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Credit from Banks and Others (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Notes to Consolidated Financial Statements [Abstract] |
Composition |
| As at December 31
| 2019 | 2018 |
| $ millions | $ millions |
Short-term credit |  |
From financial institutions | 358 | 544
Current maturities |  |
Long-term loans from financial institutions | 13 | 32
Lease Liability | 49 | -
Long-term loans from others | - | 34
| 62 | 66
Total Short-Term Credit | 420 | 610
Long- term debt and debentures |  |
Loans from financial institutions | 408 | 377
Long term lease liability | 300 | -
Other loans | 29 | 35
| 737 | 412
Less – current maturities |  |
From financial institutions | 13 | 32
Lease liability | 49 | -
From others | - | 34
| 62 | 66
| 675 | 346
Marketable debentures | 1,231 | 1,195
Non-marketable debentures | 275 | 274
| 1,506 | 1,469
Total Long- term debt and debentures | 2,181 | 1,815
For additional information, see Note 22.
Yearly movement in Credit from Banks and Others |
| As at December 31
| 2019 | 2018
| $ millions | $ millions
Balance as at January 1 | 2,442 | 3,227
Changes from financing cash flows |  |
Receipt of long-term debt | 657 | 1,746
Repayment of long-term debt | (689) | (2,115)
Repayment of short-term credit, net | (183) | (283)
Interest paid | (115) | (103)
Total net financing cash flows | (330) | (755)
Implementation of IFRS 16 | 353 | -
Effect of changes in foreign exchange rates | 48 | (63)
Other changes | 46 | 33
Balance as at December 31 | 2,559 | 2,442
(*) The balance includes Short-term credit, derivatives used for accounting hedging, loans and debentures and interest payables.
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
| 2019 | 2018
| $ millions | $ millions
Second year | 368 | 17
Third year | 161 | 273
Fourth year | 142 | 113
Fifth year | 799 | 308
Sixth year and thereafter | 711 | 1,104
| 2,181 | 1,815
For additional information, see Note 14F.
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,
2019
Total shareholder's equity | Equity greater than $2,000 million | $3,925 million
Ratio of EBITDA to the net interest expenses | Equal to or greater than 3.5 | 10.5
Ratio of the net financial debt to EBITDA | Less than 3.5 | 1.8
Ratio of certain subsidiaries loans to the total assets of the consolidated company | Less than 10% | 4%
Examination of compliance with the above‑mentioned financial covenants is based on the Company's consolidated financial statements. As at December 31, 2019, the Company complies with all of its financial covenants.
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,
| 2019 | 2018 | 2017
| $ millions | $ millions | $ millions
Carrying amount of the transferred assets | 261 | 332 | 331
Fair value of the associated liabilities | 261 | 332 | 331
Net position * | - | - | -
* Less than $1 million.
Information on material loans and debentures |
Instrument type | Loan date | Original principal (millions) | Currency | Carrying amount ($ millions) | Interest rate | Principal repayment date | Additional information
Loan-Israeli institutions | November 2013 | 300 | Israeli Shekel | 69 | 4.74% | 2015-2024 (annual installment) | Partially repaid
Debentures (private offering) – 3 series | January 2014 | 84 145 46 | U.S Dollar | 84 145 46 | 4.55% 5.16% 5.31% | January 2021 January 2024 January 2026 |
Debentures - Series D | December 2014 | 800 | U.S Dollar | 183 | 4.50% | December 2024 | (1)
Debentures - Series E | April 2016 | 1,569 | Israeli Shekel | 452 | 2.45% | 2021- 2024 (annual installment) |
Loan - others | April 2019 | 200 | Chinese Yuan | 29 | 5.23% | April 2021 |
Debentures - Series F | May 2018 | 600 | U.S Dollar | 596 | 6.38% | May 2038 | (1)
Loan - European Bank | December 2018 | 70 | U.S Dollar | 70 | Libor + 0.66% | December 2021 |
Loan - European Bank | May 2019 | 30 | U.S Dollar | 30 | Libor + 0.80% | May 2024 |
Note 14 - Credit from Banks and Others (cont'd) F. Information on material loans and debentures: (cont’d) Additional Information: In July 2019 the credit rating company Fitch Ratings revised the Company’s rating outlook from “stable” to “positive”, while reaffirming the Company’s international credit rating BBB-. Fitch reaffirmed the BBB- rating for the Company’s senior debentures, redeemable at an interest of 4.5% (Debentures Series D), outstanding principal amount of $183 million due in 2024, and the Company’s senior debentures, redeemable at an interest of 6.375% (Debentures Series F), outstanding original principal amount of $600 million due in 2038. In July 2019, the credit rating agency S&P ratified the Company’s international credit rating, BBB- with a stable rating outlook. On January 2, 2020 the company completed an ILS 380 million (about $110 million) placement of series G unsecured debentures (hereinafter - Series G) in Israel. The principal of Series G shall be payable in thirteen consecutive unequal annual payments, to be paid, on December 30 of each of the years 2022 through 2034. 64% of the principal will be paid on December 30, 2034. Series G carries an annual coupon of 2.4% paid in semiannual installments on June 30 and December 30 of each year, commencing June 30, 2020. The series G have been rated "ilAA" by Standard & Poor's Maalot rating agency. The interest rate on Series G will increase by 0.25% above the base interest rate for any rating level decrease starting at a rating of "ilA and reaching a maximum cumulative interest rate increase of 1% upon reaching a rating of "ilBBB". The interest rate on the series G debentures will also increase by 0.25%, beginning on the first business day following the publication of the Company’s financial reports indicating that the Company’s equity has fallen below $2,000 million (hereinafter, the Equity Threshold), until the earlier of (a) the full repayment of the unpaid balance of the series G debentures or (b) the date of publication of the Company’s financial reports indicating that the Company’s equity is at or above the Equity Threshold, provided that the total increase in the interest rate due to the provisions of this and the prior sentence shall not exceed 1.00% in the aggregate.
Credit facilities |
Issuer | Group of international banks (1) | European bank
Date of the credit facility | March 2015 | December 2016
Date of credit facility termination | March 2023, March 2024 | May 2024
The amount of the credit facility | USD 1,100 million | USD 100 million
Credit facility has been utilized | USD 230 million | USD 100 million
Interest rate | 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% | 70 million dollar-Libor + 0.66% 30 million dollar-Libor + 0.80%
Loan currency type | 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 and a negative pledge.
Non-utilization fee | 0.21% | 0.00%
In November 2019, the credit facility was reduced from $1,200 to $1,100 and in addition, part of the banks agreed to extend the maturity of $900 million credit facility from March 2023 to March 2024. As at December 31, 2019, the company has $870 million of unutilized long-term credit lines.

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