XML 52 R20.htm IDEA: XBRL DOCUMENT
v3.25.1

Short-term debt | 12 Months Ended
--- | ---
Dec. 31, 2024
Short-Term Debt [Abstract] |
Short-term debt | Short-term debt Short-term debt consists of the following at year-end:
|  | 2024 |  | 2023
Bank overdrafts |  | $ | 686 |  |  | $ | 31 |
Short-term bank loans |  | 55,065 |  |  | 29,502 |
Revolving Credit Facility |  | 4,500 |  |  | — |
Total |  | $ | 60,251 |  |  | $ | 29,533 |
Short-term bank loans As of December 31, 2024, the Company had drawn short-term bank loans in Chile, Uruguay, Puerto Rico and Panama, amounting to $55,065. As of December 31, 2023, short-term bank loans were comprised of two loans in Chile, amounting to $29,502. The following table presents additional information related to short-term bank debt:
|  |  |  | Principal as of |
Territories | Entity | Currency | Annual interest rate | December 31, 2024 | December 31, 2023 | Maturity
Panama | Citibank N.A. | USD | SOFR + 2.10% | $ | 5,000 |  | $ | — |  | February, 2025
Puerto Rico | Citibank N.A. | USD | SOFR + 2.10% | 14,000 |  | — |  | February, 2025
Chile | Banco de Chile | CLP | 8.88% | — |  | 9,821 |  | December, 2024
Banco Itaú Chile | 8.28% | — |  | 19,681 |
Banco de Chile | CLP | 6.84% | 8,677 |  | — |  | March, 2025
Banco Itaú Chile | 7.53% | 17,388 |  | — |  | June, 2025
Uruguay | Banco Itaú Uruguay S.A. | USD | 5.74% | 8,000 |  | — |  | May, 2025
Banco Bilbao Vizcaya Argentaria Uruguay S.A. | 5.55% | 2,000 |  | — |
Total |  |  |  | $ | 55,065 |  | $ | 29,502 |  |
Revolving credit facilities As of December 31, 2024, the Company maintained the followings revolving credit facilities:
Bank |  | Currency |  | Maturity |  | Interest rate |  | Amount
Itau Unibanco S.A. (i) |  | $ |  | April 14, 2025 |  | TERM SOFR + range between 2.65% to 4.85% |  | 25,000
J.P. Morgan |  | $ |  | February 17, 2026 |  | SOFR + 3.10% |  | 25,000
Banco Santander (Brasil) (ii) |  | $ |  | October 31, 2026 |  | TERM SOFR + range between 3.20% to 3.60% |  | 25,000
(i) Maintained by its wholly-owned subsidiary ADBV. (ii) Maintained by both, the Company and its wholly-owned subsidiary ADBV. In addition, for the J.P. Morgan and Santander agreements, the Company is required to comply, as of the last day of each quarter during the agreement, with a consolidated net indebtedness (including interest payable for the J.P. Morgan agreement) to EBITDA ratio. As of December 31, 2024, these ratio were as follows:
Bank |  | Ratio |  | Required Maximum Ratio |  | As of December 31, 2024
J.P. Morgan |  | Net Indebtedness (including interest payable) to EBITDA |  | 3.00 |  | 1.14
Banco Santander (Brasil) S.A. |  | Net Indebtedness (not including interest payable) to EBITDA |  | 3.00 |  | 1.12
| Net Indebtedness (not including interest payable) to EBITDA (i) |  | 3.00 |  | 0.19
(i) Ratio maintained by its wholly-owned subsidiary ADBV. As of December 31, 2024 the Company and ADBV were in compliance with all the ratios. These revolving credit facilities permit the Company to borrow money from time to time to cover its working capital needs and for other general corporate purposes. Principal is due upon maturity. However, prepayments are permitted without premium or penalty. The obligations of the Company, and ADBV for the Santander agreement, under the revolving credit facilities are jointly and severally guaranteed by certain of the Company’s subsidiaries on an unconditional basis. The revolving credit facilities include customary covenants including, among others, restrictions on the ability of the Company, the guarantors and certain material subsidiaries to: (i) incur liens, (ii) enter into any merger, consolidation or amalgamation; (iii) sell, assign, lease or transfer all or substantially all of the borrower’s or guarantor’s business or property; (iv) enter into transactions with affiliates; (v) engage in substantially different lines of business; (vi) engage in transactions that violate certain anti-terrorism laws. The revolving credit facilities provide for customary events of default, which, if any of them occurs, would permit or require the lender to terminate its obligation to provide loans under the revolving credit facility and/or to declare all sums outstanding under the loan documents immediately due and payable. As of December 31, 2024, the Company had drawn $4,500 in connection with the revolving credit facility with J.P. Morgan.

X
- References No definition available. + Details
Name: | us-gaap_ShortTermBorrowingsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
Name: | us-gaap_ShortTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration