The Company’s gross debt reached R$9,268.7 million on December 31, 2023, up R$1,227.0 million (+15.3%) from the balance on December 31, 2022, and 2.1% from the previous quarter (R$9,073.8), mainly due to fresh funding operations to replenish cash and fund the Company’s investments: (i) 13th issue of debentures in 1Q23, which raised R$550 million; (ii) R$105 million from BNDES in 3Q23; and (iii) the 14th issue of debentures of R$1,900.0 million in 4Q23; These funding operations lengthened the debt profile and reduced its average nominal cost to 11.06% in 4Q23 (vs. 11.79% in 3Q23).
In the period, the Company also prepaid the promissory notes (indexed to CDI) by amortizing R$1,615.4 million. As a result, the Company’s debt indexed to IPCA increased to 69.7% (50.9% in 3Q23).
Cash and cash equivalents of ISA CTEEP and its wholly-owned subsidiaries totaled R$1,772.0 million at the end of 4Q23, increasing R$528.2 million (42.5%) vs. 4Q22. Excluding cash and cash equivalents of non-consolidated subsidiaries, the Company's net debt stood at R$7,908.2 million in December 2023, compared to R$7,156.9 million in December 2022 (+10.5%).
The company duly complies with the covenants and requirements for all of its issues.
The most restrictive covenant valid from 2024 onwards is the Net Debt/EBITDA ratio of 3.0x contracted upon financing from BNDES, which totals R$601.8 million. The managerial leverage ratio used by the Company considers the BNDES calculation methodology, which is Net Debt/EBITDA of 2.92x in 4Q23, down from 2.92x in 4Q22.
Gross Debt Amortization Schedule
(BRL million)
Debt Contracting and
Indexing 12/31/2023
Debenture
| Issue | Category | Total offering | Nominal Unit Value | Series | Issue | Maturity | Remuneration | Documents |
|---|---|---|---|---|---|---|---|---|
| 7th Issue | Encouraged & Green Bond | BRL 621.0 million | BRL1 thousand | Single | 02/05/2018 | 04/15/2025 |
IPCA + 4.70 per year
|
|
| 8th Issue | Encouraged & Green Bond | BRL 409.0 million | BRL1 thousand | Single | 12/20/2019 | 12/15/2029 | IPCA + 3.50 per year |
|
| 9th Issue | 1ª série: Common 2ª série: Encouraged & Green Bond |
BRL1,600.0 million | BRL1 thousand | Two series | 12/7/2020 | 1st serie: 11/15/2028 2nd serie: 5/15/2044 |
1st Serie: CDI +2.83% p.a. 2nd Serie: IPCA + 5.30% p.a. |
|
| 10th Issue | Encouraged & Green Bond | BRL672.5 million | BRL1 thousand | Single | 2/10/2021 | 7/15/2044 | IPCA+5.07% p.a. |
|
| 11th Issue | Encouraged & Green Bond | BRL950 million | BRL1 thousand | Two Series | 10/28/2021 | 1st serie: 10/15/2031 2nd serie: 10/15/2039 |
1st Serie: IPCA + 5.77% p.a. 2nd Serie: IPCA + 5.86% p.a. |
|
| 12th Issue | Common | BRL700 million | BRL1 thousand | Single | 04/18/2022 | 04/15/2029 | CDI + 1.55% p.a |
|
| 13th Issue | Common | BRL550 million | BRL1 thousand | Single | 03/24/2023 | 03/15/2030 | CDI + 1.50% p.a |
|
| 14th Issue | Encouraged & Green Bond | BRL1,900.0 million | BRL1 thousand | Two Series | 10/25/2023 | 1st serie: 10/15/2033 2nd serie: 10/15/2038 |
1st Serie: IPCA + 6.26 p.a 2nd Serie: IPCA + 6.44% p.a |
|
| 15th Issue |
1st Serie: Common |
R$ 1,327 million | R$ 1 thousand | Three Series | 03/28/2023 |
1st Serie: 03/15/2029 |
1st Serie: CDI + 0.73% |
|
| 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 |
|
| 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 April 12, 2024.