Petrobras Closes $13.3B Loan Agreement with BNDES
Petrobras has closed a loan agreement with the Brazilian National Development Bank (BNDES) in the amount of R$25 billion.
The loan, considered in the Company's 2009-2013 Business Plan released last January, was being negotiated with the bank since then. The Plan includes this loan as one of the sources of funds to finance the $174.4 billion Capex estimated for the period.
The proceeds will be received trough the transfer of Brazilian Government Notes and will be used to finance the implementation of projects which aims to increase the oil and gas production, the enhancement of the refining capacity, and the extension of the gas pipeline network in Brazil.
The cost of the loan is in line with that offered by the international capitals market for a similar term and the main characteristics of the loan are: (a) term of 19 years and eight months; (b) semiannually amortization, with the first payment due in September 2016; (c) interest payable semiannually, in September and March; (d) settlement currency: Real (R$); (e) indexation to the US Dollar (USD) exchange rate variation.
Petrobras also signed today an Agreement with BNDES to promote the development of the oil and gas industry in Brazil. The agreement aims to establish a network between the Company and the bank to share learning and information about the industry and to promote the investment, technological research and the development of the human resources capability and the supply chain of the industry.
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