On June 30, 2021, gross debt reached BRL6,786.2 million, an increase of BRL2,304.0 million from the balance on December 31, 2020, mainly due to the funding from the 10th issue of debentures in February 2021 and 8th issue of commercial papers in April 2021, as well as the recognition of BRL375 million of the debt of PBTE after its acquisition.

The decline in cash and cash equivalents of ISA CTEEP and its wholly-owned subsidiaries in 2Q21 mainly reflects the acquisition of PBTE (BRL1.6 billion), partially offset by the funding carried out to replenish the cash position after the investments made by the Company.

Excluding the cash and cash equivalents of non-consolidated subsidiaries, the Company’s net debt stood at BRL4,231.1 million in March 2021, as against BRL2,332.5 million in December 2020, while the Net Debt/Adjusted EBITDA ratio closed 1Q21 at 1.5 times.
The company duly complies with the covenants and requirements for all of its issues. For 2021, the most restrictive Net Debt/EBITDA ratio is 3.0 times.   

The average cost of consolidated debt was 9.61% p.a. on June 30, 2021 vs. 7.59% p.a. on December 31, 2020. IPCA is the company’s main index for debt and revenues. Average term of consolidated debt on June 30, 2021 was 6.9 years.

Gross Debt Amortization Schedule
(BRL million)

Gross Debt Amortization Schedule
(BRL million)

Debt Breakdown
06/30/2021

Debt Breakdown
6/30/2020
 
From July to December 2021, debt maturities in the amount of BRL222.3 million are expected, mainly composed of BNDES, settlement of the 6th issue of debentures and amortization of the principal of the 2nd series of the 9th issue of debentures.

  
Issue Total offering Nominal Unit Value Series Issue Maturity Remuneration Documents
4th Issue BRL 148.3 million BRL 1 thousand Single Series 07/15/2016 07/15/2021 IPCA + 6.04%


5th Issue

 
BRL 300.0 million BRL 1 thousand Single Series 02/15/2014 02/15/2024 IPCA + 5,04% per year (Portuguese Only) (Portuguese Only) (Potuguese Only) (Portuguese Only) (Potuguese Only) (Potuguese Only) (Potuguese Only)
(Portuguese Only)
Report Rating (FITCH)
(Potuguese Only)
6th Issue BRL 350 million BRL 1,000 Single 12/13/2017 12/13/2020 105,65% of CDI per year
7th Issue BRL 621.0 million BRL 1,000 Single 02/05/2018 04/15/2025
IPCA + 4,70  per year
8th Issue BRL 409.0 million BRL 1,000 Single 12/20/2019 12/15/2029 IPCA + 3.50 per year
9th Issue BRL1,600.0 million BRL1 thousand Two series 12/7/2020 1st serie: 11/15/2028
2nd serie: 5/15/2044
1st Serie: CDI +2.83% p.a.
2nd Serie: IPCA + 5.30% p.a.
10th Issue BRL672.5 million BRL Single 2/10/2021 7/15/2044 IPCA+5.07% p.a.
  Debenture
Issue Total offering Nominal Unit Value Series Issue Maturity Remuneration Documents
2nd Issue BRL 350 million BRL 10 thousand Single 03/18/2013 03/18/2025 IPCA + 5.5% per year
  Debenture
Issue Total offering Nominal Unit Value Series Issue Maturity Remuneration Documents
1st Issue BRL 1.6 billion 1.000 Single 12/15/2019 12/15/2043 (24 years) IIPCA + 4.9982% per year

Updated on July 29, 2021.