0 million, consistent with the prior quarter.
No amounts were outstanding under the Company's unsecured revolving bank credit facility as at
March 31, 2024.
Cash and cash equivalents increased by $186.0 million when compared to the prior quarter primarily due to
higher cash provided by operating activities as a result of higher revenues from higher gold sales and
higher realized gold prices, and lower capital expenditures.
The following table sets out the calculation of net debt12, which decreased by $188.1 million when
compared to the prior quarter primarily as a result of higher cash and cash equivalents.
Net Debt Summary
($ millions)
As at As at
Mar 31, 2024 Dec 31, 2023
Current portion of long-term debt . . . . . . . . . . . . . . . . . $ 100.0 $ 100.0
Non-current portion of long-term debt . . . . . . . . . . . . . 1,741.0 1,743.1
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,841.0 $ 1,843.1
Less: cash and cash equivalents . . . . . . . . . . . . . . . . . (524.6) (338.6)
Net debt
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,316.4 $ 1,504.5
In order to maintain financial flexibility, and consistent with past practice, the Company intends to file a new
base shelf prospectus in the second quarter of 2024. The Company has no present intention to offer
securities pursuant to the new base shelf prospectus. The notice set out in this paragraph does not
constitute an offer of any securities for sale or an offer to sell or the solicitation of an offer to buy any
securities.
Credit Facility and Credit Rating
As at March 31, 2024, available liquidity under the Company's new unsecured revolving bank credit facility
(as further described below) was approximately $2.0 billion, not including the uncommitted $1.0 billion
accordion feature.
On February 12, 2024, the Company replaced its $1.2 billion unsecured revolving bank credit facility with a
new $2.0 billion unsecured revolving bank credit facility, including an increased uncommitted accordion
feature of $1.0 billion, and having a maturity date of February 12, 2029. In addition to the increased size
and extended term of the new unsecured revolving bank credit facility, the new credit facility includes
enhancements to its terms and conditions more in line with the Company's credit profile and improves its
financial flexibility and strengthens its financial position. At the same time, the Company's $600.0 million
term loan was amended to align the terms and conditions with the new unsecured revolving credit facility.
On March 28, 2024, Moody’s Ratings upgraded the Company’s investment grade credit rating to Baa1 with
a Stable Outlook recognizing the Company’s financial strength and stability. In addition, Fitch has provided
8
12 Net debt is a non-GAAP measure that is not a standardized financial measure under IFRS. For a description of the composition and
usefulness of this non-GAAP measure and a reconciliation to long-term debt, see "Reconciliation of non-GAAP Financial Performance
Measures" and "Note Regarding Certain Measures of Performance", respectively, below.