On December 31st, 2018, gross debt reached BRL 3,015 million, an increase of BRL 1,072 million compared to the balance on December 31st, 2017, due mainly to funds raised in the period:

(iii) 7th debenture issuance, classified as a green bond, the first issuance in the transmission segment in this category, in the amount of BRL 621 million.
(iv) New Credit Agreement operations as per Law No. 4,131/62, taking out swap instruments as hedge against foreign exchange variations within the period, in the amount of USD 210 million.

The increase in the Company’s availabilities in the yearly comparison may also be justified by these operations, in addition to the RBSE receipts flow. Therefore, net debt reached BRL 2,317.3 million at the end of December of 2018 vs. BRL 1,326.3 million in 2017. The Net Debt/Adjusted EBITDA ratio was 0.9x in 2018, flat compared to 2017.

The Company is compliant with the established covenants and requirements for all issuances. For the years 2018, 2019 and 2020, the most restrictive Net Debt/EBITDA index is 3.0x. Greater details on financial indicators are available in Attachment V of this document.

The average cost of consolidated debt was 7.9% p.a. on December 31st, 2018 vs. 8.3% p.a. on December 31st, 2017. The average maturity of the consolidated debt on December 31st, 2018, was 3.2 years.

Additional information on the Company’s debt can be found in Explanatory Notes 14 and 15 of the Financial Statements.

Debt Amortization Schedule (BRL million)

Debt Breakdown


 
Promissory Notes Total offering Nominal unit value Series Issue Tenor Remuneration Documents
1st Issue R$ 200 million R$ 1 million Single 12/9/2008 I80 days from Issue date 120% of CDI -
2nd Issue R$ 200 million R$ 1 million Single 04/24/2009 I80 days from Issue date 119.5% of CDI -
3rd Issue R$ 200 million R$ 500 thousand Single 07/17/2009 I80 days from Issue date 106.5% of CDI
4th Issue R$ 200 million R$ 5 million Single 01/17/2011 360 days from Issue date 100% of CDI + 0.4% per year

-

5th Issue R$ 300 million R$ 10 million Single 07/11/2011 360 days from Issue date - CDI + 0.48 per year
6th Issue R$ 400 million R$ 1 million Single 01/04/2012 360 days from Issue date 104,9% of CDI -
 
Debentures Total offering Nominal Unit Value Series Issue Maturity Remuneration Documents
3rd Issue R$ 500 million R$ 10 thousand Single Series 12/26/2013 12/26/2018 116,0% of CDI per year
4th Issue R$ 148.3 million R$ 1 thousand Single Series 07/15/2016 07/15/2021 IPCA + 6.04%             (Potuguese Only)           (Potuguese Only)
 


5th Issue

 
R$ 300.0 million R$ 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 R$ 350 million R$ 1,000 Single 12/13/2017 12/13/2020 105,65% of CDI per year Rating
7th Issue R$ 621.0 million R$ 1,000 Single 02/05/2018 04/15/2025
IPCA + 4,70  per year
 
Promissory Notes Total offering Nominal Unit Value Series Issue Tenor Remuneration Documents
1st Issue R$ 70 million R$ 5 million Single Date to be determined 90 days 100% of CDI + 0.34% per year -
 
Promissory Notes Total offering Nominal Unit Value Series Issue Tenor Remuneration Documents
1st Issue R$ 180 million R$ 5 million Single 06/08/2011 120 days 100% of CDI + 0.40% per year -

2nd Issue

R$ 290 million R$ 10 million Single 04/27/2012 120 days 106,5% of CDI
3rd Issue 720 million R$ 10 million Single 09/17/2012 120 days 106,5% of CDI
 
Debentures Total offering Nominal Unit Value Series Issue Maturity Remuneration Documents
1st Issue R$ 420 million R$ 1 million Single 09/15/2011 09/15/2012 106,5% of CDI per year
2nd Issue R$ 350 million R$ 10 thousand Single 03/18/2013 03/18/2025 IPCA + 5.5% per year
 
Debentures Total offering Nominal Unit Value Series Issue Maturity Remuneration Documents
1st Issue R$ 380 million R$ 1 thousand Single 10/15/2012 04/15/2014 106,5% of DI
 

Updated on March 8, 2019.