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Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of 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 |
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 |  |
Schedule of 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. 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. The following table presents information related to the standby letters of credit:
Bank |  | Currency |  | Amount
Itaú |  | $ |  | 15,000
Banco Bilbao Vizcaya Argentaria, S.A. |  | $ |  | 45,000
J.P. Morgan |  | $ |  | 20,000
These letters of credit contain a limited number of customary affirmative and negative covenants, including a maximum indebtedness to EBITDA ratio, as follows:
Bank |  | Ratio |  | Required Maximum Ratio |  | As of December 31, 2024
Itaú |  | Net indebtedness to EBITDA (not including interest payable) |  | 4.5 |  | 0.19
Banco Bilbao Vizcaya Argentaria, S.A. |  | Net indebtedness to EBITDA (including interest payable) |  | 4.0 |  | 0.15
J.P. Morgan |  | Indebtedness to EBITDA |  | 4.5 |  | 0.41

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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