The Company’s gross debt reached R$10,371.9 million on March 31, 2024, up R$1,103.3 million (11.9%) from the balance on December 31, 2023, mainly due to the 15th issue of debentures in 1Q24, which raised R$1,327.0 million to replenish cash and fund the Company’s investments. Also, in February 2024, the Company settled the 5th issue of debentures in the approximate amount of R$445.0 million. As a result of these operations, the Company reduced its average nominal cost to 10.51% in 1Q24 (vs. 11.06% in 4Q23), reducing its short-term maturities by 50.5%, as shown in the table.

Cash and cash equivalents of ISA CTEEP and its wholly-owned subsidiaries totaled R$2,745.7 million at the end of 1Q24, increasing R$973.6 million (54.9%) compared to the end of 2023. Excluding cash and cash equivalents of non-consolidated subsidiaries, the Company's net debt stood at R$8,134.6 million on March 31, 2024, compared to R$7,908.2 million on December 31, 2023 (+2.9%).

After the maturity of the 5th issue of debentures, only the loan agreements with BNDES, whose debt balance is R$592.0 million, have financial covenants, which are being duly complied with by the Company. The Company’s most restrictive covenant valid as of 2024 is the Net Debt/EBITDA ratio of 3.0x, with annual measurements. The managerial leverage ratio used by the Company considers the BNDES calculation methodology, which was Net Debt/EBITDA of 2.29x in 1Q24, compared to 2.39x in 4Q23.

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Gross Debt Amortization Schedule
(BRL million)

Gross Debt Amortization Schedule
(BRL million)

Debt Contracting and
Indexing 03/31/2024

Debt Breakdown

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
2nd Serie: Common
3rd Serie: Common

R$ 1,327 million R$ 1 thousand Three Series 03/28/2023

1st Serie: 03/15/2029
2nd Serie: 03/17/2031
3rd Serie: 03/15/2034

1st Serie:  CDI + 0.73%
2nd Serie: CDI + 0.80%
3rd Serie: CDI + 0.97%

16th Issue 1st Serie: Common BRL1,000 million R$ 1 thousand Single 05/29/2024 1st Serie: 05/20/2031 CDI + 0.80%
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 May 17, 2024.