b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (Continued)Loan SPCS inthePowerPurchaseAgreement(PPA)aswellasestablishmentofvariousoffshorecollateralInSeptember2013,SPCSenteredintoaseven- accounts.yearloanwithCreditSuissefortheexpansionofthepowerplant.OnNovember17,2014,SPCS OnMay25,2018,Staatsoliepaidoffthisdebtinrestated and amended its credit agreement fromfullandtheunamortizeddebtarrangementfeesUS$74,000toUS$120,000withanapplicable ofUS$1,776wasexpensedtotheconsolidatedinterestrateoffixedmarginplus3monthsLIBOR. profitorlossunderFinancecosts.Thecollateralsforthisloanincluded100%ofSPCSsfixedassets,allrightsandbenefitsgainedOther Long Term Liabilities(X US$ 1,000) 2019 2018Financialliability-LoanfromPensionFund 26,508- OtherLongtermliability-provisionforwagetax 1,460 1,348 27,968 1,348 Loan from Pension Fund linetothegridofN.V.EBS.TheaggregatedcostofUS$27,293wasdivestedinfavorofGoSinInNovember2019,Staatsolieenteredinaprivate 2016,andaccordinglyderecognizedinthebooksagreementwiththeStaatsoliePensionfund ofSPCS.AsatDecember2018,US$16,196of(StichtingPensionfondsvoorwerknemersvan theprincipalbalancewasrepaidbyGoS.TheStaatsolieMaatschappijSurinameN.V.)forthe remaining balance is to be considered as long-saleofaplotoflandknownasBruynzeelterrein, termloanwithinterestrateof5.76%p.a.,payableincludingtheoptiontobuybackwithin5years inquarterlyinstallmentwithmaturitydateoffrom the date of sale at an agreed amount of November2021.AsatDecember31,2019, US$26,508.OnanannualbasisStaatsoliewill the short-term portion of this loan amounts topaythepensionfundafixedfeeasaguarantee US$3,759(2018:US$3,759)andthelong-termfortherighttotherepurchasetheland.ThefeeportionamountstoUS$3,669(2018:US$7,338).willbepaidbi-annually. Theloanreceivableisdisclosedinsection7,If Staatsolie does not exercise the right torelated party disclosures.repurchase,thelegaltransfertothePensionfund Fair valuewillbecomeeffective,andTheinitialrecognitionoftheloansandbondsisata)If the pension fund sells the plot of land to afairvaluewhilethesubsequentmeasurementisatthird party for an amount less than the price itamortizedcost,assumingthecontractualinterestwasboughtbyStaatsolie,Staatsoliewillhaveto rateequalstheeffectiveinterestrate.ThelocalpaythePensionfundforthedifference,and financialmarketconsistsoftraditionalbankloansforb)If the pension fund sells the plot of land to abusinessandisnotcapabletoprovideforthecapitalthird party for an amount greater than the price itneededforStaatsoliesgrowthstrategy.StaatsolieswasboughtbyStaatsolie,Staatsoliewillreceive financestructurecomprisesfinancingbytheGoSthedifferencefromthePensionfund. and bespoke credit agreements by a consortium of internationalbanks,whichisconsideredtheprincipalLoan receivablesormostadvantageousmarket.InaccordancewiththePowerPurchase StaatsolieusesvaluationtechniquesthatareAgreementdatedMarch1,2013(withlatest appropriateinthecircumstancesandforwhichamendmentinApril2016)byandbetweenSPCS sufficientdataareavailabletomeasurefairandtheGoS,SPCSconstructedatransmission value,maximizingtheusesofrelevantinputsandminimizingtheuseofunobservableinputs.121'