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Credit from Banks and Others (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Credit From Banks And Others [Abstract] |
Composition |
| As of December 31
| 2021 | 2020
| $ millions | $ millions
Short-term debt |  |
From financial institutions | 327 | 296
Current maturities of: |  |
Debentures | 131 | 206
Long-term loans from financial institutions | 56 | 90
Lease Liability | 63 | 64
Long-term loans from others | - | 23
| 250 | 383
Total Short-Term debt | 577 | 679
Long- term debt and debentures |  |
Long term lease liability | 299 | 325
Loans from financial institutions | 679 | 194
Other loans | - | 24
| 978 | 543
Marketable debentures | 1,517 | 1,618
Non-marketable debentures | 191 | 275
| 1,708 | 1,893
| 2,686 | 2,436
Less – current maturities of: |  |
Debentures | 131 | 206
Long-term loans from financial institutions | 56 | 90
Lease liability | 63 | 64
Long-term loans from others | - | 23
| 250 | 383
Total Long- term debt and debentures | 2,436 | 2,053
Yearly movement in Credit from Banks and Others |
| As of December 31
| 2021 | 2020
| $ millions | $ millions
Balance as of January 1 | 2,660 | 2,559
Changes from financing cash flows |  |
Additions in respect of business combination | 171 | -
Receipt of long-term debts | 1,230 | 1,175
Repayment of long-term debt | (1,120) | (1,133)
Repayment of short-term credit | (58) | (52)
Interest paid | (112) | (109)
Receipt (payments) from transaction in derivatives | (17) | 24
Total net financing cash flows | 94 | (95)
Initial recognition of lease liability | 37 | 80
Interest expenses | 126 | 120
Effect of changes in foreign exchange rates | (21) | 84
Change in fair value of derivatives | (24) | (53)
Other changes | 42 | (35)
Balance as of December 31 | 2,914 | 2,660
(*) The balance includes Short-term debt, derivatives on loans and debentures, loans and debentures and interest payables.
Restrictions on the Group relating to the receipt of credit |
Financial Covenants (1) | Financial Ratio Required under the Agreement | Financial Ratio
December 31, 2021
Total shareholder’s equity | Equity greater than $2,000 million | $4,527 million
Ratio of EBITDA to the net interest expenses | Equal to or greater than 3.5 | 14.98
Ratio of the net financial debt to EBITDA | Less than 3.5 | 1.38
Ratio of certain subsidiaries loans to the total assets of the consolidated company | Less than 10% | 4.51%
| (1) | The examination of compliance with the financial covenants is based on the Company’s consolidated financial statements. As of December 31, 2021, the Company complies with all of its financial covenants.
Information on material loans and debentures |
Instrument type | Loan date | Original principal (millions) | Currency | Carrying amount ($ millions) | Interest rate | Principal repayment date | Additional information
Debentures - Series F | May 2018, December 2020 | 693 | U.S. Dollar | 715 | 6.38% | May 2038 | (4), (5)
Debentures - Series E | April 2016 | 1,569 | Israeli Shekel | 378 | 2.45% | 2021- 2024 (annual installment) | Partially repaid (1), (4)
Debentures (private offering) – 3 series | January 2014 | 275 | U.S. Dollar | 145 46 | 5.16% 5.31% | January 2024 January 2026 | (1)
Debentures - Series G | January/May 2020 | 766 | Israeli Shekel | 241 | 2.40% | 2022- 2034 (annual installment) | (4)
Debentures - Series D | December 2014 | 184 | U.S. Dollar | 183 | 4.50% | December 2024 | (4), (5)
SLL | September 2021 | 250 | Euro | 282 | 0.80% | September 2026 | (2)
Loan - European Bank | September 2021 | 25 | Euro | 28 | 0.95% | June 2025 | (3)
Loan-Israeli institutions | November 2013 | 300 | Israeli Shekel | 56 | 4.74% | 2015-2024 (annual installment) | Partially repaid
Loan - Asian Bank | May 2020, May 2021 | 151 | Chinese Yuan | 20 | 4.25%-4.95% | December 2020 - May 2023 March 2021-March 2024 | Partially repaid
September 2020, March 2021 | 380 | 56 | 4.25%-4.40%
Loan - Brazilian Bank | December 2014-January 2021 | 350 | Brazilian Real | 47 | 4%-8% | January 2015-June 2025 | Partially repaid
Credit facilities |
Issuer | Group of international banks (1) | European bank | Brazilian bank (2)
Date of the credit facility | March 2015 | December 2016 | March 2021
Date of credit facility termination | March 2025 | May 2024 | March 2023
The amount of the credit facility | USD 1,200 million | USD 30 million | BRL 230 million
Credit facility has been utilized | Euro 150 million | USD 30 million | BRL 180 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% | 30 million dollar-Libor + 0.80% | CDI + 0.95%
Loan currency type | USD and Euro loans | USD loans | BRL 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% | - | -
| (1) | In October 2021, an additional bank joined the credit facility agreement, increasing the revolving credit facility by an additional $100 million, leading to a total amount of $1.2 billion. Most banks signed on to continue the credit facility agreement and from March 2023 to March 2025, the total credit facility will amount to $1 billion. As of December 31, 2021, the Company had utilized approximately $170 million of the facility’s framework.
| (2) | In March 2021, the Company signed a framework credit facility agreement with MUFG Bank for a period of two years, according to which the Company can withdraw up to BRL 230 million (about $42 million). As of December 31, 2021, the Company has withdrawn BRL 180 million (about $32 million), with a maturity date of March 2023.

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