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Interest-bearing loans and borrowings | 6 Months Ended
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Jun. 30, 2020
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Interest-bearing loans and borrowings | 19. Interest-bearing loans and borrowings This note provides information about the company’s interest-bearing loans and borrowings. For more information about the company’s exposure to interest rate and foreign exposure currency risk - refer to Note 22 Risks arising from financial instruments.
Non-current liabilities Million US dollar |  | 30 June 2020 |  |  | 31 December 2019 |
Secured bank loans |  |  | 48 |  |  |  | 71 |
Unsecured bank loans |  |  | 55 |  |  |  | 50 |
Unsecured bond issues |  |  | 104 162 |  |  |  | 95 674 |
Unsecured other loans |  |  | 81 |  |  |  | 77 |
Lease liabilities |  |  | 1 688 |  |  |  | 1 692 |
Non-current interest-bearing loans and borrowings |  |  | 106 034 |  |  |  | 97 564 |
Current liabilities Million US dollar |  | 30 June 2020 |  |  | 31 December 2019 |
Secured bank loans |  |  | 995 |  |  |  | 790 |
Commercial papers |  |  | 3 072 |  |  |  | 1 599 |
Unsecured bank loans |  |  | 133 |  |  |  | 135 |
Unsecured bond issues |  |  | 1 916 |  |  |  | 2 532 |
Unsecured other loans |  |  | 16 |  |  |  | 20 |
Lease liabilities |  |  | 352 |  |  |  | 333 |
Current interest-bearing loans and borrowings |  |  | 6 484 |  |  |  | 5 410 |
The current and non-current interest-bearing loans and borrowings amount to 112.5 billion US dollar as at 30 June 2020, compared to 103.0 billion US dollar as at 31 December 2019. In March 2020, the company drew the full 9.0 billion US dollar commitment under the 2010 Senior Facilities Agreement, in order to proactively safeguard its liquidity position by holding cash on its balance sheet through the period of significant financial market volatility and uncertainty as a result of the COVID-19 virus pandemic. As at 30 June 2020, the revolving credit facilities have been repaid in full. Commercial papers amount to 3.1 billion US dollar as at 30 June 2020 (31 December 2019: 1.6 billion US dollar) and include programs in US dollar and euro with a total authorized issuance up to 5.0 billion US dollar and 3.0 billion euro, respectively . On 2 April 2020 and 3 April 2020, Anheuser-Busch InBev NV/SA (ABISA) and Anheuser-Busch InBev Worldwide Inc. (ABIWW) respectively, completed the issuance of the following series of bonds :
Issue date |  | Issuer (abbreviated) |  | Maturity date |  | Currency |  | Aggregate principal amount (in millions) |  |  | Interest rate |
2 April 2020 |  | ABISA |  | 2 December 2027 |  | EUR |  |  | 1 000 |  |  |  | 2.125 | %
2 April 2020 |  | ABISA |  | 2 April 2032 |  | EUR |  |  | 1 750 |  |  |  | 2.875 | %
2 April 2020 |  | ABISA |  | 2 April 2040 |  | EUR |  |  | 1 750 |  |  |  | 3.700 | %
3 April 2020 |  | ABIWW |  | 1 June 2030 |  | USD |  |  | 1 750 |  |  |  | 3.500 | %
3 April 2020 |  | ABIWW |  | 1 June 2040 |  | USD |  |  | 1 000 |  |  |  | 4.350 | %
3 April 2020 |  | ABIWW |  | 1 June 2050 |  | USD |  |  | 2 250 |  |  |  | 4.500 | %
3 April 2020 |  | ABIWW |  | 1 June 2060 |  | USD |  |  | 1 000 |  |  |  | 4.600 | %
Net debt is defined as non-current and current interest-bearing loans and borrowings and bank overdrafts minus debt securities and cash and cash equivalents. Net debt is a financial performance indicator that is used by AB InBev’s management to highlight changes in the company’s overall liquidity position. The company believes that net debt is meaningful for investors because it is one of the primary measures that AB InBev’s management uses when evaluating its progress towards deleveraging toward its optimal net debt to normalized EBITDA ratio of around 2x. AB InBev’s net debt decreased to 87.4 billion US dollar as at 30 June 2020, from 95.5 billion US dollar as at 31 December 2019. Aside from operating results that are net of capital expenditures, the net debt is impacted mainly by the payment of interests and taxes (3.4 billion US dollar increase of net debt), foreign exchange impact on net debt (0.1 billion US dollar decrease of net debt) , settlement of derivatives (0.5 billion US dollar increase of net debt), dividend payments to shareholders of AB InBev and Ambev (1.2 billion US dollar) and the proceeds from the divestiture of the Australian business (10.8 billion US dollar decrease of net debt) . The following table provides a reconciliation of AB InBev’s net debt as at the dates indicated:
Million US dollar |  | 30 June 2020 |  |  | 31 December 2019 |
Non-current interest-bearing loans and borrowings |  |  | 106 034 |  |  |  | 97 564 |
Current interest-bearing loans and borrowings |  |  | 6 484 |  |  |  | 5 410 |
Interest-bearing loans and borrowings |  |  | 112 518 |  |  |  | 102 974 |
Bank overdrafts |  |  | 153 |  |  |  | 68 |
Cash and cash equivalents |  |  | (25 018 | ) |  |  | (7 238 | )
Interest bearing loans granted and other deposits (included within Trade and other receivables) |  |  | (142 | ) |  |  | (146 | )
Debt securities (included within Investment securities) |  |  | (123 | ) |  |  | (117 | )
Net debt |  |  | 87 388 |  |  |  | 95 542 |
Reconciliation of liabilities arising from financing activitie s The table below details changes in the company’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be classified in the company’s consolidated cash flow statement from financing activities .
Million US dollar |  | Long-term debt, net of current portion |  |  | Short-term debt and current portion of long-term debt |
Balance at 1 January 2020 |  |  | 97 564 |  |  |  | 5 410 |
Proceeds from borrowings |  |  | 10 915 |  |  |  | 3 607 |
Payments on borrowings |  |  | — |  |  |  | (4 328 | )
Capitalization / (payment) of lease liabilities |  |  | 290 |  |  |  | (184 | )
Amortized cost (including interest on leases) |  |  | 36 |  |  |  | 59 |
Unrealized foreign exchange effects |  |  | (680 | ) |  |  | (147 | )
Current portion of long-term debt |  |  | (2 076 | ) |  |  | 2 076 |
Other movements |  |  | (15 | ) |  |  | (9 | )
Balance at 30 June 2020 |  |  | 106 034 |  |  |  | 6 484 |
Million US dollar |  | Long-term debt, net of current portion |  |  | Short-term debt and current portion of long-term debt |
Balance at 1 January 2019 |  |  | 106 997 |  |  |  | 4 584 |
Proceeds from borrowings |  |  | 18 087 |  |  |  | 3 924 |
Payments on borrowings |  |  | (18 716 | ) |  |  | (1 884 | )
Capitalization / (payment) of lease liabilities |  |  | 321 |  |  |  | (235 | )
Amortized cost (including interest on leases) |  |  | 44 |  |  |  | 58 |
Unrealized foreign exchange effects |  |  | (363 | ) |  |  | 35 |
Current portion of long-term debt |  |  | (4 565 | ) |  |  | 4 565 |
Other movements |  |  | (133 | ) |  |  | (83 | )
Balance at 30 June 2019 |  |  | 101 672 |  |  |  | 10 964 |

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- Definition The disclosure of borrowings. [Refer: Borrowings] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2019-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_10_e&doctype=Standard -URIDate 2019-03-27 + Details
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