Investor Presentaiton
ANNUAL INTEGRATED REPORT 2021 | AXTEL
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17
DEBT
2021
2020
Banco Nacional de Comercio
Exterior, S.N.C (Bancomext)
Syndicated loan
$ 3,154,745
$ 3,243,750
Senior Notes
Export Development Canada
(EDC)
2023
2019
$ 3,263,529
As of December 31, 2021, annual maturities of non-current debt are
as follows:
2024
2025
9,056,740
605,755
9,974,350
987,590
200,000
1,320,000
9,422,600
Bank loans
Senior Notes
Other loans
$168,121
$ 227,459 $336,242
9,056,740
2026
onwards
$2,294,359
Total(¹)
1,200
605,883
$ 3,026,181
9,056,740
607,083
110,000
24,815
140,185
100,021
(82,639)
12,859,437
(252,072)
105,809
(117,398)
14,644,286
(1,609,301)
$12,607,365 $13,034,985
111,853
(150,040)
13,967,942
(131,632)
$13,836,310
MUFG Bank México, S.A. (MUFG)
Banco Mercantil del Norte, S.A.
(Banorte)
Other loans
Accrued interest payable
Issuance costs
Total debt
Non-current debt
Current portion of debt
The terms, conditions and carrying amounts of debt are as follows:
2021
As of December 31,
2020
2019
$ 3,154,745 $ 3,243,750 $ 3,263,529
1,320,000
9,422,600
Interest rate
Country Currency Contractual Effective
Bancomext
Syndicated loan
Senior Notes
EDC
EDC
MUFG
Banorte
Other loans
Mexico
Mexico
Mexico
International USD
Canada MXP
Canada USD
Mexico MXP
Mexico MXP
MXP
MXP TIIE + 2.10%
MXP TIIE +2.75%
Interest
Maturity
payment
date
periodicity
7.96% 30/08/2028 Quarterly
6.375%
TIIE + 1.75%
Libor + 2.00%
TIIE + 1.70%
TIIE + 1.75%
Semi-
6.72% 14/11/2024
annually
7.47% 24/06/2024 Monthly
2.32% 24/06/2024 Monthly
6.18% 19/03/2021
6.22% 10/02/2021
9,056,740
50,000
555,755
Monthly
Various
Various Various
Monthly
Quarterly
Total bank loans
Debt issuance costs
Accrued interest payable
Total debt
9,974,350
50,000
937,590
200,000
110,000
24,815
140,185
12,842,055 14,655,875
(82,639)
(117,398)
100,021
105,809
$12,859,437 $14,644,286
14,006,129
(150,040)
111,853
$13,967,942
$169,321 $9,890,082 $ 336,242 $2,294,359 $12,690,004
The total is presented gross of issuance costs.
Issuance costs of debentures and financings are directly attributable
to issuance of the Company's debt and are amortized according to
the effective interest rate over the lifetime of the debt.
Fair value of non-current debt is disclosed in Note 4. Estimated fair
values as of December 31, 2021, 2020 and 2019 were determined
using rates that reflect a similar credit risk depending on the currency,
maturity period and country where the debt was acquired, regarding
financial liabilities with financial institutions, finance leases, other
liabilities and related parties. In the case of Senior Notes placed in
international markets, the Company uses the market price of such Notes
at the date of the consolidated financial statements. Measurement
at fair value of such financial liabilities valued at amortized cost is
deemed within Level 1 and 2 of the fair value hierarchy.
Covenants:
Loan and debt issuance agreements currently in effect contain
restrictions for the Company, mainly to comply with certain financial
ratios, delivery of financial information, keeping accounting records,
compliance with applicable laws, rules and provisions. Failure to comply
with these requirements within a specific term to the satisfaction of
the creditors could be considered a cause for early termination.
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