Indebtedness

Below, we show the gross consolidated debt at Equatorial Energia, as of March, 2019:

 

Gross Debt (100% Consolidated)

 

Index Spread 2019 2020 2021 2022 2023 2024 2025 2026 to 2033 2034 2035 to 2048 Total  
Celpa Domestic Currency 4.119  
% of CDI 115% to 117,25% 68 496 478 60 258 1.360  
CDI+ 0,2% to 1,3% 32 1.000 1.032  
Fixed Rate (R$) 1% to 10%p.a. 4 (29) 66 (5) (8) (9) (10) 210 298 516  
IPCA + 6,7% to + 9% 64 56 215 30 139 30 533  
TLP + 4,81% 1 47 47 47 47 47 109 342  
IGP-M + 1,0% 17 248 265  
FINISA + 6,0% 6 8 8 8 8 8 8 16 68  
RGR + 6,0% 1 1 1 0 3  
Celpa (Total) 192 531 814 139 1.443 74 44 335 547 4.119  
CEMAR Domestic Currency 2.498  
% of CDI 106% to 113,25% 70 544 500 1.114  
IPCA + 5,48% to + 5,9% 103 88 168 125 484  
TLP + 4,95% 0 16 16 16 16 16 71 151  
TJLP + 0% to + 3,06% 80 105 43 43 43 11 325  
SELIC + 2,78% 30 40 40 40 40 10 200  
Fixed Rate (R$) 2,5% to 8,7% p.a. 27 30 29 21 4 4 2 118  
IGP-M + 4,0% 17 16 14 14 13 1 31 106  
CEMAR (Total) 327 280 838 634 241 42 18 16 101 2.498  
Equatorial Piauí Domestic Currency 2.681  
% of CDI 109,8% to 119,5% 197 110 489 89 89 74 1.047  
IPCA + 0,50% to 8,43% 124 150 128 20 20 20 20 12 496  
FINEL + 8,5% 9 2 1 1 1 1 1 1 19  
SELIC 0% to 0,5%  215 122 64 47 10 457  
Fixed Rate (R$) + 5% to 7%. 165 6 (1) (7) (8) 33 31 167 19 257 662  
Equatorial Piauí Foreign Currency 13  
Fixed Rate (US$) +6.2% 0 8 8  
6-month Libor +1.0125% 0 5 5  
Equatorial Piauí (Total) 710 389 681 151 113 142 53 180 19 257 2.694  
Equatorial Alagoas Domestic Currency 2.688  
CDI + 2,2% 2 2  
% do CDI 124,85% 6 207 207    207    207      —      —      —      — 836  
IPCA + 0,5% 0 39 39 39 39 156  
SELIC + 0,5% 136 133 254 151 127 876 1.677  
Fixed Rate (R$) 6,0% to 7,0% p.a. 6 6 4 1 0 0 16  
Equatorial Alagoas Foreign Currency 196  
Fixed Rate (US$) + 6,2% 1 1  
6-month Libor + 1,0125% 195 1 196  
Equatorial Alagoas (Total) 150 139 699 399 373 1.125 2.885  
Equatorial Transmissão Domestic Currency 1.039  
% of CDI 114,6% 396 396  
CDI+ +1,2% 425 425  
IPCA +2,1% 3 0 6 23 31 32 280 24 91 491  
Equatorial Transmissão (Total) 398 425 (0) 6 23 30 32 280 24 91 1.309  
Intesa Domestic Currency 204  
IPCA +5,4% 2 34 34 34 103  
CDI + +2,2% 3 33 33 33 103  
Fixed Rate (R$) N/A (3) 3  
Intesa (Total) 6 67 67 67 204  
Equatorial Energia Domestic Currency 2.135  
CDI+ +1,6% 36 696 448 1.180  
% of CDI 108,75% 848 848  
IPCA +5,8% 2 55 55 112  
Fixed Rate (R$) N/A (1) (1) (1) (1) (1) (1) (5)  
Equatorial Energia (Total) 885 (1) (1) 695 54 503 2.195  
Equatorial Consolidated 2.688 1.764 3.031 2.024 2.313 1.983 215 811 691 348 15.844  


Net Debt (100% Consolidated)

  CEMAR CELPA Equatorial Piauí Equatorial Alagoas Equatorial Energia Equatorial Transmissão INTESA 55 Soluções Consolidated
Gross Debt 2.497.815 4.119.302 2.694.335 2.884.633 2.134.939 1.309.456 203.534 15.844.015
Cash Position 1.514.728 1.293.468 550.100 617.944 235.797 652.646 48.232 78.388 4.991.303
Net Regulatory Assets 232.337 273.619 469.950 1.134.385 2.110.291
CCC Subrogation 32.134 32.134
Banks Judicial Deposits 1.003 1.003
Swap 134.566 134.566
Net Debt 750.750 2.384.512 1.674.286 1.132.304 1.899.142 656.810 155.302 (78.388) 8.574.718
EQTL Stake 65,1% 96,5% 94,5% 89,9% 100,0% 100,0% 100,0% 100,0%  
Net Debt (Proportional) 488.739 2.301.054 1.582.200 1.017.941 1.899.142 656.810 155.302 (78.388) 8.022.800

 

Geramar gross debt is not being consolidated in Equatorial. Geramar’s gross debt in 1Q19, considering
Equatorial’s 25% stake, reached R$ 74 million.

 

Geramar
Index Spread 2019 2020 2021 2022 2023 2024 2025 2026 a 2033 Total
TJLP +1.0% 11 12 12 13 12 60
Fixed Rate (R$) 8.5% p.a. 1 1 0 2 2 2 3 3 14
Geramar (total) 12 13 12 15 14 2 3 3 74

 

 

Equatorial’s consolidated Net Debt by the end of March 2019, reached R$ 8.6 billion, corresponding to 3.8x.

 

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

Net Debt, proportional to Equatorial’s stake in its companys controlled reached, in March 31, 2019, R$ 8.0 billion, resulting a Net Debt/EBITDA ratio of 4.0x.

 

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

Debt Raising

Along the 1Q19, the group concluded the following funding operations:

Company Debt Start date Amount ('000) Maturity Interest Amortization
SPV 1 1st Debentures Issuance 04/02/2019 55.000 14 years Six-Monthly Customized
SPV 2 1st Debentures Issuance 04/02/2019 45.000 14 years Six-Monthly Customized
SPV 3 1st Debentures Issuance 04/02/2019 90.000 14 years Six-Monthly Customized
SPV 5 Banco do Nordeste 22/02/2019 53.028 7 years Six-Monthly Six-Monthly
Equatorial Piauí 4131 05/04/2019 300.000 20 years Bullet Bullet
INTESA 2ndDebentures Issuance 08/05/2019 250.000 5 years Six-Monthly Six-Monthly
INTESA 2ndDebentures Issuance 08/05/2019 150.000 7 years Six-Monthly Six-Monthly
SPV 4 BNDES 10/05/2019 127.514 24 years Monthly Monthly
TOTAL     1.070.542      
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