The features of the Group’s outstanding private placements as of August 31, 2019 were as follows:
| DATE OF THE PLACEMENT | PRINCIPAL OUTSTANDING | FIXED INTEREST RATE | MATURITY |
|---|---|---|---|
| March 29, 2011 | March 29, 2011 PRINCIPAL OUTSTANDING133 | March 29, 2011 FIXED INTEREST RATE 4,85 % | March 29, 2011 MATURITY March 2021 |
DATE OF THE PLACEMENT 74 | PRINCIPAL OUTSTANDING 4,95 % | FIXED INTEREST RATE March 2023 | |
| TOTAL PLACEMENT DATED MARCH 29, 2011 | TOTAL PLACEMENT DATED MARCH 29, 2011 PRINCIPAL OUTSTANDING207 | ||
| March 4, 2014 | March 4, 2014 PRINCIPAL OUTSTANDING150 | March 4, 2014 FIXED INTEREST RATE 3,44 % | March 4, 2014 MATURITY March 2021 |
DATE OF THE PLACEMENT 525 | PRINCIPAL OUTSTANDING 3,99 % | FIXED INTEREST RATE March 2024 | |
DATE OF THE PLACEMENT 175 | PRINCIPAL OUTSTANDING 4,14 % | FIXED INTEREST RATE March 2026 | |
DATE OF THE PLACEMENT 100 | PRINCIPAL OUTSTANDING 4,34 % | FIXED INTEREST RATE March 2029 | |
| TOTAL PLACEMENT DATED MARCH 4, 2014 | TOTAL PLACEMENT DATED MARCH 4, 2014 PRINCIPAL OUTSTANDING950 * | ||
| TOTAL PLACEMENT DATED JUNE 27, 2018 | TOTAL PLACEMENT DATED JUNE 27, 2018 PRINCIPAL OUTSTANDING400 | TOTAL PLACEMENT DATED JUNE 27, 2018 FIXED INTEREST RATE 3,70 % | TOTAL PLACEMENT DATED JUNE 27, 2018 MATURITY JUNE 2023 |
| TOTAL U.S. PRIVATE PLACEMENTS | TOTAL U.S. PRIVATE PLACEMENTS PRINCIPAL OUTSTANDING1,557 |
* After deducting 150 million U.S. dollars redeemed on March 4, 2019.
In order to comply with the Group’s financing policy, substantially all borrowings are long term and at fixed interest rates.
As of August 31, 2020, 100% of the Group’s borrowings were at fixed rate. The average rate of interest as of the same date was 1.6%.
As of August 31, 2019, 97% of the Group’s borrowings were at fixed rate. The average rate of interest as of the same date was 2.6%.
The bond issues and borrowings from financial institutions described above include customary early redemption clauses. These clauses include cross-default and change-in-control clauses which apply to all of the borrowings.
| AUGUST 31, 2020 CARRYING AMOUNTS | LESS THAN 3 MONTHS | MORE THAN 3 MONTHS AND LESS THAN 6 MONTHS | MORE THAN 6 MONTHS AND LESS THAN 1 YEAR | 1 TO 5 YEARS | MORE THAN 5 YEARS | TOTAL |
|---|---|---|---|---|---|---|
| Bond issues | Bond issues LESS THAN 3 MONTHS 0 | Bond issues MORE THAN 3 MONTHS AND LESS THAN 6 MONTHS 7 | Bond issues MORE THAN 6 MONTHS AND LESS THAN 1 YEAR 5 | Bond issues 1 TO 5 YEARS 2 078 | Bond issues MORE THAN 5 YEARS 2 869 | Bond issues TOTAL 4 960 |
| Private placements and bank borrowings | Private placements and bank borrowings LESS THAN 3 MONTHS 5 | Private placements and bank borrowings MORE THAN 3 MONTHS AND LESS THAN 6 MONTHS - | Private placements and bank borrowings MORE THAN 6 MONTHS AND LESS THAN 1 YEAR 1 | Private placements and bank borrowings 1 TO 5 YEARS (2) | Private placements and bank borrowings MORE THAN 5 YEARS 3 | Private placements and bank borrowings TOTAL 6 |
| Finance lease obligations | Finance lease obligations LESS THAN 3 MONTHS - | Finance lease obligations MORE THAN 3 MONTHS AND LESS THAN 6 MONTHS - | Finance lease obligations MORE THAN 6 MONTHS AND LESS THAN 1 YEAR - | Finance lease obligations 1 TO 5 YEARS - | Finance lease obligations MORE THAN 5 YEARS - | Finance lease obligations TOTAL - |
| Other borrowings | Other borrowings LESS THAN 3 MONTHS - | Other borrowings MORE THAN 3 MONTHS AND LESS THAN 6 MONTHS - | Other borrowings MORE THAN 6 MONTHS AND LESS THAN 1 YEAR 4 | Other borrowings 1 TO 5 YEARS 26 | Other borrowings MORE THAN 5 YEARS - | Other borrowings TOTAL 29 |
| TOTAL BORROWINGS | TOTAL BORROWINGS LESS THAN 3 MONTHS 5 | TOTAL BORROWINGS MORE THAN 3 MONTHS AND LESS THAN 6 MONTHS 7 | TOTAL BORROWINGS MORE THAN 6 MONTHS AND LESS THAN 1 YEAR 10 | TOTAL BORROWINGS 1 TO 5 YEARS 2 102 | TOTAL BORROWINGS MORE THAN 5 YEARS 2 872 | TOTAL BORROWINGS TOTAL 4 996 |
Excluding the impact of derivative financial instruments described in note 12.5.
For borrowings expressed in a foreign currency, amounts are translated at the year-end closing rate.
Maturities include interest accrued as of the period end.
Credit facility renewal rights are taken into account to determine the maturities.
| AUGUST 31, 2020 UNDISCOUNTED CONTRACTUAL MATURITIES | LESS THAN 3 MONTHS | MORE THAN 3 MONTHS AND LESS THAN 6 MONTHS | MORE THAN 6 MONTHS AND LESS THAN 1 YEAR | 1 TO 5 YEARS | MORE THAN 5 YEARS | TOTAL |
|---|---|---|---|---|---|---|
| Bond issues | Bond issues LESS THAN 3 MONTHS 0 | Bond issues MORE THAN 3 MONTHS AND LESS THAN 6 MONTHS 12 | Bond issues MORE THAN 6 MONTHS AND LESS THAN 1 YEAR 39 | Bond issues 1 TO 5 YEARS 2 276 | Bond issues MORE THAN 5 YEARS 2 955 | Bond issues TOTAL 5 282 |
| Private placements and bank borrowings | Private placements and bank borrowings LESS THAN 3 MONTHS 5 | Private placements and bank borrowings MORE THAN 3 MONTHS AND LESS THAN 6 MONTHS - | Private placements and bank borrowings MORE THAN 6 MONTHS AND LESS THAN 1 YEAR 1 | Private placements and bank borrowings 1 TO 5 YEARS (2) | Private placements and bank borrowings MORE THAN 5 YEARS 3 | Private placements and bank borrowings TOTAL 7 |
| Finance lease obligations | Finance lease obligations LESS THAN 3 MONTHS - | Finance lease obligations MORE THAN 3 MONTHS AND LESS THAN 6 MONTHS - | Finance lease obligations MORE THAN 6 MONTHS AND LESS THAN 1 YEAR - | Finance lease obligations 1 TO 5 YEARS - | Finance lease obligations MORE THAN 5 YEARS - | Finance lease obligations TOTAL - |
| Other borrowings | Other borrowings LESS THAN 3 MONTHS - | Other borrowings MORE THAN 3 MONTHS AND LESS THAN 6 MONTHS - | Other borrowings MORE THAN 6 MONTHS AND LESS THAN 1 YEAR 4 | Other borrowings 1 TO 5 YEARS 28 | Other borrowings MORE THAN 5 YEARS 0 | Other borrowings TOTAL 32 |
| Impact of derivative financial instruments excluding those related to PPP companies | Impact of derivative financial instruments excluding those related to PPP companies LESS THAN 3 MONTHS - | Impact of derivative financial instruments excluding those related to PPP companies MORE THAN 3 MONTHS AND LESS THAN 6 MONTHS - | Impact of derivative financial instruments excluding those related to PPP companies MORE THAN 6 MONTHS AND LESS THAN 1 YEAR 5 | Impact of derivative financial instruments excluding those related to PPP companies 1 TO 5 YEARS - | Impact of derivative financial instruments excluding those related to PPP companies MORE THAN 5 YEARS - | Impact of derivative financial instruments excluding those related to PPP companies TOTAL 5 |
| TOTAL BORROWINGS | TOTAL BORROWINGS LESS THAN 3 MONTHS 5 | TOTAL BORROWINGS MORE THAN 3 MONTHS AND LESS THAN 6 MONTHS 12 | TOTAL BORROWINGS MORE THAN 6 MONTHS AND LESS THAN 1 YEAR 49 | TOTAL BORROWINGS 1 TO 5 YEARS 2 302 | TOTAL BORROWINGS MORE THAN 5 YEARS 2 959 | TOTAL BORROWINGS TOTAL 5 327 |
The undiscounted contractual maturities include payment of future interest not due yet.
