As of March 31, 2020, the Company's Total Debt was Ps.3,231 million, representing a 23.0% decrease vs. the Ps.4,194 million recorded as of the end of 1Q19, primarily derived from the 19.9% and 25.8% declines in Debt Securities and Bank Debt, respectively, despite the Ps.426 million issuances of short-term local notes conducted at the Institutional Stock Exchange (BIVA) on February and March this year, since in March the Ps.1,000 million short-term local notes, issued in 1Q19, were fully settled.

Debt structure

Mar-20 Mar-19 Dec-19
Bank debt 1,628 2,194 1,206
Debt securities 1,603 2,000 1,985
Short-term debt 2,135 2,859 1,973
Long-term debt 1,096 1,336 1,217
Total debt 3,231 4,194 3,191
Net debt1 32 1,531 (1,163)
1Financial debt – cash (including restricted cash).

As of March 31, 2020, the Company’s Adjusted net leverage / EBITDAR LTM stood at 4.65 times.

Mar-20 Mar-19 Dec-19
Adjusted net debt / EBITDAR LTM2 4.65 3.90x 3.81x
2Items not comparable with 2019 due to the change in functional currency for 2020.