Petrobras Extends Financing Terms

Petrobras has refinanced the loans contracted with Banco do Brasil (BB) and Caixa Economica Federal (CEF) during 2008, postponing its maturities and enlarging the principal amount due to CEF.

The loans with BB, in the amount of R$ 2.0 billions, that were negotiated during the first semester of this year with the maturities schedules for the first semester of 2009, were prepaid and exchange for a new loan, to mature in 2011.
The Company has also pre-paid the loan contracted at the end of the last October with CEF, and then exchange it for a new loan in the total amount to R$ 3.6 billions, bringing additional net resources in the amount of R$ 1.5 billion. Maturity is also scheduled for the beginning of 2011.
By these new transactions the Company aims to extend the duration of its debt, adjusting it to Company's needs.