The carrying value of the Company’s outstanding debt consists of the following:
| Year ended December 31, | ||||||||||||
| 2016 | 2017 | 2017 | ||||||||||
| BRL | BRL | USD | ||||||||||
|
Secured borrowings |
R$ | 255,471 | R$ | 199,320 | US$ | 60,254 | ||||||
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Nonconvertible notes - Debentures |
122,284 | 84,202 | 25,454 | |||||||||
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Bank loans |
5,161 | 2,449 | 740 | |||||||||
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Transfer of financial assets with recourse |
4,466 | — | — | |||||||||
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Total long-term debt |
387,382 | 285,971 | 86,448 | |||||||||
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Current portion of long-term debt |
75,956 | 106,577 | 32,218 | |||||||||
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Long-term debt, net of current portion |
R$ | 311,426 | R$ | 179,394 | US$ | 54,230 | ||||||
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The terms and conditions for loans and borrowings as of December 31, 2016 and 2017 are as follows:
| At December 31, 2016 |
At December 31, 2017 |
At December 31, 2017 |
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| Currency |
Nominal interest rate p.a. |
Year of maturity |
Carrying amount | Carrying amount | Carrying amount | |||||||||||||||||
| BRL | BRL | USD | ||||||||||||||||||||
|
Secured borrowing - FINAME/BNDES |
RS | 5.5% | 2018 | 506 | 200 | 60 | ||||||||||||||||
|
Secured borrowing - FINAME/BNDES |
RS | 3.0% | 2018 | 926 | 338 | 102 | ||||||||||||||||
|
Nonconvertible notes - Debentures |
RS | 100% of CDI + 3.2% | 2020 | 122,284 | 84,202 | 25,454 | ||||||||||||||||
|
Secured borrowing - Working capital |
RS | 138.5% of CDI | 2020 | 130,001 | 115,783 | 35,002 | ||||||||||||||||
|
Secured borrowing - Working capital |
RS | 100% of CDI + 4.74% | 2020 | 64,819 | — | — | ||||||||||||||||
|
Secured borrowing - Working capital |
RS | 100% of CDI + 3.65% | 2020 | 59,219 | 56,811 | 17,174 | ||||||||||||||||
|
Secured borrowing - Working capital |
RS | TJLP +3% | 2026 | — | 26,188 | 7,916 | ||||||||||||||||
|
Transfer of financial assets with recourse |
RS | 129.5% of CDI | 2017 | 4,466 | — | — | ||||||||||||||||
|
Bank Loan |
MXN | TIIE + 1.6% | 2017 | 5,161 | — | — | ||||||||||||||||
|
Bank Loan |
MXN | TIIE + 1.6% | 2018 | — | 2,449 | 740 | ||||||||||||||||
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Total |
387,382 | 285,971 | 86,448 | |||||||||||||||||||
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CDI: Interbank Deposit Certificate rate.
TIIE: Interbank Equilibrium Interest Rate
FINAME/BNDES: Special Agency for Industrial Financing/ National Bank of Economic and Social Development