In September 2018, the Company reported an increase in gross debt in relation to the outstanding balance on December 31, 2017, due to new funding in the period. In 2Q18 the 7th green bonds issuance worth BRL621 million was concluded. In 3Q18, the Company concluded new funding operations, notably credit agreement pursuant to Law 4,131/62, in the amount of USD 150 million in conjunction with a swap instrument as a hedge against currency risk in the period. More detailed information can be found in Explanatory Note 14 of Loans and Financing in the Quarterly Information Report.

The increase in cash and cash equivalents reflect the additional funding described above as well as the cash flow from  RBSE receivables. As a result, net debt amounted to BRL1.4 billion at the end of September 2018.

The Company is in compliance with established covenants and requirements for all issues. For the years 2018, 2019 and 2020, the Net Debt/EBITDA index is 3.0x.

The average cost of consolidated debt was 8.34% p.a. on September 30, 2018. The IPCA inflation index for the past 12 months was 4.53% and the annualized CDI (Interbank Deposit Rate) for September was 6.39%. The average term of the consolidated debt on September 30, 2018 was 3.3 years.

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
7th Issue R$ 621 million R$ 1,000 Single   7 years from Issue Date
IPCA + 4,70  per year
6th Issue R$ 350 million R$ 1,000 Single 12/13/2017 36 months from Issue date 105,65% CDI Rating


5th Issue

 
R$ 300.0 million R$ 1 thousand Single Series 02/15/2014 02/15/2024 IPCA + 5,0373% per year (Portuguese Only) (Portuguese Only) (Potuguese Only) (Portuguese Only) ​(Potuguese Only) ​(Potuguese Only) (Potuguese Only)
(Portuguese Only)​​
​​​​​Report Rating (FITCH)
(Potuguese Only)
 
4th Issue
 
R$ 148.3 million R$ 1 thousand Single Series 07/15/2016 07/15/2021 IPCA + 6.04%             (Potuguese Only)           (Potuguese Only)
 
3rd Issue R$ 500 million R$ 10 thousand Single Series 12/26/2013 12/26/2018 116% of DI
1st Issue R$ 491 million R$ 10 thousand 1st Series 12/15/2009 12/15/2014 100% of CDI + 1.30% per year
1st Issue R$ 57,6 million R$ 10 thousand 2nd Series 12/15/2009 12/15/2017 100% of IPCA + 8.10% 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 December 5, 2018.