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Credit from Banks and Others (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Notes to Consolidated Financial Statements [Abstract] |
Composition | Composition
| As at December 31
| 2018 | 2017 |
| $ millions | $ millions |
Short-term credit |  |
From financial institutions | 544 | 635
From the parent company | - | 175
| 544 | 810
Current maturities |  |
Long-term loans from financial institutions | 32 | 12
Long-term loans from others | 34 | -
Total Short-Term Credit | 610 | 822
Long- term debt and debentures |  |
Loans from financial institutions | 377 | 786
Other loans | 35 | 98
| 412 | 884
Less – current maturities | 66 | 12
| 346 | 872
Marketable debentures | 1,195 | 1,241
Non-marketable debentures | 274 | 275
Total Long- term debt and debentures | 1,815 | 2,388
For additional information, see Note 23.
Yearly movement in Credit from Banks and Others | B. Yearly movement in Credit from Banks and Others*
| As at December 31
| 2018 | 2017
| $ millions | $ millions
Balance as at January 1 | 3,227 | 3,399
Changes from financing cash flows |  |
Receipt of long-term debt | 1,746 | 966
Repayment of long-term debt | (2,115) | (1,387)
Repayment of short-term credit, net of receipt | (283) | 147
Interest paid | (103) | (111)
Total net financing cash flows | (755) | (385)
Effect of changes in foreign exchange rates | (63) | 101
Other changes | 33 | 112
Balance as at December 31 | 2,442 | 3,227
(*) Short term credit, loans and debentures, including interest payables.
Maturity periods | C. Maturity periods Following are the future maturity periods of the credit and the loans from banks and others, including debentures (net of current maturities):
| As at December 31
| 2018 | 2017
| $ millions | $ millions
Second year | 17 | 261
Third year | 273 | 18
Fourth year | 113 | 213
Fifth year | 308 | 644
Sixth year and thereafter | 1,104 | 1,252
| 1,815 | 2,388
For additional information, see Note 15F below.
Restrictions on the Group relating to the receipt of credit | Set forth below is information regarding the financial covenants applicable to the Company as part of the loan agreements and the compliance therewith:
Financial Covenants (1) | Financial Ratio Required under the Agreement | Financial Ratio December 31,
2018
Total shareholder's equity | Equity greater than 2,000 | 3,781
| million dollars | million dollars
The Ratio of the EBITDA to the net interest expenses | Equal to or greater than 3.5 | 11.17
Ratio of the net financial debt to EBITDA (2) | Less than 4.0 | 1.62
Ratio of certain subsidiaries loans to the total assets of the consolidated company | Less than 10% | 1.87%
(1) Examination of compliance with the above‑mentioned financial covenants is made as required based on the Company's consolidated financial statements. As at December 31, 2018, the Company complies with its financial covenants. (2) According to the Company’s covenants, the required ratio of the net financial debt to EBITDA as of January 1, 2019 will be reduced to 3.5.
Sale of receivables under securitization transaction | The value of the transferred assets (which is approximately their fair value), fair value of the associated liabilities and net position are as follows:
| Year ended December 31,
| 2018 | 2017 | 2016
| $ millions | $ millions | $ millions
Carrying amount of the transferred assets | 332 | 331 | 331
Fair value of the associated liabilities | 332 | 331 | 331
Net position * | - | - | -
* Less than $1 million.
Information on material loans and debentures | F. Information on material loans and debentures outstanding as at December 31, 2018:
Instrument type | Loan date | Original principal (millions) | Currency | Carrying amount ($ millions) | Interest rate | Principal repayment date | Additional information
Loan-Israeli institutions | November 2013 | 300 | Israeli Shekel | 67 | 4.74% (1) | 2015-2024 (annual installment) | Partially prepaid
Debentures (private offering) – 3 series | January 2014 | 84 145 46 | U.S Dollar | 84 144 46 | 4.55% 5.16% 5.31% | January 2021 January 2024 January 2026 |
Loan-international institutions | July 2014 | 27 | Euro | 25 | 2.33% | 2019-2024 | Partially prepaid
Debentures - Series D | December 2014 | 800 | U.S Dollar | 182 | 4.50% | December 2024 | (2)
Loan - European Bank | December 2014 | 161 | Brazilian Real | 19 | CDI+1.35% | 2015-2021 (Semiannual installment) |
Debentures - Series E | April 2016 | 1,569 | Israeli Shekel | 416 | 2.45% | 2021- 2024 (annual installment) |
Loan - others | April - October, 2016 | 600 | Chinese Yuan Renminbi | 29 | 5.23% | 2019 | (3)
Loan - Asian Banks | June - October, 2018 | 600 | Chinese Yuan Renminbi | 87 | 4.79% - 5.44% | 2019 |
Loan - Asian Bank | April 2018 | 400 | Chinese Yuan Renminbi | 58 | CNH Hibor + 0.50% | 2019 |
Debentures - Series F | May 2018 | 600 | U.S Dollar | 596 | 6.38% | May 2038 | (4)
Loan - European Bank | December 2018 | 70 | U.S Dollar | 70 | Libor + 0.66% | December 2021 |
Note 15 - Credit from Banks and Others (cont'd) F. Information on material loans and debentures: (cont’d) Additional Information: From April 2018, in accordance with the loan agreement, there has been a decrease in the interest rate, from 4.94% to 4.74%. Debentures Series D Private issuance of debentures pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended, to institutional investors in the U.S., Europe, and Israel. The notes are registered for trade in the TACT Institutional; by the Tel-Aviv Stock Exchange Ltd. The notes have been rated BBB (stable). In March 2017, the rating company “Fitch Rating Ltd.” lowered the Company’s credit rating, together with the rating of the debentures, from BBB to BBB- with a stable rating outlook. In November 2017, the rating company “Standard & Poor’s” reaffirmed the Company’s credit rating, together with the rating of the debentures, at BBB-, with a stable rating outlook. On May 29, 2018, the Company completed a cash tender offer for its Series D debentures. Following the tender offer, the Company repurchased an amount of $616 million out of the original principal amount of $800 million. On May 10, 2018 and on June 21, 2018, respectively, the credit rating agency S&P ratified the Company’s international credit rating, BBB- with a stable rating outlook, and credit rating agency Maalot ratified the Company’s credit rating, ‘ilAA’ with a stable rating outlook. Loans from others In July 2018, ICL and YTH agreed to convert their owner’s loans in the YPH joint venture (each company holds 50%) in the amount of $146 million into equity by issuing shares. As a result, the consolidated debt was reduced by $73 million against “non‑controlling interest” equity balance. Debentures-Series F On May 31, 2018, the Company completed a private offering of senior unsecured notes to institutional investors pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933. According to the terms of the Series F Debentures, the Company is required to comply with certain covenants, including restrictions on sale and lease-back transactions, limitations on liens, and standard restrictions on merger and/or transfer of assets. The Company is also required to offer to repurchase the Series F Debentures upon the occurrence of a "change of control" event, as defined in the indenture for the Series F Debentures. In addition, the terms of the Series F Debentures include customary events of default, including a cross‑acceleration to other material indebtedness. The Company is entitled to optionally repay the outstanding Series F Debentures at any time prior to the final repayment date, under certain terms, subject to payment of an agreed early repayment premium. The Series F Debentures have been rated BBB- by S&P Global Inc. and Fitch Rating Inc. with a stable rating outlook.
Credit facilities | G. Credit facilities:
Issuer | European bank (1) | Group of twelve international banks (2) | European bank (3)
Date of the credit facility | March 2014 | March 2015 | December 2016
Date of credit facility termination | March 2019 | March 2023 | May 2025
The amount of the credit facility | USD 35 million Euro 100 million | USD 1,200 million | USD 100 million
Credit facility has been utilized | Euro 40 million | USD 200 million | USD 70 million
Interest rate | Up to 33% use of the credit: Libor/Euribor + 0.90%. From 33% to 66% use of the credit: Libor/Euribor + 1.15% 66% or more use of the credit: Libor/Euribor + 1.40% | Up to 33% use of the credit: Libor/Euribor + 0.70%. From 33% to 66% use of the credit: Libor/Euribor + 0.80% 66% or more use of the credit: Libor/Euribor + 0.95% | Libor + 0.45% + spread
Loan currency type | USD and Euro loans | USD and Euro loans | USD loans
Pledges and restrictions | Financial covenants - see Section D, a cross-default mechanism and a negative pledge. | Financial covenants - see Section D, a cross-default mechanism and a negative pledge. | Financial covenants - see Section D and a negative pledge.
Non-utilization fee | 0.32% | 0.21% | 0.30%
After the date of the report, the Company elected not to realize the option of revolving credit facility extension, and to repay the utilized credit facility on the date of its termination. In October 2018, the Company entered into an agreement according to which, its commitment under certain revolving credit facility agreements will be reduced by a total aggregate amount of $655 million, to an amount of $1.2 billio n. I n June 2018, the maturity date of the credit facility was extended to 2025. In November 2018, the credit facility was reduced from $136 million to $100 million. As at the date of the report, the Company utilized $70 million of that credit facility.

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