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PBR » Topics » 16.6 Contracting of advances on export contracts

This excerpt taken from the PBR 6-K filed Mar 31, 2009.

16.6 Contracting of advances on export contracts

On October 23, 2008, Petrobras negotiated an advance on export contracts (ACC) from Banco do Brasil in the amount of US$ 300.000 thousand, equivalent to R$ 750.990. This transaction was negotiated with the following conditions:

  • Term: 179 days, with maturity on 04/20/2009;

  • Rate of interest: 6,30% a.a. with payment on 04/20/2009; and

  • Exemption of IOF and IR provided that the exports are made.

On December 3, 2008, Petrobras negotiated an advance on export contracts (ACC) from Bradesco in the amount of US$ 200.000 thousand, equivalent to R$ 480.470. This transaction was negotiated with the following conditions:

  • Term: 360 days, with maturity on 11/28/2009;

  • Rate of interest: 6% p.a. with payment on 11/28/2009; and

  • Exemption of IOF and IR provided that the exports are made.

  • Early payment clause, with observance of exchange legislation and payment of the costs inherent to early payment.

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