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, 2020, Tenaris was 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, 2020 and 2019, 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

Borrowings 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