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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.

 

23.1Maturity 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

 

23.2Changes 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).

 

 

23.3Covenants

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:

 

       
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.