On September 30, 2021, gross debt reached BRL6,344.2 million, an increase of BRL1,862.0 million from the balance on December 31, 2020, mainly due to the 10th issue of debentures in February 2021 and the 8th issue of commercial papers in May 2021.

The decline in cash and cash equivalents of ISA CTEEP and its wholly-owned subsidiaries in 3Q21 mainly reflects the acquisition of PBTE (BRL1.6 billion), partially offset by the funding operations 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 BRL5,526.9 million in September 2021, as against BRL2,332.5 million in December 2020, while the Net Debt/Adjusted EBITDA ratio closed 3Q21 at 2.27 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. Further details on financial indicators are available in Attachment VII.  

Average cost of consolidated debt was 11.75% p.a. on September 30, 2021, compared to 7.59% p.a. on December 31, 2020, mainly due to the increase in the macroeconomic indexes applicable to debt and the lengthening of the debt profile by signing long-term instruments. IPCA is the company’s main index for debt and revenues. Average term of consolidated debt on September 30, 2021 was 6.1 years.

Gross Debt Amortization Schedule
(BRL million)

Gross Debt Amortization Schedule
(BRL million)

Debt Breakdown
09/30/2021

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


5th Issue

 
BRL 300.0 million BRL1 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)
7th Issue BRL 621.0 million BRL1 thousand Single 02/05/2018 04/15/2025
IPCA + 4.70  per year
8th Issue BRL 409.0 million BRL1 thousand 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 BRL1 thousand Single 2/10/2021 7/15/2044 IPCA+5.07% p.a.
11th Issue BRL950 million BRL1 thousand Two Series 10/28/2021 1st serie: 10/15/2031
2nd serie: 10/15/2039
1st Serie: IPCA + 5.77% p.a.
2nd Serie: IPCA + 5.86% 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 December 10, 2021.