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.


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Gross Debt Amortization Schedule
(BRL million)

Gross Debt Amortization Schedule
(BRL million)
 

Debt Contracting and
Indexing 12/31/2023

Debt Breakdown
12/31/2023
 

  
Issue Category Total offering Nominal Unit Value Series Issue Maturity Remuneration Documents


5th Issue

 
Encouraged 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 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$ 1,195 million R$ 1 thousand Three Series  

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

1st Serie:  CDI + 0.83%
2nd Serie: CDI + 1.00%
3rd Serie: CDI + 1.20%

  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 February 21, 2024.