XML 32 R21.htm IDEA: XBRL DOCUMENT v3.24.1.u1
LOANS PAYABLE AND OTHER FINANCIAL LIABILITIES
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
LOANS PAYABLE AND OTHER FINANCIAL LIABILITIES LOANS PAYABLE AND OTHER FINANCIAL LIABILITIES
The following tables summarize the Company’s Loans payable and other financial liabilities as of March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
(In millions)
Loans from banks$556 $485 
Bank overdrafts10 34 
Secured lines of credit48 39 
Deposit Certificates831 976 
Commercial Notes6 7 
Finance lease obligations36 35 
Collateralized debt737 693 
2026 Sustainability Notes2 4 
2031 Notes4 9 
Other lines of credit16 10 
Current loans payable and other financial liabilities$2,246 $2,292 
Loans from banks$56 $72 
Secured lines of credit14 17 
Financial Bills28 8 
Commercial Notes206 211 
Finance lease liabilities92 96 
Collateralized debt812 782 
2026 Sustainability Notes389 389 
2031 Notes626 626 
Other lines of credit1 2 
Non-Current loans payable and other financial liabilities$2,224 $2,203 
Type of instrumentCurrencyInterestWeighted Average Interest Rate MaturityMarch 31, 2024December 31, 2023





 (In millions)
Loans from banks
Chilean SubsidiariesChilean PesosFixed8.52%April 2024 - April 2025$104 $104 
Brazilian SubsidiaryBrazilian ReaisVariable
CDI + 0.81%
March 202550 — 
Brazilian Subsidiary (1)
US DollarFixed5.90%August - November 2024219 216 
Brazilian SubsidiaryBrazilian ReaisVariable
TJLP + 0.80%
April 2024 - May 20319 9 
Mexican SubsidiaryMexican PesosVariable
TJLP + 2.20% to 3.5%
April 2024 - June 2027164 178 
Uruguayan SubsidiaryUruguayan PesosFixed9.13%April 202462 50 
Colombian SubsidiaryColombian PesosFixed12.99%May 20244 — 
Bank overdrafts
Uruguayan SubsidiaryUruguayan Pesos———— 13 
Chilean SubsidiaryChilean Pesos——April 20244 20 
Argentine SubsidiariesArgentine Pesos——April 20246 1 
Secured lines of credit
Argentine SubsidiariesArgentine PesosFixed76.18%April 202436 29 
Mexican SubsidiaryMexican PesosFixed10.32%April 2024 - July 202726 27 
Financial Bills
Brazilian SubsidiaryBrazilian ReaisVariable
CDI + 0.95% - 1.40%
April 2025 - March 202628 8 
Deposit Certificates
Brazilian SubsidiaryBrazilian ReaisVariable
98% to 120% of CDI
April 2024 - March 2025739 703 
Brazilian SubsidiaryBrazilian ReaisFixed
10.07% - 14.20%
April - September 202452 77 
Brazilian SubsidiaryBrazilian ReaisVariable
105.00% to 105.50% of CDI
April 202440 196 
Commercial Notes
Brazilian SubsidiaryBrazilian ReaisVariable
DI + 0.88%
April 2024 - August 202772 78 
Brazilian SubsidiaryBrazilian ReaisVariable
IPCA + 6.41%
April 2024 - August 2029140 140 
Finance lease liabilities128 131 
Collateralized debt1,549 1,475 
2026 Sustainability NotesUS DollarFixed2.375%July 2024 - January 2026391 393 
2031 NotesUS DollarFixed3.125%July 2024 - January 2031630 635 
Other lines of credit17 12 
$4,470 $4,495 
(1) The carrying amount includes the effect of the derivative instrument that qualified for fair value hedge accounting. See Note 16 – Derivative instruments for further detail.
See Note 14 – Securitization transactions and Note 15 – Leases to these unaudited interim condensed consolidated financial statements for details regarding the Company’s collateralized debt securitization transactions and finance lease obligations, respectively.
2.375% Sustainability Senior Notes Due 2026 and 3.125% Senior Notes Due 2031
On January 14, 2021, the Company closed a public offering of $400 million aggregate principal amount of 2.375% Sustainability Notes due 2026 (the “2026 Sustainability Notes”) and $700 million aggregate principal amount of 3.125% Notes due 2031 (the “2031 Notes”, and together with the 2026 Sustainability Notes, the “Notes”).
During 2023, the Company repurchased a $9 million and $70 million principal amount of the outstanding 2026 Sustainability Notes and 2031 Notes, respectively, plus $1 million of interest accrued. The total amount paid amounted to $66 million.
For additional information regarding the 2026 Sustainability Notes and the 2031 Notes please refer to Note 17 to the audited consolidated financial statements for the year ended December 31, 2023, contained in the Company’s 2023 10-K.
2.00% Convertible Senior Notes Due 2028 (“2028 Notes”)
On September 19, 2023, the Company announced its intention to redeem all its 2028 Notes on November 14, 2023. Holders of the 2028 Notes could elect to convert their notes at any time before November 13, 2023. Each $1,000 principal amount of 2028 Notes was convertible into 2.2952 shares of MercadoLibre common stock.
On November 13, 2023, holders of the 2028 Notes converted $439 million principal amount of 2028 Notes into 1,007,597 shares of the Company’s common stock which MercadoLibre held as treasury stock. As of December 31, 2023, no principal amount of 2028 Notes remained outstanding.
For the three-month period ended March 31, 2023, the Company recognized interest expense, including the amortization of issuance costs, of $2 million.
For additional information regarding the 2028 Notes and the 2028 Notes Capped Call Transactions please refer to Note 17 to the audited consolidated financial statements for the year ended December 31, 2023, contained in the Company’s 2023 10-K.
Revolving Credit Agreement
On March 31, 2022, the Company, as borrower, and certain of its Subsidiaries, as guarantors, entered into a $400 million revolving credit agreement. For additional information regarding the Credit Agreement please refer to Note 17 to the audited consolidated financial statements for the year ended December 31, 2023, contained in the Company’s 2023 10-K.
As of March 31, 2024, no amounts have been borrowed under the facility.