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Debentures | 12 Months Ended
--- | ---
Dec. 31, 2021
Debentures |
23. | Debentures
Schedule of debentures
|  |  |  |  |  |  |  |  | Contractual | Effective |  | 12.31.2021 | 12.31.2020
|  |  |  |  | Issue | Number of | Final | Payment | financial | interest | Contract
Company | Issue | Characteristics | Allocation | Guarantees | Date | installment | maturity | of charges | charges p.y. | rate p.y. | amount
Copel | 7th | (a) | Working capital or used to make investments in the issuer. | Personal guarantee | 01.19.2018 | 2 | 01.19.2021 | Half-yearly | 119.0% of DI | 125.18% of DI | 600,000 | - | 303,101
8th | Payment of the 6th issue of debentures and working capital increase | 06.14.2019 | 1 | 06.14.2022 | Half-yearly | 106.0% of DI | 110.93% of DI | 500,000 | 502,400 | 500,475
Copel GeT | 3rd | (a) | Working capital or used to make investments in the issuer. | Personal guarantee | 10.20.2017 | 3 | 10.20.2022 | Half-yearly | 126.0% of DI | 131.21% of DI | 1,000,000 | 339,767 | 669,811
4th | Full early redemption of the 4th issue of the Company’s trade promissory notes and partial payment of the 1st amortization installment of the 2nd issue of debentures. | 07.23.2018 | 3 | 07.23.2023 | Half-yearly | 126.0% of DI | 133.77% of DI | 1,000,000 | 690,311 | 1,010,625
5th | (b) | Reimbursement of expenses related to the construction of the Transmission Lines Araraquara II - Taubaté, Assis - Londrina and Foz do Chopim. | 09.25.2018 | 5 | 09.15.2025 | Half-yearly | IPCA + 7.6475% | IPCA+ 8.3295% | 290,000 | 284,483 | 322,110
6th (1st serie) | (c) | Full early redemption of the 5th issue of the Company’s trade promissory notes and partial payment of the 2nd amortization installment of the 2nd issue of debentures. | 07.15.2019 | 2 | 07.15.2024 | Half-yearly | 109.0% of DI | 111.25% of DI | 800,000 | 825,358 | 807,793
6th (2nd serie) | Reimbursement of expenses related to the Colíder HPP and Baixo Iguaçu HPP projects | 07.15.2019 | 1 | 07.15.2025 | Half-yearly | IPCA + 3.90% | IPCA+ 4.46% | 200,000 | 237,650 | 215,265
7th (1nd serie) | Reinforcement of the Issuer’s working capital; and (ii) the amortization and/or reimbursement of cash, of the principal portion of the debentures of each of the following issues of the Issuer: (a) 3rd (third) issue of the Issuer and (b) 4th (fourth) issue of the Issuer . | 10.15.2021 | 2 | 10.15.2026 | Half-yearly | DI + spread 1.38% | DI + spread 1.45% | 1,133,363 | 1,148,216 | -
7th (2nd serie) | Investments for expansion, renovation or improvement and/or reimbursement of expenses within the scope of the Projects: Improvements of Usina Gov. Bento Munhoz da Rocha Netto; Implementation of the Assets of Lot “E”, from Aneel Auction No. 05/2015; Investments in Mata de Santa Genebra Transmissão S.A. and Bela Vista Geração de Energia S.A. | 10.15.2021 | 3 | 10.15.2031 | Half-yearly | IPCA + 5.7138% p.y. | IPCA + 6.1033% p.y. | 366,637 | 374,658 | -
Copel DIS | 3rd | (a) | Working capital or used to make investments in the issuer. | Personal guarantee | 10.20.2017 | 2 | 10.20.2022 | Half-yearly | 126.0% of DI | 130.85% of DI | 500,000 | 254,824 | 502,358
4th | Working capital and payment of the 1st installment of amortization of the 2nd issue of debentures. | 09.27.2018 | 3 | 09.27.2023 | Half-yearly | DI + spread 2.70% | CDI + 3.96% | 1,000,000 | 684,185 | 1,011,796
5th (1st serie) | (c) | Investment for expansion, renovation or improvement and reimbursement of expenses of the Issuer’s electricity distribution network linked to concession contract No. 46/1999 of ANEEL. | 11.15.2019 | 3 | 11.15.2027 | Half-yearly | IPCA + 4.20% | IPCA+ 4.61% | 500,000 | 584,489 | 529,349
5th (2nd serie) | Reinforcement of working capital and recomposition of cash by the final amortization of the 2nd issue of debentures. | 11.15.2019 | 2 | 11.15.2022 | Half-yearly | DI + spread 1.45% | CDI + 1.65% | 350,000 | 177,187 | 351,479
6th (1nd serie) | Reinforcement of working capital and recomposition of cash by the final amortization of the 2nd issue of debentures. | 06.16.2021 | 2 | 06.15.2026 | Half-yearly | CDI + spread 1.95% | CDI + 2.02% | 1,000,000 | 1,005,102 | -
6th (2nd serie) | Reinforcement of working capital and recomposition of cash by the final amortization of the 2nd issue of debentures. | 06.16.2021 | 3 | 06.15.2031 | Half-yearly | IPCA + 4.7742% | IPCA + 5.1564% | 500,000 | 529,366 | -
Brisa Potiguar | 2nd (1st serie) | (d) | Implementation of wind generating plants. | Real and personal guarantee and pledge of Copel GeT shares. | 03.24.2016 | 192 | 07.15.2032 | Monthly | TJLP + 2.02% | TJLP + 2.02% | 147,575 | 100,240 | 109,677
2nd (2nd serie) | 03.24.2016 | 192 | 07.15.2032 | Monthly | IPCA + 9.87% | IPCA+ 10.92% | 153,258 | 131,630 | 130,449
Cutia | 1st | (b) | Construction and implementation of wind generating plants. | Personal guarantee | 03.20.2019 | 26 | 12.15.2031 | Half-yearly | IPCA + 5.8813% | IPCA+ 6.83% | 360,000 | 370,903 | 353,166
Compagás | 2nd | (e) | Fund investment plan of the issuer. | Floating | 04.15.2016 | 54 | 12.15.2021 | Quarterly | TJLP + 2.17% | TJLP + 2.17% | 33,620 | - | 3,000
| 0 |  |  | SELIC + 2.17% | SELIC + 2.17% | - | - | 2,890
3rd | (f) | Issuer’s investment plan fund. | Real | 12.17.2019 | 18 | 06.28.2021 | Monthly | DI + spread 0.88 | 5.68% | 43,000 | - | 14,475
|  |  |  |  |  |  |  |  |  |  | Gross debt | 8,240,769 | 6,837,819
|  |  |  |  |  |  |  |  |  |  | (-) Transaction cost | (93,152) | (80,338)
|  |  |  |  |  |  |  |  |  |  | Net debt | 8,147,617 | 6,757,481
|  |  |  |  |  |  |  |  |  |  | Current | 2,144,485 | 1,881,411
|  |  |  |  |  |  |  |  |  |  | Noncurrent | 6,003,132 | 4,876,070
(a) Simple debentures, single series, not convertible into shares, unsecured, for public distribution with restricted placement efforts, according to CVM No. 476. Guarantor: Copel. Trustee: Pentágono S.A. DTVM.
(b) Simple debentures, single series, not convertible into shares, with security interest and additional personal guarantee, for public distribution with restricted efforts, pursuant to CVM Instruction No. 476. Guarantor: Copel. Trustee: Pentágono S.A. DTVM.
(c) Simple debentures, two series, not convertible into shares, unsecured, for public distribution with restricted placement efforts, according to CVM No. 476. Guarantor: Copel. Trustee: Pentágono S.A. DTVM.
(d) Simple debentures, two series, not convertible into shares, issued privately. Companies: Nova Asa Branca I, Nova Asa Branca II, Nova Asa Branca III, Nova Eurus e Ventos de Santo Uriel. Guarantor: Copel. They have no trustee.
(e) Simple registered debentures, single series, with private issue and exclusive placement by BNDESPAR. Guarantor: Compagás. Trustee: BNDES Participações S.A. BNDESPAR.
(f) Simple and registered debentures, with a single series, in private issue, with public distribution of restricted efforts. Guarantor: Compagás. Trustee: Simplific Pavarini DTVM Ltda.
23.1 | Maturity of noncurrent installments
Schedule of maturity of noncurrent installments
12.31.2021 | Gross debt | (-) Transaction cost | Net debt
2023 | 1,183,452 | (16,356) | 1,167,096
2024 | 514,671 | (11,296) | 503,375
2025 | 1,617,055 | (9,610) | 1,607,445
2026 | 1,324,561 | (7,473) | 1,317,088
2027 | 253,651 | (6,328) | 247,323
After 2027 | 1,179,645 | (18,840) | 1,160,805
| 6,073,035 | (69,903) | 6,003,132
23.2 | Changes in debentures
Schedule of changes in debentures
Balance as of January 1, 2020 | 8,429,710
Charges and monetary variations | 453,951
Amortization - principal | (1,046,295)
Payment - charges | (422,295)
Reclassification (a) | (657,590)
Balance as of December 31, 2020 | 6,757,481
Funding | 3,000,000
(-) Transaction costs | (35,030)
Charges and monetary variations | 658,653
Amortization - principal | (1,852,048)
Payment - charges | (361,073)
Reclassification (a) | (20,366)
Balance as of December 31, 2021 | 8,147,617
(a) Reclassification to Assets classified as held for sale (Note 41).
23.3 | Covenants
Copel issued debentures containing covenants that require the maintenance of certain economic and financial ratios within pre-determined parameters, requiring annual fulfillment and other conditions to be complied with, such as not changing the Company’s interest in the capital stock that would represent change of control without prior consent from the debenture holders; not paying out dividends or interest on capital if it is in arrears in relation to honoring any of its financial obligations or not maintaining the financial ratios as determined without prior written consent of the debenture holders. Failing to fulfill these conditions may lead to accelerated redemption of debentures and regulatory penalties. As of December 31, 2021, all ratios and covenants have been fully met. The financial covenants contained in the debenture agreements are presented as follows: Schedule of financial covenants
Company | Contract | Annual financial ratio | Limit
Copel | 7th issue of Debentures | Consolidated net debt / Consolidated EBITDA Debt service coverage ratio | ≤ 3.5 ≥ 1.5
8th issue of Debentures
Copel GeT | 3rd issue of Debentures
4th issue of Debentures
5th issue of Debentures
6th issue of Debentures
7th issue of Debentures
Copel DIS | 3rd issue of Debentures
4th issue of Debentures
5th issue of Debentures
6th issue of Debentures
Nova Asa Branca I |  | Debt service coverage ratio | ≥ 1.3
Nova Asa Branca II |
Nova Asa Branca III | 2nd issue of Debentures
Nova Eurus IV |
Ventos de Santo Uriel |
Cutia | 1st issue of Debentures | Debt service coverage ratio (a) | ≥ 1.2
(a) financial ratio calculated based on the amounts of the consolidated financial statements of Cutia Empreendimentos Eólicos S.A.

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