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Credit from Banks and Others (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Credit From Banks And Others [Abstract] |
Schedule of composition |
| As of December 31
| 2023 | 2022
| $ millions | $ millions
Short-term debt |  |
From financial institutions | 283 | 313
Current maturities of: |  |
Debentures | 441 | 116
Long-term loans from financial institutions | 62 | 15
Lease Liability | 72 | 68
| 575 | 199
Total Short-Term debt | 858 | 512
Long- term debt and debentures
Long term lease liability | 276 | 270
Loans from financial institutions | 734 | 721
| 1,010 | 991
Marketable debentures | 1,203 | 1,329
Non-marketable debentures | 191 | 191
| 1,394 | 1,520
| 2,404 | 2,511
Less – current maturities of: |  |
Debentures | 441 | 116
Long-term loans from financial institutions | 62 | 15
Lease liability | 72 | 68
| 575 | 199
Total Long- term debt and debentures | 1,829 | 2,312
Schedule of yearly movement in credit from banks and others |
| As of December 31
| 2023 | 2022
| $ millions | $ millions
Balance as of January 1 | 2,813 | 2,914
Changes from financing cash flows |  |
Receipt of long-term debts | 633 | 1,045
Repayment of long-term debt | (836) | (1,181)
Repayment of short-term credit | (25) | (21)
Interest paid | (125) | (113)
Receipt from transaction in derivatives, net | 5 | 20
Total net financing cash flows | (348) | (250)
Initial recognition of lease liability | 94 | 64
Interest expenses | 164 | 148
Effect of changes in foreign exchange rates | 18 | (97)
Change in fair value of derivatives | 26 | 67
Other changes | (64) | (33)
Balance as of December 31 | 2,703 | 2,813
(*) The balance includes Short-term debt, loans and debentures, derivatives on loans and debentures, and interest payables.
Schedule of 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 | US Dollar | 714 | 6.38% | May 2038 | (2), (3)
Debentures - Series E | April 2016 | 1,569 | Israeli Shekel | 108 | 2.45% | 2021- 2024 (annual installment) | Partially repaid (1), (3)
Debentures (private offering) – 3 series | January 2014 | 275 | US Dollar | 145 46 | 5.16% 5.31% | January 2024 January 2026 | (2), (3), (5)
Debentures - Series G | January/May 2020 | 766 | Israeli Shekel | 198 | 2.40% | 2022- 2034 (annual installment) | Partially repaid (1), (3)
Debentures - Series D | December 2014 | 184 | US Dollar | 184 | 4.50% | December 2024 | (2), (3)
Sustainability linked loan (SLL) | September 2021 | 250 | Euro | 276 | 0.80% | September 2026 | (4)
Loan - European Bank | September 2021 | 25 | Euro | 28 | 0.95% | June 2025 |
Loan-Israeli institutions | November 2013 | 300 | Israeli Shekel | 29 | 4.74% | 2015-2024 (annual installment) | Partially repaid
Schedule of credit facilities |
Issuer | Group of international banks | European bank
Date of the credit facility | April 2023 | December 2016
Date of credit facility termination | April 2028 | May 2024
The amount of the credit facility | USD 1,550 million (1) | USD 30 million
Credit facility has been utilized | Euro 340 million | USD 30 million
Interest rate | Up to 33% use of credit: Euribor/ SOFR + 0.80%. From 33% to 66% use of credit: Euribor/ SOFR + 0.90% 66% or more use of credit: Euribor/ SOFR + 1.05% | SOFR + 1.06%
Loan currency type | USD and Euro loans | USD loans
Pledges and restrictions | Financial covenants - see Section F, a cross-default mechanism and a negative pledge (2) | Financial covenants - see Section F and a negative pledge.
Non-utilization fee | 0.245% | -
| (1) | In April 2023, the Company entered into a Sustainability-Linked Revolving Credit Facility Agreement made between ICL Finance B.V. and a consortium of twelve international banks for a $1,550 million credit facility. The Sustainability-Linked RCF replaced a previous revolving credit facility that was entered into in 2015, as amended and extended in 2018, and which was due to expire in 2025.
| (2) | In line with ICL’s strategic commitment to sustainability, the Sustainability-Linked RCF follows ICL’s initial Sustainability-Linked Term Loan dated September 2021. The Sustainability-Linked RCF includes three Key Performance Indicators (KPIs) which have been designed to align with ICL’s sustainability goals: a reduction in Absolute Scope 1 & 2 GHG Emissions; an increase in the percentage of female representation among senior ICL management; and an increase in the number of valid TfS (Together for Sustainability initiative) scorecards obtained for ICL Group suppliers. Each of these goals will be assessed regularly during the term of the Sustainability-Linked RCF through third-party verification of ICL’s performance in these areas.
Schedule of restrictions on the group relating to the receipt of credit |
Financial Covenants (1) | Financial Ratio Required under the Agreement | Financial Ratio December 31,
2023
Total shareholder's equity | Equity above $2,000 million | $ 5,768 million
Ratio of EBITDA to the net interest expenses | Equal to or above 3.5 | 15.59
Ratio of the net financial debt to EBITDA | Less than 3.5 | 1.12
Ratio of certain subsidiaries loans to the total assets of the consolidated company | Less than 10% | 2.69%
| (1) | The examination of compliance with the financial covenants is based on the Company's consolidated financial statements. As of December 31, 2023, the Company complies with all of its financial covenants.

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