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LOANS, FINANCING AND DEBENTURES | 12 Months Ended
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Dec. 31, 2019
LOANS, FINANCING AND DEBENTURES |
LOANS, FINANCING AND DEBENTURES | 18.LOANS, FINANCING AND DEBENTURES 18.1.Breakdown by type
|  |  |  | Average |  |  |  |  |  |
|  |  |  | annual |  | Current |  | Non-current |  | Total
|  |  |  | interest rate - |  | December 31, |  | December 31, |  | December 31, |  | December 31, |  | December 31, |  | December 31,
Type |  | Interest rate |  | % |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018
In foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BNDES |  | UMBNDES |  | 6.6 |  | 26,307 |  | 21,577 |  | 27,620 |  | 139,940 |  | 53,927 |  | 161,517
Bonds |  | Fixed |  | 5.7 |  | 640,177 |  | 216,624 |  | 27,375,673 |  | 11,189,403 |  | 28,015,850 |  | 11,406,027
Syndicated loan |  | LIBOR |  | 2.7 |  | 29,268 |  | 37,546 |  | 12,269,251 |  | 11,787,588 |  | 12,298,519 |  | 11,825,134
Finnvera/EKN (“Export Credit Agencies”) |  | LIBOR |  |  |  |  |  | 236,385 |  |  |  | 560,689 |  |  |  | 797,074
Financial lease |  | U.S.$ |  |  |  |  |  | 5,608 |  |  |  | 12,617 |  |  |  | 18,225
Export credits (ACC - pre-payment) |  | LIBOR/Fixed |  | 4.1 |  | 1,965,600 |  | 1,896,717 |  | 3,162,228 |  | 274,673 |  | 5,127,827 |  | 2,171,390
Others |  |  |  |  |  | 3,481 |  |  |  |  |  |  |  | 3,481 |  |
|  |  |  |  |  | 2,664,833 |  | 2,414,457 |  | 42,834,772 |  | 23,964,910 |  | 45,499,604 |  | 26,379,367
In local currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BNDES |  | TJLP |  | 7.8 |  | 283,658 |  | 28,867 |  | 1,517,649 |  | 183,269 |  | 1,801,307 |  | 212,136
BNDES |  | TLP |  | 9.2 |  | 18,404 |  | — |  | 441,233 |  |  |  | 459,637 |  |
BNDES |  | Fixed |  | 5.2 |  | 39,325 |  | 26,119 |  | 77,333 |  | 95,034 |  | 116,658 |  | 121,153
BNDES |  | SELIC |  | 5.9 |  | 78,458 |  | — |  | 718,017 |  |  |  | 796,475 |  |
FINAME |  | Fixed |  | 6.6 |  | 4,781 |  | 970 |  | 9,564 |  | 2,010 |  | 14,345 |  | 2,980
BNB |  | Fixed |  | 6.7 |  | 37,815 |  | 25,038 |  | 156,904 |  | 191,976 |  | 194,719 |  | 217,014
CRA (“Agribusiness Receivables Certificates”) |  | CDI/IPCA |  | 5.9 |  | 2,860,938 |  | 789,892 |  | 2,952,451 |  | 1,588,986 |  | 5,813,389 |  | 2,378,878
Export credit note |  | CDI |  | 6.2 |  | 131,914 |  | 93,001 |  | 1,270,065 |  | 1,327,378 |  | 1,401,979 |  | 1,420,379
Rural producer Certificate |  | CDI |  | 7.6 |  | 5,840 |  | 6,809 |  | 273,303 |  | 273,029 |  | 279,143 |  | 279,838
Export credits (“Pre payment”) |  | Fixed |  | 6.2 |  | 77,694 |  | — |  | 1,312,586 |  |  |  | 1,390,280 |  |
FCO (“Central West Fund”), FDCO (“Central West Development Fund”) and FINEP |  | Fixed |  | 8.0 |  | 76,596 |  | 7,725 |  | 475,905 |  | 5,135 |  | 552,501 |  | 12,860
Others (Revolving Cost, Working capital and Industrial Development Fund (“FDI”)) |  | Fixed |  | 0.4 |  | 954 |  | 10,467 |  | 4,558 |  | 16,930 |  | 5,513 |  | 27,397
FDIC Funds of credit rights |  | Fixed |  |  |  | — |  | 22,054 |  |  |  |  |  |  |  | 22,054
Fair value adjustment on business combination with Fibria |  |  |  |  |  | (63,256) |  | — |  |  |  |  |  | (63,256) |  |
Debentures |  | CDI |  | 6.7 |  | 9,997 |  | 1,297 |  | 5,412,035 |  | 4,662,156 |  | 5,422,032 |  | 4,663,453
|  |  |  |  |  | 3,563,118 |  | 1,012,239 |  | 14,621,603 |  | 8,345,903 |  | 18,184,722 |  | 9,358,142
|  |  |  |  |  | 6,227,951 |  | 3,426,696 |  | 57,456,375 |  | 32,310,813 |  | 63,684,326 |  | 35,737,509
Interest on financing |  |  |  |  |  | 886,886 |  | 345,988 |  | 136,799 |  |  |  | 1,023,685 |  | 345,988
Non-current funding |  |  |  |  |  | 5,341,065 |  | 3,080,708 |  | 57,319,576 |  | 32,310,813 |  | 62,660,641 |  | 35,391,521
|  |  |  |  |  | 6,227,951 |  | 3,426,696 |  | 57,456,375 |  | 32,310,813 |  | 63,684,326 |  | 35,737,509
18.2.Rollforward in loans, financing and debentures
|  | December 31, |  | December 31,
|  | 2019 |  | 2018
Beginning balance |  | 35,737,509 |  | 12,191,856
Amounts from the business combination with Fibria (1) |  | 20,667,096 |  | —
Reclassification - accounts payable from lease operations (2) |  | (18,225) |  | —
Fundraising |  | 18,993,837 |  | 25,539,994
Business combination with PCH / FACEPA |  | — |  | 79,923
Interest accrued |  | 3,362,250 |  | 839,278
Exchange rate variation, net |  | 1,781,562 |  | 1,457,989
Settlement of principal |  | (13,994,708) |  | (3,738,577)
Settlement of interest |  | (2,977,957) |  | (669,088)
Fair value adjustment on business combination with Fibria |  | (63,256) |  | —
Amortization of fundraising costs |  | 185,807 |  | 36,134
Other |  | 10,411 |  | —
Ending balance |  | 63,684,326 |  | 35,737,509
| 1) |  | Business combination with Fibria its subsidiaries held on January 3, 2019, Note 1.2.1.
| 2) |  | As of January 1, 2019, the lease balance was reclassified to “Accounts payable from lease operations”, due to adoption of IFRS 16 by the Company.
18.3.Breakdown by maturity – non current
|  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 onwards |  | Total
In foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BNDES - Currency basket |  | 9,175 |  | 10,061 |  | 8,384 |  | — |  | — |  | — |  | — |  | 27,620
Bonds |  | 762,320 |  | — |  | — |  | 2,402,437 |  | 2,379,661 |  | 2,812,354 |  | 19,018,901 |  | 27,375,673
Syndicated Loan |  | 1,343,567 |  | 3,197,689 |  | 7,727,996 |  | — |  | — |  | — |  | — |  | 12,269,252
Export credits (ACC pre-payment) |  | 136,320 |  | 13,143 |  | — |  | 2,015,350 |  | 997,414 |  | — |  | — |  | 3,162,227
|  | 2,251,382 |  | 3,220,893 |  | 7,736,380 |  | 4,417,787 |  | 3,377,075 |  | 2,812,354 |  | 19,018,901 |  | 42,834,772
In local currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BNDES – TJLP |  | 269,593 |  | 265,467 |  | 266,362 |  | 239,883 |  | 292,573 |  | 169,102 |  | 14,668 |  | 1,517,649
BNDES – TLP |  | 18,866 |  | 18,866 |  | 18,866 |  | 18,866 |  | 17,617 |  | 20,120 |  | 328,032 |  | 441,233
BNDES – Fixed |  | 28,959 |  | 24,567 |  | 18,601 |  | 5,206 |  | — |  | — |  | — |  | 77,333
BNDES – Selic |  | 76,117 |  | 73,304 |  | 96,312 |  | 88,347 |  | 210,392 |  | 173,545 |  | — |  | 718,017
FINAME |  | 3,829 |  | 2,786 |  | 1,656 |  | 1,197 |  | 96 |  | — |  | — |  | 9,564
BNB |  | 35,285 |  | 33,201 |  | 35,285 |  | 33,001 |  | 10,285 |  | 9,847 |  | — |  | 156,904
CRA (“Agribusiness Receivables Certificates”) |  | — |  | 1,512,680 |  | 1,439,771 |  | — |  | — |  | — |  | — |  | 2,952,451
Export credit note |  | — |  | — |  | — |  | — |  | 640,800 |  | 629,265 |  | — |  | 1,270,065
Rural producer certificate |  | — |  | — |  | — |  | — |  | 137,500 |  | 135,803 |  | — |  | 273,303
Export credits (“Pre payment”) |  | — |  | — |  | — |  | 1,312,586 |  | — |  | — |  | — |  | 1,312,586
FCO (“Central West Fund”), FDCO (“Central West Development Fund”) and FINEP |  | 67,986 |  | 67,986 |  | 67,986 |  | 67,989 |  | 67,986 |  | 67,986 |  | 67,986 |  | 475,905
Others (Revolving costs, working capital, FIDC and FDI) |  | 4,559 |  | — |  | — |  | — |  | — |  | — |  | — |  | 4,559
Debentures |  | — |  | — |  | — |  | — |  | 2,340,550 |  | 2,324,307 |  | 747,178 |  | 5,412,035
|  | 505,194 |  | 1,998,857 |  | 1,944,839 |  | 1,767,075 |  | 3,717,799 |  | 3,529,975 |  | 1,157,864 |  | 14,621,603
|  | 2,756,576 |  | 5,219,750 |  | 9,681,219 |  | 6,184,862 |  | 7,094,874 |  | 6,342,329 |  | 20,176,765 |  | 57,456,375
18.4.Breakdown by currency
|  | December 31, |  | December 31,
|  | 2019 |  | 2018
Brazilian Reais |  | 17,362,903 |  | 9,358,142
U.S. Dollar |  | 45,460,138 |  | 26,217,850
Selic (1) |  | 807,358 |  | —
Currency basket |  | 53,927 |  | 161,517
|  | 63,684,326 |  | 35,737,509
| 1) |  | Contractual definition of currency in contracts with Brazilian National Bank for Economic and Social Development (“Banco Nacional de Desenvolvimento Econômico e Social or “BNDES”) that are in Brazilian Reais plus SELIC interest.
18.5.Fundraising costs The fundraising costs are amortized based on terms agreements and effective interest rate.
|  |  |  |  |  | Balance to be amortized
|  |  |  |  |  | December 31, |  | December 31,
Nature |  | Cost |  | Amortization |  | 2019 |  | 2018
Bonds |  | 343,642 |  | 129,297 |  | 201,467 |  | 67,189
CRA and NCE |  | 125,222 |  | 73,508 |  | 47,443 |  | 20,195
Import (“ECA”) |  | 101,811 |  | 101,811 |  | — |  | 16,235
Syndicated Loan |  | 72,774 |  | 33,209 |  | 40,382 |  | 30,552
Debentures |  | 21,592 |  | 4,674 |  | 19,065 |  | 18,944
BNDES (“IOF”) (1) |  | 53,730 |  | 13,702 |  | 38,447 |  | —
Others |  | 18,147 |  | 8,381 |  | 4,590 |  | 3,188
|  | 736,918 |  | 364,582 |  | 351,394 |  | 156,303
| 1) |  | Tax on Financial Operations
18.6.Relevant operations settled in the year 18.6.1.Early settlement of CRA’s On January 3, 2019, the Company settled the amount of R$878,573 of two series of CRA’s, with original maturities in 2021 and 2023 and a cost of 99% of CDI and IPCA + 4.5055% p.a. This settlement refers to the two of the nine series that were not obtained prior approval of the holders of the Certificates for the business combination between the Companies. 18.6.2.BNDES On March 15, 2019, the Company carried out the early settled of R$299,682 with the BNDES, comprising an installment to be amortized from the balance of the outstanding debt plus the corresponding remuneration up to the payment date. 18.6.3. Export prepayment ("PPE") On June 17, 2019, the Company, through its subsidiary Suzano International Trade GmbH (former Fibria International Trade GmbH), voluntarily prepaid the amount of U.S.$631,138 (equivalent to R$2,454,443), related to an export prepayment agreement, with quarterly interest payments of 1.15% p.a. plus quarterly LIBOR, which was scheduled to mature in 2022. On June 18, 2019, the Company, through its subsidiary Suzano International Trade GmbH (former Fibria International Trade GmbH, voluntarily prepaid the amount of U.S.$156,032 (equivalent to R$ 602,410), related to an export prepayment agreement, with quarterly interest payments of 1.15% p.a. plus quarterly LIBOR, which was scheduled to mature in October 2022. 18.6.4.Finnvera On April 29 and April 30, 2019, the Company voluntarily prepaid U.S.$208,400 (equivalent to R$822,200) related to certain financing agreements that were guaranteed by the export credit agencies Finnvera and EKN. On June 17, 2019, the Company voluntarily prepaid the outstanding amount of U.S.$378,471 (equivalent to R$1,473,114) related to certain financing agreements that were guaranteed by the export credit agency Finnvera initially contracted in May 2016, which maturity date was 2025. 18.6.5.Debentures On March 27, 2019, the Company made the partial optional extraordinary amortization on the balance of the nominal unit value of all the debentures of this 7th issue, upon payment of the total amount of R$2,056,173, comprising an installment to be amortized balance of the nominal unit value of all debentures plus the corresponding remuneration. On May 31, 2019, the Company redeemed in full its unsecured debentures of its 7th issuance, non-convertible into shares, with maturity on January 7, 2020, by paying the total outstanding amount of R$2,019,587, comprising the total balance of the face value per unit of the totality of the debentures of such issuance plus the corresponding remuneration. 18.7.Relevant operations contracted in the year 18.7.1.Senior Notes (“Notes 2029”) On January 29, 2019, the Company, through its subsidiary Suzano Austria GmbH, reopened the Senior Notes 2029 with the additional issue of debt securities in the amount of U.S.$750,000 (equivalent to R$2,874,150). The notes mature in January 2029 and were issued with interest of 5.465% p.a., which will be paid semiannually. This transaction is fully and unconditionally guaranteed by Suzano S.A. 18.7.2.Export prepayment contracts ("PPE") On February 25, 2019, the Company entered into an export prepayment agreement in the amount of R$738,800, with annual interest payment of 8.35% p.a. and maturing in 2024. On June 14, 2019, the Company, through its wholly-owned subsidiary Fibria International Trade GmbH, entered into a syndicated export prepayment transaction in the amount of U.S.$ 750,000 (equivalent to R$2,910,975), with a term of six years and grace period of five years. This transaction is fully and unconditionally guaranteed by Suzano S.A. On June 14, 2019, the Company entered into an export prepayment agreement in the amount of R$578,400, with annual interest payment of 7.70% p.a. and maturing in 2024. 18.7.3.Senior Notes ("Notes 2047") On May 21, 2019, the Company, through its subsidiary Suzano Austria GmbH, issued an additional amount of U.S.$250,000 (equivalent to R$1,020,250) of its 7.00% Senior Notes due 2047, with yield at the rate of 6.245% p.a. and spread at the rate of 7.0% p.a., to be paid semiannually, in March and September, with maturity on March 16, 2047. This transaction is fully and unconditionally guaranteed by Suzano S.A. 18.7.4.Senior Notes ("Notes 2030") On May 21, 2019, the Company, through its subsidiary Suzano Austria GmbH, issued an aggregate amount of U.S.$1,000,000 (equivalent to R $4,081,000) of 5.00% Senior Notes due 2030, with yield at the rate of 5.18% p.a. and spread at the rate of 5.0% p.a., to be paid semiannually, in January and July, with maturity on January 15, 2030. This transaction is fully and unconditionally guaranteed by Suzano S.A. 18.7.5. BNDES On May 17, 2019, BNDES released funds to the Company in the amount of R$108,050, with interest rates varying from Long Term Rate (“TLP”) plus interest rate of 0.96% p.a. to 1.44% p.a. to be paid from 2020 to 2028. The resources were applied to projects in the industrial, social and technological innovation areas. On December 17, 2019, BNDES released funds to the Company in the amount of R$300,000, with interest rates of Long-Term Rate (“TLP”) plus interest rate 1.77% p.a. with maturity date on 2034. The resources were applied to projects in the forestry areas. 18.7.6.Debentures On January 7, 2019, the Company issued R$4,000,000 in 7th issue, single series, non-convertible shares, due in January 2020 and with interest rates of 103% up to 112% of the CDI rate. On October 17, 2019, the Company issued 750,000, not-convertible into shares, unsecured, single series in the amount of R$750,000, with maturity date on September 15, 2028 and interest rate of 100% of CDI plus spread of 1.20% p.a. 18.7.7.Advances on foreign exchange contracts (“ACC”), Advances on foreign exchange delivered (“ACE”) and Export prepayment (“PPE”) Between October 21 and December 3, 2019, the Company entered into 10 ACCs, ACEs and PPEs agreements for a total of U.S.$450,000 (equivalent to R$1,868,743), with a maturity of up to 1 year. These transactions is fully and unconditionally guaranteed by Suzano S.A. 18.7.8.Revolving Credit Facility On February 20, 2019, the Company, through its wholly-owned subsidiaries Suzano Austria GmbH and Suzano Pulp and Paper Europe SA, entered into a syndicated Revolving Credit Facility agreement in the amount of US$500,000 (equivalent to R$1,855,000), with a term of 5 years. This transaction is fully and unconditionally guaranteed by Suzano S.A. 18.8.Guarantees Some loan and financing agreements have guarantees clauses, in which the financed equipment or other property, plant and equipment are offered by the Company, as disclosed in Note 15.1. The Company does not have contracts with restrictive financial clauses (financial covenants) to be complied with.

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