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v3.20.4

Credit from Banks and Others (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Notes to Consolidated Financial Statements [Abstract] |
Composition | Composition
| As at December 31
| 2020 | 2019 |
| $ millions | $ millions |
Short-term debt |  |
From financial institutions | 296 | 358
Current maturities of: |  |
Debentures | 206 | -
Long-term loans from financial institutions | 90 | 13
Lease Liability | 64 | 49
Long-term loans from others | 23 | -
| 383 | 62
Total Short-Term debt | 679 | 420
Long- term debt and debentures |  |
Long term lease liability | 325 | 300
Loans from financial institutions | 194 | 408
Other loans | 24 | 29
| 543 | 737
Marketable debentures | 1,618 | 1,231
Non-marketable debentures | 275 | 275
| 1,893 | 1,506
| 2,436 | 2,243
Less – current maturities of: |  |
Debentures | 206 | -
Long-term loans from financial institutions | 90 | 13
Lease liability | 64 | 49
Long-term loans from others | 23 | -
| 383 | 62
Total Long- term debt and debentures | 2,053 | 2,181
For further information, see Note 21
Yearly movement in Credit from Banks and Others | Yearly movement in Credit from Banks and Others (*)
| As at December 31
| 2020 | 2019
| $ millions | $ millions
Balance as at January 1 | 2,559 | 2,442
Changes from financing cash flows |  |
Receipt of long-term debt | 1,175 | 657
Repayment of long-term debt | (1,133) | (689)
Repayment of short-term debt, net | (52) | (183)
Interest paid | (109) | (115)
Receipt from transactions in derivatives designated as a cash flow hedge | 24 | -
Total net financing cash flows | (95) | (330)
Initial recognition of lease liability | 80 | 353
Interest expenses | 120 | 125
Effect of changes in foreign exchange rates | 84 | 48
Change in fair value of cash flow hedges | (53) | (42)
Other changes | (35) | (37)
Balance as at December 31 | 2,660 | 2,559
(*) The balance includes Short-term debt, derivatives designated as a cash flow hedge, loans and debentures and interest payables
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,
2020
Total shareholder's equity | Equity greater than $2,000 million | $3,930 million
Ratio of EBITDA to the net interest expenses | Equal to or greater than 3.5 | 9.3
Ratio of the net financial debt to EBITDA | Less than 3.5 | 2.3
Ratio of certain subsidiaries loans to the total assets of the consolidated company | Less than 10% | 4%
Examination of compliance with the above‑mentioned financial covenants is based on the Company's consolidated financial statements. As at December 31, 2020, the Company complies with all of its financial covenants
Information on material loans and debentures | Information on material loans and debentures outstanding as at December 31, 2020:
Instrument type | Loan date | Original principal (millions) | Currency | Carrying amount ($ millions) | Interest rate | Principal repayment date | Additional information
Debentures - Series F | May 2018, December 2020 | 693 | U.S. Dollar | 716 | 6.38% | May 2038 | (1)
Debentures - Series E | April 2016 | 1,569 | Israeli Shekel | 487 | 2.45% | 2021- 2024 (annual installment) |
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 G | January/May 2020 | 766 | Israeli Shekel | 232 | 2.40% | December 2034 |
Debentures - Series D | December 2014 | 184 | U.S. Dollar | 183 | 4.50% | December 2024 | (1)
Loan - European Bank | July 2020 | 50 | GBP | 68 | 0.79% | May 2021 |
Loan-Israeli institutions | November 2013 | 207 | Israeli Shekel | 64 | 4.74% | 2015-2024 (annual installment) | Partially repaid
Loan - Asian Bank | May- June 2020 | 139 | Chinese Yuan | 21 | 4.95%-4.25% | February 2021-March 2023 |
February-September 2020 | 140 | 21 | 4.87%-4.40%
Loan - others | April 2019 | 160 | Chinese Yuan | 24 | 4.40%-5.23% | April 2021-March 2022 |
Credit facilities | 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 2025 | May 2024
The amount of the credit facility | USD 1,100 million | USD 99 million
Credit facility has been utilized | - | USD 99 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% | 69 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%
Some of the banks agreed to extend the maturity of $900 million credit facility from March 2024 to March 2025. As at December 31, 2020, the Company has $1.1 billion of unutilized long-term credit lines

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