XML 77 R59.htm IDEA: XBRL DOCUMENT v3.21.1
BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2020
Borrowings [abstract]  
Disclosure of detailed information about borrowings
As of December 31,
20202019
(i) Non-current
Bank borrowings1,334,369 1,639,604 
Less: debt issue costs(7,080)(10,712)
1,327,289 1,628,892 
(ii) Current
Bank borrowings399,249 564,497 
Less: debt issue costs(3,645)(4,715)
395,604 559,782 
Total Borrowings1,722,893 2,188,674 
The weighted average interest rates - which incorporate instruments denominated mainly in U.S. dollars and which do not include the effect of derivative financial instruments nor the devaluation of these local currencies - at year-end were as follows:
As of December 31,
20202019
Bank borrowings1.43 %2.94 %
Breakdown of borrowings by currency is as follows:
As of December 31,
CurrenciesContract20202019
$Floating1,557,483 1,977,617 
$Fixed113,268 148,712 
ARSFloating8 10 
MXNFloating6,256 14,789 
COPFloating29,197 30,634 
COPFixed16,681 16,912 
1,722,893 2,188,674 
$: U.S. dollars; ARS: Argentine pesos; COP: Colombian pesos; MXN: Mexican pesos.
Ternium’s most significant borrowings as of December 31, 2020, were those incurred under Ternium México’s syndicated loan facilities, in order to finance the construction of its hot rolling mill, hot-dip galvanizing and painting lines in Pesqueria, under Tenigal’s syndicated loan facility, in order to finance the construction of its hot-dipped galvanizing mill in Pesquería, Mexico, under Ternium Investments S.à r.l., in order to finance the acquisition of Ternium Brasil, and under Ternium Brasil's syndicated loan facility, in order to finance solely activities related to its exports of goods:
In $ million
DateBorrowerTypeOriginal principal amountOutstanding principal amount as of December 31, 2020Maturity
Years 2012 and 2013TenigalSyndicated loan200 50 July 2022
September 2017Ternium Investments S.à r.l.Syndicated loan1,500 400 September 2022
June 2018Ternium MexicoSyndicated loan1,000 500 June 2023
August 2019Ternium BrasilSyndicated loan500 500 August 2024
Disclosure of maturities of borrowings
The maturity of borrowings is as follows:
Expected Maturity Date
202120222023 and thereafterAt December 31, (1)
20202019
Fixed Rate129,949 — — 129,949 165,623 
Floating Rate265,655 659,942 667,347 1,592,944 2,023,051 
Total395,604 659,942 667,347 1,722,893 2,188,674 
(1) As most borrowings incorporate floating rates that approximate market rates and the contractual repricing occurs mostly every 1 month, the fair value of the borrowings approximates their carrying amount and it is not disclosed separately. Fixed rate borrowings are uncommitted short-term revolving loans and their fair value approximates to their carrying amount.