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PBR » Topics » 14.4 Credit facility agreements to finance exports

This excerpt taken from the PBR 6-K filed Aug 13, 2008.

14.4 Credit facility agreements to finance exports

On April 04 and 11, 2008, Petrobras contracted credit facilities of R$ 400.000 thousand and R$ 1.600.000 thousand with the Banco do Brasil. The transaction was ensured by Export Credit Notes - NCE, the sole purpose of which is to increase Petrobras’ exports of oil and oil products and was negotiated with the following terms:

  • Term: 1 year, with settlement of interest half-yearly and the principal at the end of the term;
  • Interest rate: 102% of the CDI + Flat Fee of 0,06% payable half-yearly in advance;
  • Clause providing for early repayment as from 180 days of the withdrawal with no penalties;
  • Exemption of IOF tax on presentation of proof of the export operations; and
  • Waiver of guarantees.
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