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12. BORROWINGS, FINANCING AND DEBENTURES | 12 Months Ended
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Dec. 31, 2018
Borrowings Financing And Debentures |
BORROWINGS, FINANCING AND DEBENTURES | The balances of borrowings, financing and debentures, which are carried at amortized cost, are as follows:
|  |  |  |  | Consolidated
|  |  | Current liabilities |  | Non-current liabilities
|  |  | 12/31/2018 |  | 12/31/2017 |  | 12/31/2018 |  | 12/31/2017
Debt agreements in the international market |  |  |  |  |  |  |  |  |
Variable interest in: |  |  |  |  |  |  |  |  |
US$ |  |  |  |  |  |  |  |  |
Prepayment | (1) |  | 1,016,737 |  | 791,163 |  | 3,830,240 |  | 4,097,509
Fixed interest in: |  |  |  |  |  |  |  |  |
US$ |  |  |  |  |  |  |  |  |
Bonds, Perpetual Bonds and ACC | (2) |  | 2,490,178 |  | 523,509 |  | 8,613,491 |  | 8,920,342
Intercompany |  |  |  |  |  |  |  |  |
EUR |  |  |  |  |  |  |  |  |
Others |  |  | 181,056 |  | 251,630 |  | 106,535 |  | 197,131
|  |  | 3,687,971 |  | 1,566,302 |  | 12,550,266 |  | 13,214,982
Debt agreements in Brazil |  |  |  |  |  |  |  |  |
Securities with variable interest in: |  |  |  |  |  |  |  |  |
R$ |  |  |  |  |  |  |  |  |
BNDES/FINAME, Debentures, NCE and CCB | (3) |  | 1,890,450 |  | 4,982,159 |  | 10,710,678 |  | 9,702,972
Securities with fixed interest in: |  |  |  |  |  |  |  |  |
R$ |  |  |  |  |  |  |  |  |
Prepayment |  |  | 103,376 |  | 3,303 |  |  |  | 100,000
|  |  | 1,993,826 |  | 4,985,462 |  | 10,710,678 |  | 9,802,972
Total Borrowings and Financing |  |  | 5,681,797 |  | 6,551,764 |  | 23,260,944 |  | 23,017,954
Transaction Costs and Issue Premiums |  |  | (28,358) |  | (24,862) |  | (87,309) |  | (34,012)
Total Borrowings and Financing + Transaction Costs |  |  | 5,653,439 |  | 6,526,902 |  | 23,173,635 |  | 22,983,942
(1) In November 2018, the Company concluded the negotiation of its debt of R$250 million with Banco Santander, related to Prepayment, rescheduling the maturities from 2019 to 2022. (2) In February 2018, the Company issued debt securities in the foreign market ("Notes"), through its subsidiary CSN Resources SA, in the amount of US$ 350 million, maturing in 2023 and interest of 7.625% per annum. In parallel, a tender offer ("Tender Offer") of the Notes was issued by CSN Islands XI Corp. and CSN Resources S.A., subsidiaries of the Company, having repurchased US$ 350 million with expected maturity for 2019 and 2020. The Notes are unconditionally and irrevocably guaranteed by the Company. (3) In February 2018, the Company concluded the renegotiation of its debt of R$4.9 billion with Banco do Brasil SA ("BB"), related to its own issues of Export Credit Notes plus the issues made by its subsidiary CSN Mineração, moving the maturities from 2018 to 2022 to maturity until December 2024, with a guarantee of part of the shares of Usiminas, owned by the Company. In August 2018, the Company concluded the negotiations to reprofile its debts of R$ 6.8 billion with Caixa Econômica Federal, referring to the Bank Credit Note, rescheduling the maturities throughout 2018 to 2023 to maturity up to 2024, with guarantee of shares of Usiminas shares owned by the Company. The following table shows the average interest rate:
|  | Consolidated
|  |  |  | 12/31/2018
|  | Average interest rate (*) |  | Total debt
US$ |  | 5.88% |  | 15,950,646
R$ |  | 8.19% |  | 12,704,504
EUR |  | 3.88% |  | 287,591
|  |  |  | 28,942,741
(*) In order to determine the average interest rates for debt contracts with floating rates, the Company used the rates applied as of December 31, 2018. 12.a) Maturities of borrowings, financing and debentures presented in non-current liabilities As of December 31, 2018, the breakdown of principal plus interest of long-term liabilities as borrowings, financing and debentures by maturity date is presented as follows:
|  |  |  |  |  |  |  | Consolidated |
|  |  |  |  |  |  |  | 12/31/2018 |
|  |  |  |  |  |  |  | Principal |
|  | Bank loans |  | Capital markets |  | Development agencies |  | Total |
2020 |  | 3,187,269 |  | 3,499,177 |  | 66,892 |  | 6,753,338 |
2021 |  | 3,263,810 |  | 116,003 |  | 59,455 |  | 3,439,268 |
2022 |  | 3,087,732 |  | 36,667 |  | 58,154 |  | 3,182,553 |
2023 |  | 2,669,211 |  | 1,356,180 |  | 56,985 |  | 4,082,376 |
2024 |  | 1,276,001 |  |  |  | 67,734 |  | 1,343,735 |
After 2024 |  |  |  |  |  | 584,874 |  | 584,874 |
Perpetual bonds |  |  |  | 3,874,800 |  |  |  | 3,874,800 |
|  | 13,484,023 |  | 8,882,827 |  | 894,094 |  | 23,260,944 |
12.b) Amortization and borrowings raised, financing and debentures The table below presents the funding raised and amortizations during the year:
|  |  |  | Consolidated
|  | 12/31/2018 |  | 12/31/2017
Opening balance |  | 29,510,844 |  | 30,441,018
Funding raised |  | 2,154,471 |  | 538,771
Principal repayments |  | (5,019,978) |  | (1,528,023)
Payments of charges |  | (2,141,710) |  | (2,634,931)
Provision of charges |  | 2,009,688 |  | 2,438,555
Write-off – sale of subsidiary LLC |  | (10,544) |  |
Others (1) |  | 2,324,303 |  | 255,454
Closing balance |  | 28,827,074 |  | 29,510,844
| (1) | Includes unrealized monetary and foreign exchange variations.
In 2018, the Group obtained and amortized loans as shown below: · Funding raised and amortizations: Consolidated 12/31/2018
Nature |  | Raised |  | Amortization of principal |  | Amortization of charges
Prepayment |  |  |  | 849,654 |  | 280,923
Bonds, Perpetual bonds and ACC |  | 1,749,099 |  | 1,632,464 |  | 675,370
BNDES/FINAME, Debentures, NCE and CCB |  | 10,792 |  | 1,948,014 |  | 1,173,380
Others |  | 394,580 |  | 589,846 |  | 12,037
|  | 2,154,471 |  | 5,019,978 |  | 2,141,710
| · | Covenants
The Company's loan agreements establish the fulfillment of certain non-financial obligations, as well as maintenance of certain parameters and performance indicators, such as disclosure of its audited financial statements according to regulatory deadlines or payment of commission on risk assumption, if the net debt-EBITDA ratio reaches the levels in those agreements, under penalty of anticipated maturity. The Company is in compliance with the financial and non-financial obligations (covenants) of its current contracts, not considered any non-compliances already remedied or that have not generated the acceleration of debts or any type of accounting provision. On December 31, 2018, the Company has provisioned R$ 38,134 in the Consolidated (R$ 30,843 as of December 31, 2017) for risk assumption. 12.c) GUARANTEES The Company is liable for guarantees of its subsidiaries and joint ventures as follows:
| Currency |  | Maturities |  | Borrowings | Tax foreclosure | Others | Total
|  |  |  |  | 12/31/2018 |  | 12/31/2017 |  | 12/31/2018 |  | 12/31/2017 |  | 12/31/2018 |  | 12/31/2017 |  | 12/31/2018 |  | 12/31/2017
Transnordestina Logísitca | R$ |  | Until 09/19/2056 and Indefinite |  | 2,108,917 |  | 2,541,347 |  | 35,336 |  | 22,214 |  | 8,231 |  | 3,866 |  | 2,152,484 |  | 2,567,427
FTL - Ferrovia Transnordestina | R$ |  | 11/15/2020 |  | 62,407 |  | 69,405 |  |  |  |  |  |  |  |  |  | 62,407 |  | 69,405
Sepetiba Tecon |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 36,308 |  |  |  | 36,308
Cia Metalurgica Prada | R$ |  | Indefinite |  |  |  |  |  | 333 |  | 333 |  | 11,942 |  | 18,540 |  | 12,275 |  | 18,873
CSN Energia | R$ |  | Until 11/26/2023 and Indefinite |  |  |  |  |  | 2,829 |  | 2,829 |  | 1,920 |  |  |  | 4,749 |  | 2,829
CSN Mineração | R$ |  | Until 12/26/2024 |  | 1,407,363 |  | 2,000,000 |  |  |  |  |  |  |  |  |  | 1,407,363 |  | 2,000,000
Estanho de Rondônia | R$ |  | 07/15/2022 |  | 3,153 |  | 3,153 |  |  |  |  |  |  |  |  |  | 3,153 |  | 3,153
Minérios Nacional S.A. | R$ |  | Until 09/10/2021 |  | 7,305 |  |  |  |  |  |  |  |  |  |  |  | 7,305 |  | -
Total in R$ |  |  |  |  | 3,589,145 |  | 4,613,905 |  | 38,498 |  | 25,376 |  | 22,093 |  | 58,714 |  | 3,649,736 |  | 4,697,995
CSN Islands XI | US$ |  | 09/21/2019 |  | 547,094 |  | 750,000 |  |  |  |  |  |  |  |  |  | 547,094 |  | 750,000
CSN Islands XII | US$ |  | Perpetual |  | 1,000,000 |  | 1,000,000 |  |  |  |  |  |  |  |  |  | 1,000,000 |  | 1,000,000
CSN Resources | US$ |  | Until 02/13/2023 |  | 1,402,906 |  | 1,200,000 |  |  |  |  |  |  |  |  |  | 1,402,906 |  | 1,200,000
Total in US$ |  |  |  |  | 2,950,000 |  | 2,950,000 |  |  |  |  |  |  |  |  |  | 2,950,000 |  | 2,950,000
CSN Steel S.L. | EUR |  | 1/31/2020 |  | 48,000 |  | 120,000 |  |  |  |  |  |  |  |  |  | 48,000 |  | 120,000
Lusosider Aços Planos | EUR |  | Indefinite |  | 75,000 |  | 25,000 |  |  |  |  |  |  |  |  |  | 75,000 |  | 25,000
Total in EUR |  |  |  |  | 123,000 |  | 145,000 |  |  |  |  |  |  |  |  |  | 123,000 |  | 145,000
Total in R$ |  |  |  |  | 11,976,657 |  | 10,334,149 |  |  |  |  |  |  |  |  |  | 11,976,657 |  | 10,334,149
|  |  |  |  | 15,565,802 |  | 14,948,054 |  | 38,498 |  | 25,376 |  | 22,093 |  | 58,714 |  | 15,626,393 |  | 15,032,144

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