XML 18 R12.htm IDEA: XBRL DOCUMENT
v3.23.4

Debt | 9 Months Ended
--- | ---
Sep. 30, 2023
Text block [abstract] |
Debt |
6. | Debt
a) The Company’s short and long-term debt consists of the following:
As of September 30, 2023 |  | (Thousands of Mexican pesos) |
Currency |  | Loan |  | Interest rate |  | Maturity |  | Total |
Senior Notes |  |  |  |  |  |  |  |  |  |
U.S. dollars |  |  |  |  |  |  |  |  |  |
|  | Fixed-rate Senior notes (i) |  | 3.625% |  | 2029 |  | Ps. | 17,728,700 |
|  | Fixed-rate Senior notes (i) |  | 2.875% |  | 2030 |  |  | 17,728,700 |
|  | Fixed-rate Senior notes (i) |  | 4.700% |  | 2032 |  |  | 13,296,525 |
|  | Fixed-rate Senior notes (i) |  | 6.375% |  | 2035 |  |  | 17,397,705 |
|  | Fixed-rate Senior notes (i) |  | 6.125% |  | 2037 |  |  | 6,545,879 |
|  | Fixed-rate Senior notes (i) |  | 6.125% |  | 2040 |  |  | 35,377,798 |
|  | Fixed-rate Senior notes (i) |  | 4.375% |  | 2042 |  |  | 20,388,005 |
|  | Fixed-rate Senior notes (i) |  | 4.375% |  | 2049 |  |  | 22,160,875 |
|  | Subtotal U.S. dollars |  |  |  |  |  | Ps. | 150,624,187 |
Mexican pesos |  |  |  |  |  |  |  |  |  |
|  | Domestic Senior notes (i) |  | TIIE + 0.020% |  | 2024 |  | Ps. | 1,356,693 |
|  | Domestic Senior notes (i) |  | TIIE + 0.050% |  | 2024 |  |  | 1,920,231 |
|  | Fixed-rate Senior notes (i) |  | 7.125% |  | 2024 |  |  | 11,000,000 |
|  | Domestic Senior notes (i) |  | 0.000% |  | 2025 |  |  | 5,851,519 |
|  | Domestic Senior notes (i) |  | TIIE + 0.300% |  | 2025 |  |  | 335,731 |
|  | Domestic Senior notes (i) |  | TIIE + 0.300% |  | 2025 |  |  | 73,688 |
|  | Domestic Senior notes (i) |  | 9.350% |  | 2028 |  |  | 11,016,086 |
|  | Fixed-rate Senior notes (i) |  | 9.500% |  | 2031 |  |  | 17,000,000 |
|  | Domestic Senior notes (i) |  | 9.520% |  | 2032 |  |  | 14,679,166 |
|  | Fixed-rate Senior notes (i) |  | 8.460% |  | 2036 |  |  | 7,871,700 |
|  | Domestic Senior notes (i) |  | 8.360% |  | 2037 |  |  | 4,964,352 |
|  | Domestic Senior notes (i) |  | 4.840% |  | 2037 |  |  | 7,308,611 |
|  | Subtotal Mexican pesos |  |  |  |  |  | Ps. | 83,377,777 |
Euros |  |  |  |  |  |  |  |  |  |
|  | Commercial Paper (iv) |  | 3.830% |  | 2023 |  | Ps. | 937,228 |
|  | Commercial Paper (iv) |  | 3.830% |  | 2023 |  |  | 749,782 |
|  | Commercial Paper (iv) |  | 3.820% |  | 2023 |  |  | 937,228 |
|  | Commercial Paper (iv) |  | 3.830% |  | 2023 |  |  | 468,614 |
|  | Commercial Paper (iv) |  | 3.830% |  | 2023 |  |  | 468,614 |
|  | Commercial Paper (iv) |  | 3.850% |  | 2023 |  |  | 880,994 |
|  | Commercial Paper (iv) |  | 3.840% |  | 2023 |  |  | 468,614 |
|  | Commercial Paper (iv) |  | 3.850% |  | 2023 |  |  | 468,614 |
|  | Commercial Paper (iv) |  | 3.870% |  | 2023 |  |  | 656,059 |
|  | Commercial Paper (iv) |  | 3.870% |  | 2023 |  |  | 937,228 |
|  | Commercial Paper (iv) |  | 3.950% |  | 2023 |  |  | 937,228 |
|  | Commercial Paper (iv) |  | 3.970% |  | 2023 |  |  | 656,059 |
|  | Commercial Paper (iv) |  | 3.960% |  | 2023 |  |  | 281,168 |
|  | Commercial Paper (iv) |  | 4.030% |  | 2023 |  |  | 937,228 |
|  | Commercial Paper (iv) |  | 4.030% |  | 2023 |  |  | 468,614 |
|  | Commercial Paper (iv) |  | 4.140% |  | 2023 |  |  | 187,446 |
|  | Commercial Paper (iv) |  | 3.950% |  | 2023 |  |  | 937,228 |
|  | Commercial Paper (iv) |  | 3.950% |  | 2023 |  |  | 656,059 |
|  | Commercial Paper (iv) |  | 4.110% |  | 2024 |  |  | 281,168 |
|  | Exchangeable Bond (i) |  | 0.000% |  | 2024 |  |  | 37,856,502 |
|  | Fixed-rate Senior notes (i) |  | 1.500% |  | 2024 |  |  | 15,932,871 |
|  | Fixed-rate Senior notes (i) |  | 1.500% |  | 2026 |  |  | 14,058,416 |
|  | Fixed-rate Senior notes (i) |  | 0.750% |  | 2027 |  |  | 14,167,790 |
|  | Fixed-rate Senior notes (i) |  | 2.125% |  | 2028 |  |  | 11,179,440 |
|  | Fixed-rate Senior notes (i) |  | 5.250% |  | 2028 |  |  | 9,372,277 |
|  | Subtotal euros |  |  |  |  |  | Ps. | 114,882,469 |
Pound Sterling |  |  |  |  |  |  |  |  |  |
|  | Fixed-rate Senior notes (i) |  | 5.000% |  | 2026 |  | Ps. | 10,813,621 |
|  | Fixed-rate Senior notes (i) |  | 5.750% |  | 2030 |  |  | 14,057,707 |
|  | Fixed-rate Senior notes (i) |  | 4.948% |  | 2033 |  |  | 6,488,172 |
|  | Fixed-rate Senior notes (i) |  | 4.375% |  | 2041 |  |  | 16,220,431 |
|  | Subtotal Pound Sterling |  |  |  |  |  | Ps. | 47,579,931 |
Brazilian reais |  |  |  |  |  |  |  |  |  |
|  | Promissory Notes (i) |  | CDI + 1.000% |  | 2023 |  | Ps. | 2,832,287 |
|  | Debentures (i) |  | CDI + 1.400% |  | 2024 |  |  | 15,046,524 |
|  | Debentures (i) |  | CDI + 1.370% |  | 2025 |  |  | 5,310,538 |
|  | Debentures (i) |  | CDI + 1.350% |  | 2026 |  |  | 5,310,538 |
|  | Subtotal Brazilian reais |  |  |  |  |  | Ps. | 28,499,887 |
Other currencies |  |  |  |  |  |  |  |  |  |
Japanese yen |  |  |  |  |  |  |  |  |  |
|  | Fixed-rate Senior notes (i) |  | 2.950% |  | 2039 |  | Ps. | 1,542,968 |
|  | Subtotal Japanese yen |  |  |  |  |  | Ps. | 1,542,968 |
Chilean pesos |  |  |  |  |  |  |  |  |  |
|  | Fixed-rate Senior notes (i) |  | 4.000% |  | 2035 |  | Ps. | 3,582,591 |
|  | Subtotal Chilean pesos |  |  |  |  |  | Ps. | 3,582,591 |
|  | Subtotal other currencies |  |  |  |  |  | Ps. | 5,125,559 |
Lines of Credit and others |  |  |  |  |  |  |  |
Euros |  |  |  |  |  |  |  |  |  |
|  | Lines of credit (ii) |  | Euribor 1M + 1.3% / 4.150% - 5.195% |  | 2023 - 2028 |  | Ps. | 12,652,574 |
Mexican pesos |  |  |  |  |  |  |  |  |  |
|  | Lines of credit (ii) |  | TIIE + 0.300% - TIIE + 0.780% |  | 2023 - 2024 |  |  | 56,280,000 |
Peruvian Soles |  |  |  |  |  |  |  |  |  |
|  | Lines of credit (ii) |  | 7.940% - 8.010% |  | 2024 |  |  | 8,021,245 |
|  | Subtotal Lines of Credit and others |  |  |  |  |  | Ps. | 76,953,819 |
|  | Total debt |  |  |  |  |  | Ps. | 507,043,629 |
|  | Less: Short-term debt and current portion of long-term debt |  |  |  |  |  | Ps. | 152,921,592 |
|  | Long-term debt |  |  |  |  |  | Ps. | 354,122,037 |
As of December 31, 2022 |  | (Thousands of Mexican pesos) |
Currency |  | Loan |  | Interest rate |  | Maturity |  | Total |
Senior Notes |  |  |  |  |  |  |  |  |  |
U.S. dollars |  |  |  |  |  |  |  |  |  |
|  | Fixed-rate Senior notes (i) |  | 3.625% |  | 2029 |  | Ps. | 19,414,300 |
|  | Fixed-rate Senior notes (i) |  | 2.875% |  | 2030 |  |  | 19,414,300 |
|  | Fixed-rate Senior notes (i) |  | 4.700% |  | 2032 |  |  | 14,560,725 |
|  | Fixed-rate Senior notes (i) |  | 6.375% |  | 2035 |  |  | 19,051,835 |
|  | Fixed-rate Senior notes (i) |  | 6.125% |  | 2037 |  |  | 7,168,245 |
|  | Fixed-rate Senior notes (i) |  | 6.125% |  | 2040 |  |  | 38,741,430 |
|  | Fixed-rate Senior notes (i) |  | 4.375% |  | 2042 |  |  | 22,326,445 |
|  | Fixed-rate Senior notes (i) |  | 4.375% |  | 2049 |  |  | 24,267,875 |
|  | Subtotal U.S. dollars |  |  |  |  |  | Ps. | 164,945,155 |
Mexican pesos |  |  |  |  |  |  |  |  |  |
|  | Domestic Senior notes (i) |  | TIIE + 0.050% |  | 2024 |  | Ps. | 1,920,231 |
|  | Fixed-rate Senior notes (i) |  | 7.125% |  | 2024 |  |  | 11,000,000 |
|  | Domestic Senior notes (i) |  | 0.000% |  | 2025 |  |  | 5,683,928 |
|  | Domestic Senior notes (i) |  | TIIE + 0.300% |  | 2025 |  |  | 335,731 |
|  | Domestic Senior notes (i) |  | 9.520% |  | 2032 |  |  | 14,679,166 |
|  | Fixed-rate Senior notes (i) |  | 8.460% |  | 2036 |  |  | 7,871,700 |
|  | Domestic Senior notes (i) |  | 8.360% |  | 2037 |  |  | 4,964,352 |
|  | Domestic Senior notes (i) |  | 4.840% |  | 2037 |  |  | 7,099,289 |
|  | Subtotal Mexican pesos |  |  |  |  |  | Ps. | 53,554,397 |
Euros |  |  |  |  |  |  |  |  |  |
|  | Commercial Paper (iv) |  | 2.020% |  | 2023 |  | Ps. | 519,575 |
|  | Commercial Paper (iv) |  | 2.010% |  | 2023 |  |  | 1,039,150 |
|  | Commercial Paper (iv) |  | 2.270% |  | 2023 |  |  | 519,575 |
|  | Commercial Paper (iv) |  | 2.150% |  | 2023 |  |  | 519,575 |
|  | Fixed-rate Senior notes (i) |  | 3.500% |  | 2023 |  |  | 6,234,902 |
|  | Fixed-rate Senior notes (i) |  | 3.259% |  | 2023 |  |  | 15,587,256 |
|  | Exchangeable Bond (i) |  | 0.000% |  | 2024 |  |  | 43,581,968 |
|  | Fixed-rate Senior notes (i) |  | 1.500% |  | 2024 |  |  | 17,665,557 |
|  | Fixed-rate Senior notes (i) |  | 1.500% |  | 2026 |  |  | 15,587,256 |
|  | Fixed-rate Senior notes (i) |  | 0.750% |  | 2027 |  |  | 15,708,525 |
|  | Fixed-rate Senior notes (i) |  | 2.125% |  | 2028 |  |  | 12,395,194 |
|  | Subtotal euros |  |  |  |  |  | Ps. | 129,358,533 |
Pound Sterling |  |  |  |  |  |  |  |  |  |
|  | Fixed-rate Senior notes (i) |  | 5.000% |  | 2026 |  | Ps. | 11,729,149 |
|  | Fixed-rate Senior notes (i) |  | 5.750% |  | 2030 |  |  | 15,247,894 |
|  | Fixed-rate Senior notes (i) |  | 4.948% |  | 2033 |  |  | 7,037,490 |
|  | Fixed-rate Senior notes (i) |  | 4.375% |  | 2041 |  |  | 17,593,724 |
|  | Subtotal Pound Sterling |  |  |  |  |  | Ps. | 51,608,257 |
Brazilian reais |  |  |  |  |  |  |  |  |  |
|  | Debentures (i) |  | CDI + 1.350% |  | 2023 |  | Ps. | 9,302,135 |
|  | Promissory Notes (i) |  | CDI + 1.000% |  | 2023 |  |  | 2,976,683 |
|  | Debentures (i) |  | CDI + 1.400% |  | 2024 |  |  | 15,813,630 |
|  | Debentures (i) |  | CDI + 1.370% |  | 2025 |  |  | 5,581,281 |
|  | Subtotal Brazilian reais |  |  |  |  |  | Ps. | 33,673,729 |
Other currencies |  |  |  |  |  |  |  |  |  |
Japanese yen |  |  |  |  |  |  |  |  |  |
|  | Fixed-rate Senior notes (i) |  | 2.950% |  | 2039 |  | Ps. | 1,924,847 |
|  | Subtotal Japanese yen |  |  |  |  |  | Ps. | 1,924,847 |
Chilean pesos |  |  |  |  |  |  |  |  |  |
|  | Fixed-rate Senior notes (i) |  | 4.000% |  | 2035 |  | Ps. | 3,964,099 |
|  | Subtotal Chilean pesos |  |  |  |  |  | Ps. | 3,964,099 |
|  | Subtotal other currencies |  |  |  |  |  | Ps. | 5,888,946 |
Lines of Credit and others |  |  |  |  |  |  |  |
U.S. dollars |  |  |  |  |  |  |  |
|  | Lines of credit (ii) |  | 5.050% |  | 2023 |  | Ps. | 491,750 |
Euros |  |  |  |  |  |  |  |  |  |
|  | Lines of credit (ii) |  | 2.083% - 2.650% |  | 2023 - 2024 |  |  | 17,052,458 |
Mexican pesos |  |  |  |  |  |  |  |  |  |
|  | Lines of credit (ii) |  | TIIE + 0.280% - TIIE + 0.580% |  | 2023 |  |  | 43,580,000 |
Peruvian Soles |  |  |  |  |  |  |  |  |  |
|  | Lines of credit (ii) |  | 6.00% |  | 2023 |  |  | 4,142,056 |
Colombian pesos |  |  |  |  |  |  |  |  |  |
|  | Lines of credit (ii) |  | IBR + 2.25% |  | 2023 |  |  | 165,479 |
Brazilian reais |  |  |  |  |  |  |  |  |  |
|  | Lines of credit (ii) |  | 13.32% |  | 2023 |  |  | 6,105,177 |
Others |  |  |  |  |  |  |  |  |  |
|  | Lines of credit (ii) |  | 11.00% |  | 2023 |  |  | 23,543 |
|  | Subtotal Lines of Credit and others |  |  |  |  |  | Ps. | 71,560,463 |
|  | Total debt |  |  |  |  |  | Ps. | 510,589,480 |
|  | Less: Short-term debt and current portion of long-term debt |  |  |  |  |  | Ps. | 102,024,414 |
|  | Long-term debt |  |  |  |  |  | Ps. | 408,565,066 |
L = LIBOR (London Interbank Offered Rate) TIIE = Mexican Interbank Rate CDI = Brazil Interbank Deposit Rate TAB = Chilean weighted average funding rate IBR = Colombia Reference Bank Indicator Interest rates on the Company’s debt are subject to fluctuations in international and local rates. The Company’s weighted-average cost of borrowed funds as of December 31, 2022 and September 30, 2023 was approximately 5.38% and 5.98%, respectively. Such rates do not include commissions or the reimbursements for Mexican tax withholdings (typically a tax rate of 4.9%) that the Company must pay to international lenders. An analysis of the Company’s short-term debt maturities as of December 31, 2022 and September 30, 2023 is as follows:
|  | 2022 |  |  | 2023 |
Obligations and Senior Notes |  | Ps. | 36,698,853 |  |  | Ps. | 85,340,050 |
Lines of credit |  |  | 65,325,561 |  |  |  | 67,581,542 |
Financial leases |  |  | — |  |  |  | — |
Subtotal short term debt |  | Ps. | 102,024,414 |  |  | Ps. | 152,921,592 |
Weighted-average interest rate |  |  | 8.50 | % |  |  | 7.11 | %
The Company’s long-term debt maturities are as follows:
Years |  | Amount |
2024 |  | Ps. | 12,920,231 |
2025 |  |  | 11,571,475 |
2026 |  |  | 30,182,574 |
2027 and thereafter |  |  | 299,447,757 |
Total |  | Ps. | 354,122,037 |
(i) Senior Notes The outstanding Senior Notes as of December 31, 2022 and September 30, 2023 are as follows:
Currency* |  | 2022 |  |  | 2023 |
U.S. dollars |  | Ps. | 164,945,155 |  |  | Ps. | 150,624,187 |
Mexican pesos |  |  | 53,554,397 |  |  |  | 83,377,777 |
Euros |  |  | 129,358,533 |  |  |  | 114,882,469 |
Pound sterling |  |  | 51,608,257 |  |  |  | 47,579,931 |
Brazilian reais |  |  | 33,673,729 |  |  |  | 28,499,887 |
Japanese yens |  |  | 1,924,847 |  |  |  | 1,542,968 |
Chilean pesos |  |  | 3,964,099 |  |  |  | 3,582,591 |
* | Thousands of Mexican pesos
* | Includes secured and unsecured senior notes.
On July 21 st . the Company saw matured its €750 million, 3.259% bond, with a tenor of ten years. (ii) Lines of credit As of December 31, 2022, and September 30, 2023, debt under lines of credit aggregated to Ps. 71,560 million and Ps. 76,954 million, respectively. Telekom Austria closed September 30, 2023 with an aggregated debt of Ps. 12,653 under lines of credit. The Company has two revolving syndicated credit facilities, one for the Euro equivalent of US$1,500 million and the other for US$2,500 million maturing in 2026 and 2024, respectively. As long as the facilities are committed, a commitment fee is paid. As of September 30, 2023, these credit facilities are undrawn. Telekom Austria has an undrawn revolving syndicated credit facility in Euros for €1,000 million that matures in 2026. (iv) Commercial Paper In August 2020, we established a new Euro-Commercial Paper program for a total amount of €2,000 million. As of September 30, 2023, debt under this program aggregated to Ps. 12,315 million. Restrictions A portion of the debt is subject to certain restrictions with respect to maintaining certain financial ratios, as well as restrictions on selling a significant portion of groups of assets, among others. As of September 30, 2023, the Company was in compliance with all these requirements. A portion of the debt is also subject to early maturity or repurchase at the option of the holders in the event of a change in control of the Company, as defined in each instrument. The definition of change in control varies from instrument to instrument; however, no change in control shall be considered to have occurred as long as its current shareholders continue to hold the majority of the Company’s voting shares. Covenants In conformity with the credit agreements, the Company is obliged to comply with certain financial and operating commitments. Such covenants limit in certain cases, the ability of the Company or the guarantor to: pledge assets, carry out certain types of mergers, sell all or substantially all of its assets, and sell control of Telcel. Such covenants do not restrict the ability of AMX’s subsidiaries to pay dividends or other payment distributions to AMX. The more restrictive financial covenants require the Company to maintain a consolidated ratio of debt to EBITDA (defined as operating income plus depreciation and amortization) that does not exceed 4 to 1, and a consolidated ratio of EBITDA to interest paid that is not below 2.5 to 1 (in accordance with the clauses included in the credit agreements). Several of the financing instruments of the Company may be accelerated, at the option of the debt holder in the case that a change in control occurs. As of September 30, 2023, the Company was in compliance with all the covenants.

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