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Borrowings | 12 Months Ended
--- | ---
Dec. 31, 2023
Financial Instruments [Abstract] |
Borrowings | Borrowings
| 2023 |  | 2022
Non-current |  |  |
Senior Notes | 498,347 |  |  | 497,901 |
Bank borrowings | 199,496 |  |  | 230,082 |
| 697,843 |  |  | 727,983 |
Current |  |  |
Senior Notes | 8,250 |  |  | 8,250 |
Bank overdrafts | 4,386 |  |  | 48,058 |
Bank borrowings | 194,470 |  |  | 223,461 |
| 207,106 |  |  | 279,769 |
Total borrowings | 904,949 |  |  | 1,007,752 |
As of December 31, 2023, total bank borrowings include collateralized liabilities of US$77,055 (2022: US$188,058). These loans are mainly collateralized by property, plant and equipment, sugarcane plantations, sugar export contracts, shares of certain subsidiaries of the Group and U.S. Treasury Bills. Notes 2027 On September 21, 2017, the Company issued senior notes (the “Notes”) for a total amount of US$500 million, at an annual fixed rate of 6%. The Notes will mature on September 21, 2027. Interest on the Notes are payable semi-annually in arrears on March 21 and September 21 of each year. The total proceeds nets of expenses was US$495.7 million. The Notes are fully and unconditionally guaranteed on a senior unsecured basis by certain of our current and future subsidiaries. As of December 31, 2023, Adeco Agropecuaria S.A., Adecoagro Brasil Participações S.A., Adecoagro Vale do Ivinhema S.A., Pilagá S.A. and Usina Monte Alegre Ltda. are the only Subsidiary Guarantors. The Notes contain customary financial covenants and restrictions which require us to meet pre-defined financial ratios, among other restrictions. As of December 31, 2023 and 2022 the Group was in compliance with these financial covenants. Debt maturity breakdown The maturity of the Group's borrowings and the Group's exposure to fixed and variable interest rates is as follows:
| 2023 |  | 2022
Fixed rate: |  |  |
Less than 1 year | 117,105 |  |  | 272,900 |
Between 1 and 2 years | 6,010 |  |  | 27,720 |
Between 2 and 3 years | 5,508 |  |  | 2,222 |
Between 4 and 5 years | 498,347 |  |  | — |
More than 5 years | — |  |  | 497,901 |
| 626,970 |  |  | 800,743 |
Variable rate: |  |  |
Less than 1 year | 90,001 |  |  | 6,869 |
Between 1 and 2 years | 37,712 |  |  | 35,355 |
Between 2 and 3 years | 91,878 |  |  | 32,851 |
Between 3 and 4 years | 56,605 |  |  | 80,115 |
Between 4 and 5 years | 1,783 |  |  | 50,211 |
More than 5 years | — |  |  | 1,608 |
| 277,979 |  |  | 207,009 |
| 904,949 |  |  | 1,007,752 |
Borrowings incurred by the Group’s subsidiaries in Brazil are repayable at various dates between January 2024 and September 2030 and bear either fixed interest rates ranging from 6.80% to 13.23% per annum or variable rates based on base-rates plus spreads ranging from 8.60% to 14.24% per annum. Borrowings incurred by the Group’s subsidiaries in Argentina are repayable at various dates between January 2024 and June 2028 and bear either no interest rate or variable rates based on specific base-rates plus spreads of 4.4% for those borrowings denominated in U.S. Dollar, and a fixed interest rates ranging from 74.5% to 117% per annum for those borrowings denominated in Argentine pesos. Brazilian Subsidiaries The main loans of the Group’s Brazilian Subsidiaries are:
Bank | Grant date | Nominal amount | Capital outstanding as of December 31 | Maturity date | Annual interest rate
2023 | 2022
(In millions) | Millions of Brazilian Real | Millions of equivalent Dollars | Millions of equivalent Dollars
Certificados Recebíveis do Agronegócio (CRA) | December, 2019 | R$ | 400.0 |  | R$ | 400.0 |  | 82.6 |  | 76.7 |  | November-27 | 3.80% + IPCA
Debênture (1) | December, 2020 | R$ | 400.0 |  | R$ | 400.0 |  | 82.6 |  | 76.7 |  | December-26 | 4.24% + IPCA
Banco do Brasil (CCB) | December, 2020 | R$ | 30.0 |  | R$ | 15.0 |  | 3.1 |  | 5.7 |  | January-24 | CDI + 2.32%
Itaú BBA (NCR) | June, 2023 | R$ | 40.0 |  | R$ | 40.0 |  | 8.3 |  | — |  | March 2024 | CDI + 1.48%
(1) Collateralized by long term power purchase agreement (PPA). In December 2019, Adecoagro Vale do Ivinhema placed R$400.0 million in Certificados de Recebíveis do Agronegócio (CRA) adjustable by the IPCA (Brazilian official inflation rate), maturing in November 2027 and bearing an interest 3.80% per annum. This debt was issued with no guarantee. The above mentioned loans, except the CRA, contain certain customary financial covenants and restrictions which require the Brazilian subsidiaries to meet pre-defined financial ratios, among other restrictions, as well as restrictions on the payment of dividends. These financial ratios are measured considering the statutory financial statements of the Brazilian Subsidiaries. As of December 31, 2023 and 2022 the Group was in compliance with all financial covenants. Argentinian Subsidiaries The main loans of the Group’s Argentinian Subsidiaries are:
Bank | Grant date | Nominal amount | Capital outstanding as of December 31 | Maturity date | Annual interest rate
2023 | 2022
(In millions) | (In millions) | (In millions)
IFC (1) | 2020 | US$20.0 | 16.33 | 18.60 | June, 2028 | 4% plus SOFR
(1) Collateralized by a US$100.0 million mortgage over Carmen, Abolengo and San Carlos farms, which are property of Adeco Agropecuaria S.A. Loan with International Finance Corporation (IFC) In June 2020, our Argentine subsidiaries, Adeco Agropecuaria S.A., Pilagá S.A. and L3N S.A. entered into a US$100 million loan agreement with International Finance Corporation (IFC), member of the World Bank Group. The loan's tenor is eight years, including a two-year grace period, originally with a rate of LIBOR + 4%. In October 2020, US$22 million has been received. In December 2021, we entered into an amendment reducing the total amount to US$ 60 million, that the group could request the withdrawal until June, 2022. If the Company withdraw the full amount, the rate would be reduced to LIBOR + 3%. The loan contains customary financial covenants and restrictions which require us to meet pre-defined financial ratios, among other restrictions. Publication of LIBOR ceased at the end of June 2023. During April 2023, it was agreed with IFC to use Secured Overnight Financing Rate (SOFR), replacing the LIBOR since July 1st, 2023. All the other provisions of the loan agreement continue in full force and effect. The above mentioned loans contain certain customary financial covenants and restrictions which require us to meet pre-defined financial ratios, among other restrictions, as well as restrictions on the payment of dividends. These financial ratios are measured considering the statutory financial statements of the Argentinian Subsidiaries. As of December 31, 2023 and 2022 the Group was in compliance with all financial covenants. The carrying amount of short-term borrowings is approximate its fair value due to the short-term maturity. Long term borrowings subject to variable rate approximate their fair value.The fair value of long-term subject to fix rate do not significant differ from their fair value. The fair value (level 2) of the notes as of December 31, 2023 and 2022 equals US$485.3 million and US$474.3 million, 97.06% and 94.86% of the nominal amount, respectively. The breakdown of the Group’s borrowing by currency is included in Note 2 - Interest rate risk. Evolution of the Group's borrowings as December 31, 2023 and 2022 is as follow:
| 2023 |  | 2022
Amount at the beginning of the year | 1,007,752 |  |  | 817,651 |
Proceeds from long term borrowings | 7,739 |  |  | 41,082 |
Payments of long term borrowings | (24,105) |  |  | (14,012) |
Proceeds from short term borrowings | 448,532 |  |  | 347,928 |
Payments of short term borrowings | (420,276) |  |  | (192,648) |
Payments of interest (1) | (43,457) |  |  | (33,189) |
Accrued interest | 33,495 |  |  | 51,596 |
Acquisition of subsidiaries (Note 21) | — |  |  | 17,738 |
Exchange differences, inflation and translation, net | (105,465) |  |  | (30,489) |
Others | 734 |  |  | 2,095 |
Amount at the end of the year | 904,949 |  |  | 1,007,752 |
(1) Excludes payment of interest related to trade and other payables.

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