This excerpt taken from the PBR 6-K filed Aug 18, 2009.
30.2 BNDES Financing
On July 30, 2009, Petrobras, jointly with its subsidiaries, Transportadora Associada de Gás S/A (TAG) and Refinaria Abreu e Lima S/A (RNEST), entered into a financing agreement in the amount of R$ 25 billion with the National Bank for Economic and Social Development (BNDES). This transaction was included in the 2009-2013 Business Plan as one of the sources for financing investments estimated at US$ 174,4 billion for the period.
The funds will be received as federal government bonds and their purpose is to finance investments related to increasing oil and gas production, amplifying refining capacity and expanding the existing network of gas pipelines in Brazil.
The cost of the financing is in line with that verified on the international capital market for a similar period and the main characteristics of the financing are:
A term of 19 years and 8 months;
Half-yearly amortization in September and March, with the first payment in September 2016;
Payment of half-yearly interest, also in September and March;
The currency of the agreement is the Real (R$); and
Indexed to the exchange variance of the US dollar.