Petrobras Clarifies on Recent News about BNDES Credit Line
Petrobras, in response to written notice CVM/SEP/GEA-2/n.213/09 regarding a story published yesterday by the Brazilian press, titled "BNDES will lend R$25 billion to Petrobras using Brazilian Treasury Bonds," has confirmed that it is negotiating a credit line worth R$25 billion with the Brazilian Development Bank (BNDES). The Company also confirms this is the operation that was announced via a Press Release and a presentation submitted to the Brazilian and US Securities and Exchange Commission (CVM and SEC) when it announced its 2009-2013 Business Plan on January 23, 2009.
The resources will be used to finance the Company's investment plan, which is estimated at $174.4 billion and will be executed during the period of 2009 to 2013. The Company will receive Brazilian government bonds, which will ultimately be converted to cash and used to fund the
company's investment program.
Petrobras clarified that it has not made any other announcement or issued a press release regarding negotiations in course, since the way the resources will be received does not alter the effect on the Company's indebtedness and the destination of the resources and, thus, will not
impact Petrobras stock trading. It also clarifies that this procedure follows the company's standard operating practice in accordance with Vote CMN 63/2000, whereby Petrobras is required to invest available cash in Brazilian government bonds.
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