On October 22, 1997 and August 17, 1998, the Company offered the holders of medium-term notes of Simec then outstanding to exchange their bonds at par for new subordinated bonds in third place. The new notes bear semi-annual interest at an annual rate of 10.5% interest and principal repayments were semiannual from May 15, 2000 until November 15, 2007. At December 31, 2025 and 2024, the amount of the bonds not exchanged totaled USD $0.3 million, plus accrued interest. At December 31, 2025 and 2024, liabilities in pesos for the bonds not exchanged amounted $5,422 and $6,194, respectively.