20 WWWNEW G O L D C O M TSXNGD NY SE Am er ic an NG D term disco unt ed portio n of the liability as at Marc h 3 1 2020 was 8 41 million wh en com p a r ed to the prio r yea r balan ce at Decemb e r 31 2019 o f 947 million The decre ase was p r i m aril y driven by foreign excha nge mo veme nts an d paym ents m a de agai nst th e pro v isi on in the quarte r The defe r red incom e tax li ability in crea sed from 48 3 million a s a t Decembe r 3 1 2019 to 5 28 million at March 31 2020 The increase i n defe rred income tax l i ability was pri m aril y dri v en by deferred m i neral taxes As a result of the strategic partn ersh ip with Ontario Tea c he rs describe d above the Compan y h a s recogni ze d a financial liab ility rep r e s ent ing the free cash flo w interest in Ne w Afton the Fre e ca sh flow intere st oblig ation Unde r the te rms of the ag reem ent Ontario T e a c he rs ha ve a c qui red a 46 0 free cash flow interes t in New Afton with an option to c o nv ert t he interest int o a 460 joi n t ventu r e int e re st in four yea r s o r ha ve their interest remain a s a free ca sh flo w intere st at a redu ce d rat e of 425 For a c cou n ting pu rp oses the Compa n y h a s dete r mined th at the fre e cash flow inte re st obligation rep r e s ent s a financi a l liabil i ty with embe dded d e ri vati ve s The val u e of the embedde d deri v at ive s ch ange prima r ily in re spo n se to ch ange s in met a l prices fore ign exch ange rates an d op erating a nd capital co sts at Ne w Afton As the free ca sh flow intere st obligati on has emb edde d derivative s that would oth e rwi s e ne ed to be a c count ed for sep a rately at fair val u e throu gh p r o f it and loss FVTPL the Comp an y ha s desi gnate d the entire instrument as a fi nancial liability at FVTPL with initial and subsequent measurement at fair val ue as pe rmitted unde r IFRS 9 Long term d e b t and other fi nan cial liabilit ies containi ng financial co venant s The maj o rity of the Com p a n y s contra ctu a l obligatio ns con s i s t of lon g term debt a nd interest p a y abl e Lon g term debt include s senio r unsecure d notes and the amounts dra w n on the Compan y s revolvin g cre d it facility the Credit Facility As at March 31 2020 the Comp an y ha s 4 003 milli on of se nio r u n se cu red not es o u tstan d in g that mature and be com e due and p a yable on Nove mber 15 20 2 2 2 022 Unsecu red Note s The 20 22 Un se cured Note s are de nominate d in US dollars and be ar inte rest at the rate of 625 p e r ann um Th e Comp an y issued 30 00 million of se nior u n secure d note s 2 0 2 5 Un se cu red Note s which mature and become d u e and pa yabl e on May 1 5 2025 and bea r intere st at the rate of 63 75 p e r an n u m Interest i s pa yabl e in arrears in eq ual semi an n ual instalme n t s in May an d Novembe r of each ye ar The 202 2 and 2025 Un se cured Notes are sub j ect to a min i mum intere st cove rage i n cu rren ce co ven ant ea r ni ngs befo r e intere st taxe s depreci a tio n amortizatio n impairme n t and other no ncash adju s t m ents to interest of 20 10 In 2019 997 million of the Compa n y s 202 2 Un se cured Note s we re repu rchased for can c ellatio n The Credit Fa cility ha s a m a turity date of August 20 2 1 and a borro wing limit of 4000 million As at March 31 2020 the Compa n y h a s dra w n 65 0 million and is sued letters of credit am ounting to 1 338 million De c e m be r 3 1 2019 1 1 8 9 million u nder the Cre d i t Facilit y L e tters of credit relate to recl a m ation bo nd s and othe r fina ncial a s suran c e s req u ired with va riou s g o ve rnm ent ag enci e s The Credit F a cility contai n s va rio u s co venant s cu sto m ar y for a lo an facility of t h is natu r e in cludi ng limits on indebte d n e ss asset sa les and lien s The Cre d it Fac ility conta i ns thre e co v enant tests the minimum intere st co ve rage ratio b e ing e a rni n g s befo r e inte re st ta xe s depreci a tion amorti zation explo r ation impairm ent and other non ca s h adj ust m ents A dju s ted EBITDA to interest the maximu m net debt to Adjusted EBI TDA ratio L e ve rag e Ratio a nd the ma xim u m g r o ss se cu red d ebt t o A d ju st ed E B I TDA all of which are measured on a rolling fou r quar te r ba si s at the end of eve r y q u a r ter