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Note 20 - Borrowings | 12 Months Ended
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Dec. 31, 2020
Borrowings [abstract] |
Note 20 - Borrowings | 20 Borrowings
|  |  | Year ended December 31, |
(all amounts in thousands of U.S. dollars) |  | 2020 |  |  | 2019 |
Non-current |  |  |  |  |  |  |  |
Bank borrowings |  |  | 315,884 |  |  |  | 40,896 |
Costs of issue of debt |  |  | (145 | ) |  |  | (16 | )
|  |  | 315,739 |  |  |  | 40,880 |
Current |  |  |  |  |  |  |  |
Bank borrowings |  |  | 303,170 |  |  |  | 781,258 |
Bank overdrafts |  |  | 98 |  |  |  | 24 |
Costs of issue of debt |  |  | - |  |  |  | (10 | )
|  |  | 303,268 |  |  |  | 781,272 |
Total Borrowings |  |  | 619,007 |  |  |  | 822,152 |
The maturity of borrowings is as follows: (all amounts in thousands of U.S. dollars)
|  | 1 year or less |  |  | 1 - 2 years |  |  | 2 – 3 years |  |  | 3 - 4 years |  |  | 4 - 5 years |  |  | Over 5 years |  |  | Total |
At December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings |  |  | 303,268 |  |  |  | 104,147 |  |  |  | 207,595 |  |  |  | 3,997 |  |  |  | - |  |  |  | - |  |  |  | 619,007 |
Total borrowings |  |  | 303,268 |  |  |  | 104,147 |  |  |  | 207,595 |  |  |  | 3,997 |  |  |  | - |  |  |  | - |  |  |  | 619,007 |
Interest to be accrued (*) |  |  | 9,829 |  |  |  | 5,068 |  |  |  | 1,014 |  |  |  | 22 |  |  |  | - |  |  |  | - |  |  |  | 15,933 |
Total |  |  | 313,097 |  |  |  | 109,215 |  |  |  | 208,609 |  |  |  | 4,019 |  |  |  | - |  |  |  | - |  |  |  | 634,940 |
|  | 1 year or less |  |  | 1 - 2 years |  |  | 2 – 3 years |  |  | 3 - 4 years |  |  | 4 - 5 years |  |  | Over 5 years |  |  | Total |
At December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings |  |  | 781,272 |  |  |  | 17,307 |  |  |  | 23,573 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 822,152 |
Total borrowings |  |  | 781,272 |  |  |  | 17,307 |  |  |  | 23,573 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 822,152 |
Interest to be accrued (*) |  |  | 11,370 |  |  |  | 1,045 |  |  |  | 117 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12,532 |
Total |  |  | 792,642 |  |  |  | 18,352 |  |  |  | 23,690 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 834,684 |
(*) Includes the effect of hedge accounting. Significant borrowings include:
|  |  | In million of U.S. dollars
Disbursement date | Borrower | Type | Original & Outstanding | Final maturity
2020 | Maverick | Bilateral | 50 | 2021
2020 | Maverick | Bilateral | 75 | 2022
2020 | Tamsa | Bilateral | 60 | 2023
2020 | Tamsa | Bilateral | 80 | 2023
2020 | Tamsa | Bilateral | 60 | 2023
2020 | SSPC | Multiple Banks | 81 | 2021 - 2024
As of December 31, 20 20, Tenaris wa s in compliance with all of its covenants. The weighted average interest rates before tax shown below were calculated using the rates set for each instrument in its corresponding currency as of December 31, 20 20 and 201 9, considering hedge accounting where applicable.
|  | 2020 |  |  | 2019 |
Total borrowings |  |  | 2.51 | % |  |  | 3.18 | %
Breakdown of long-term borrowings by currency and rate is as follows: Non-current borrowings
(all amounts in thousands of U.S. dollars) |  |  |  |  | Year ended December 31, |
Currency |  | Interest rates |  | 2020 |  |  | 2019 |
USD |  | Variable |  |  | 274,600 |  |  |  | - |
USD |  | Fixed |  |  | 17,936 |  |  |  | 18,370 |
SAR |  | Fixed |  |  | 20,902 |  |  |  | 16,106 |
EUR |  | Fixed |  |  | 1,828 |  |  |  | 5,108 |
EUR |  | Variable |  |  | 473 |  |  |  | 1,296 |
Total non-current borrowings |  |  |  |  | 315,739 |  |  |  | 40,880 |
Breakdown of short-term borrowings by currency and rate is as follows: Current borrowings
(all amounts in thousands of U.S. dollars) |  |  |  |  | Year ended December 31, |
Currency |  | Interest rates |  | 2020 |  |  | 2019 |
USD |  | Variable |  |  | 67,823 |  |  |  | 17,092 |
USD |  | Fixed |  |  | 2,322 |  |  |  | 274,799 |
EUR |  | Variable |  |  | 1,015 |  |  |  | 80 |
EUR |  | Fixed |  |  | 3,886 |  |  |  | 3,772 |
MXN |  | Fixed |  |  | 147,997 |  |  |  | 424,964 |
ARS |  | Fixed |  |  | 3,699 |  |  |  | 86 |
SAR |  | Variable |  |  | 37,776 |  |  |  | 35,666 |
SAR |  | Fixed |  |  | 38,750 |  |  |  | 24,797 |
Others |  | Variable |  |  | - |  |  |  | 16 |
Total current borrowings |  |  |  |  | 303,268 |  |  |  | 781,272 |
Borrowing s evolution
|  |  | Year ended December 31, 2020 |
(all amounts in thousands of U.S. dollars) |  | Non current |  |  | Current |
At the beginning of the year |  |  | 40,880 |  |  |  | 781,272 |
Translation differences |  |  | 266 |  |  |  | (487 | )
Proceeds and repayments, net |  |  | 234,455 |  |  |  | (478,913 | )
Interests accrued less payments |  |  | 426 |  |  |  | (12,016 | )
Reclassifications |  |  | (12,940 | ) |  |  | 12,940 |
Increase due to business combinations |  |  | 52,652 |  |  |  | 398 |
Overdrafts variation |  |  | - |  |  |  | 74 |
At the end of the year |  |  | 315,739 |  |  |  | 303,268 |

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