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13. BORROWINGS AND FINANCING | 12 Months Ended
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Dec. 31, 2020
Borrowings And Financing |
BORROWINGS AND FINANCING |
13. | BORROWINGS AND FINANCING
The balances of loans, financing and debentures that are recorded at amortized cost are as follows:
|  |  |  |  |  |  |  |  | Consolidated
|  |  | Current Liabilities |  | Noncurrent Liabilities
|  |  | 12/31/2020 |  | 12/31/2019 |  | 12/31/2020 |  | 12/31/2019
Foreign Debt |  |  |  |  |  |  |  |  |
Floating Rates: |  |  |  |  |  |  |  |  |
Prepayment | (1) |  | 1,119,558 |  | 1,769,975 |  | 3,457,105 |  | 2,563,928
Fixed Rates: |  |  |  |  |  |  |  |  |
Bonds, Perpetual bonds and Advance on Foreign Exchange Contract | (2) |  | 426,676 |  | 2,047,032 |  | 19,898,213 |  | 10,177,517
Intercompany |  |  |  |  |  |  |  |  |
Fixed interest in EUR |  |  |  |  |  |  |  |  |
Intercompany |  |  |  |  |  |  |  |  |
Facility |  |  | 326,970 |  | 223,204 |  | 143,503 |  | 147,241
|  |  | 1,873,204 |  | 4,040,211 |  | 23,498,821 |  | 12,888,686
Debt agreements in Brazil |  |  |  |  |  |  |  |  |
Floating Rate Securities in R$: |  |  |  |  |  |  |  |  |
BNDES/FINAME, Debentures, NCE and CCB | (3) |  | 2,282,279 |  | 1,086,985 |  | 7,716,307 |  | 10,049,783
Fixed Rate Securities in R$: |  |  |  |  |  |  |  |  |
Intercompany |  |  |  |  | 25,038 |  |  |  |
|  |  | 2,282,279 |  | 1,112,023 |  | 7,716,307 |  | 10,049,783
Total Borrowings and Financing |  |  | 4,155,483 |  | 5,152,234 |  | 31,215,128 |  | 22,938,469
Transaction Costs and Issue Premiums |  |  | (29,030) |  | (26,391) |  | (70,928) |  | (97,276)
Total Borrowings and Financing + Transaction cost |  |  | 4,126,453 |  | 5,125,843 |  | 31,144,200 |  | 22,841,193
(1) | In 2020, the Company renegotiated part of the Prepayment debt in the total amount of U$311 million, postponing part of the maturities of 2020 and 2021 to 2022.
| (2) | In 2020, the Company issued debt securities representing the foreign market (“Notes”), through its subsidiary CSN Inova Ventures, with maturity in 2028 and interest rate of 6.75% per year, totaling US$1, 3 billion, of which US$1 billion in January and US$300 million in November. Additionally, we used US$263 million in the repurchase offer (“Tender Offer”) of the Notes issued by CSN Resources SA in January 2020. All Notes mentioned above are unconditionally and irrevocably guaranteed by the Company.
(3) | In June 2020, the Company renegotiated a debt rollover in the amount of R$300 million, shifting the maturities of 2020 to the years 2021, 2022 and 2023.
The following table shows the average interest rate:
|  |  |  | Consolidated
|  |  |  | 12/31/2020
|  | Average interest rate (i) |  | Total debt
US$ |  | 6.63% |  | 24,901,552
EUR |  | 1.50% |  | 470,473
R$ |  | 2.82% |  | 9,998,586
|  |  |  | 35,370,611
(i) | To determine the average interest rate on debt contracts with floating rates, the Company used the rates applied on December 31, 2020. In The Company, it considers the interest rate of the contracts intercompany.
13.a) | Maturities of loans, financing and debentures presented in current and non-current liabilities
|  |  |  |  |  | Consolidated
|  |  |  |  |  | 12/31/2020
|  |  |  |  |  | Principal
|  | Borrowings and financing in foreign currency |  | Borrowings and financing in national currency |  | Total
2021 |  | 1,873,204 |  | 2,282,279 |  | 4,155,483
2022 |  | 2,683,224 |  | 2,859,423 |  | 5,542,647
2023 |  | 5,567,133 |  | 3,036,338 |  | 8,603,471
2024 |  | 178,033 |  | 1,238,275 |  | 1,416,308
2025 |  |  |  | 68,595 |  | 68,595
2026 |  | 3,118,021 |  | 68,587 |  | 3,186,608
After 2026 |  | 6,755,710 |  | 445,089 |  | 7,200,799
Perpetual bonds |  | 5,196,700 |  |  |  | 5,196,700
|  | 25,372,025 |  | 9,998,586 |  | 35,370,611
13.b)Borrowing | and amortization, financing and debentures
The following table shows amortization and funding during the year:
|  |  |  | Consolidated
|  | 12/31/2020 |  | 12/31/2019
Opening balance |  | 27,967,036 |  | 28,827,074
New debts |  | 8,116,247 |  | 10,149,381
Repayment |  | (6,448,658) |  | (11,775,093)
Payments of charges |  | (1,922,130) |  | (2,039,112)
Accrued charges (Note 28) |  | 2,002,052 |  | 1,996,305
Consolidation of CBSI |  |  |  | 19,722
Others (1) |  | 5,556,106 |  | 788,759
Closing balance |  | 35,270,653 |  | 27,967,036
| 1. | Including unrealized exchange and monetary variations and funding cost.
In 2020, the Commpany entered into new debt agreements and amortized borrowings as shown below: • Funding and Amortization
|  |  |  |  |  | Consolidated
|  |  |  |  |  | 12/31/2020
Nature |  | New debts |  | Repayment |  | Interest payment
Prepayment |  | 177,420 |  | (1,028,606) |  | (245,125)
Bonds, Perpetual bonds, ACC, CCE and Facility |  | 7,917,929 |  | (4,458,888) |  | (1,237,396)
BNDES/FINAME, Debentures, NCE and CCB |  | 20,898 |  | (961,164) |  | (439,609)
|  | 8,116,247 |  | (6,448,658) |  | (1,922,130)
• Covenants The Company is compliant with its financial and non-financial obligations (covenants). On December 31, 2019, the Company has provisioned R$10,531 for risk assumption. Accounting Policy Borrowings and financing are initially recognized at fair value, net of transaction costs and subsequently measured at amortized cost using the effective interest and charge methods. Interest, commissions and possible financial charges are recorded pro-rata on an accrual basis. The Company's debt 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 certain financial indicators are triggered.

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