Indebtedness

Below, we show the gross consolidated debt at Equatorial Energia, as of September, 2018:

 

Gross Debt (100% CEMAR + 100% CELPA + 100% EQUATORIAL)

Index Spread 2018 2019 2020 2021 2022 2023 2024 2025 2026 a 2033 2034 Total  
CEMAR Domestic Currency 2,443  
% of CDI 106% a 113,2% 71 94 500 500 1.165  
CDI+ + 1,0% 0 1 1  
Fixed Rate (R$) 2.5% to 8.7%p.a. 11 33 30 29 21 4 4 2 135  
IPCA +5.48% to +5.9% 15 110 83 155 115 478  
SELIC +2.78% 9 35 35 35 35 35 9 193  
TJLP +0% to +3.06% 26 101 101 39 39 39 10 356  
IGP-M +4.0% 7 20 20 20 20 18 10 115  
CEMAR Foreign Currency 16  
6-month Libor +1.0% 0 (0) 6 6  
Fixed Rate (R$) 6.0% 0 2 7 9  
CEMAR (Total)   139 395 269 779 615 212 47 2 2,458  
CELPA Domestic Currency 3,752  
% of CDI 115% to 117.25% 12 57 503 481 62 268 1,382  
IPCA +6.7% to +9% 21 58 54 211 31 135 28 538  
TJLP +2.48% to +2.78%  
SELIC +2.86%  
Fixed Rate (R$) 1% to 10% p.a. 2 (24) (17) 64 (7) (10) (11) (12) 225 291 503  
IGP-M +1.0% 15 245 116,476  
CDI+ +0.2% to +1.3% 29 1 1,000 1,030  
FINISA 6,0% 1 4 4 4 4 4 4 4 6 34  
RGR 6,0% 0 1 1 1 0 4  
CELPA Foreign Currency 75  
Fixed Rate (R$) 6.2% 1 43 45  
6-month Libor +1.0% 0 30 31  
CELPA (Total)   67 112 545 761 90 1,398 95 8 231 536 3,827  
Equatorial Energia Domestic Currency 1,977  
CDI+ +1.6% 21 696 716  
% of CDI 109.0% 327 821 1,147  
IPCA +5.8% 5 54 54 113  
Fixed Rate (R$) N/A (1) (1) (1) (1) (1) (1) (1) (6)  
Equatorial Energia (Total) 352 820 1 1 695 53 53 1,971  
Equatorial Transmissão Domestic Currency 383  
% of CDI 114.6% 383 383  
CDI+ +1.2% 410 410  
Fixed Rate (R$) N/A (0) (0)  
Equatorial Transmissão (Total) 382 410 792  
Equatorial Consolidado 559 1,709 1,223 1,538 1,400 1,662 195 (5) 231 536 9,048  


Net Debt (100% CEMAR + 100% CELPA + 100% EQUATORIAL)

  CEMAR CELPA Holding + Others Consolidated
Gross Debt 2,458,303 3,826,982 1,971,136 791,738 9,048,159
Cash Position 1,352,396 842,045 1,764,814 723,289 71,070 4,753,614
Net Regulatory Assets 324,696 294,940 619,636
CCC Subrogation 27,720 27,270
Banks Judicial Deposits 43,271 43,271
Collateral 12,841 62,012 74,853
Overdue CDE
Swap 158,839 158,839
Net Debt 768,370 2,398,156 206,322 68,449 (71,070) 3,370,227

 

Geramar’s and Intesa’s net debt are not consolidated in Equatorial. In 3Q18, Geramar’s gross debt amounted to R$ 78 million (considering the 25% stake), while Intesa’s gross debt amounted to R$ 34 million (considering the 51% stake).

 

Geramar
Index Spread 2018 2019 2020 2021 2022 2023 2024 2025 2026 a 2033 Total
TJLP +1.0% 4,917 9,450 9,450 9,450 9,450 9,450 9,450 61,618
Fixed Rate (R$) 8.5% p.a. 668 1,441 1,442 199 1,822 1,678 2,298 2,706 3,059 15,312
Geramar (total) 5,585 10,891 10,892 9,649 11,272 11,128 11,748 2,706 3,059 76,930

 

Intesa
Index Spread 2018 2019 2020 Total
TJLP +2.9% 8,188 16,108 13,423 37,719
Intesa (total) 8,188 16,108 13,423 37,719

 

Equatorial’s consolidated Net Debt by the 3Q18, reached R$ 3,370 million, corresponding to a 1.8x Net Debt/EBITDA ratio.

 

Consolidated Net Debt (R$ MM) and Net Debt / EBITDA

 

Net Debt, proportional to Equatorial’s stake in CEMAR (65.11%) and CELPA (96.5%), totaled, in September 30th, 2018, R$ 3,018 million, representing a Net Debt/EBITDA ratio of 2.1x.

 

Proportional Net Debt (R$ MM) and Net Debt / EBITDA

 

Debt Raising

Throughout the 3Q18, the group concluded the following debt or financing operations:

Company Debt Start date Amount ('000) Maturity Interest Amortization
SPV 8 1st Promissory Notes Issuance 03/08/2018 405,000 2 years Bullet Bullet
Equatorial 2nd Promissory Notes Issuance 025/09/2018 820,000 1 year Bullet Bullet
Equatorial 3th Debentures Issuance 04/10/2018 448,400 6 years Biannual Bullet
Intesa 1st Debentures Issuance 01/11/2018 200,000 7 years Bullet 5th, 6th and 7th years
TOTAL     1,873,400      
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