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PBR » Topics » 14.4 Credit facility agreements for financing exports

This excerpt taken from the PBR 6-K filed Nov 12, 2008.

14.4 Credit facility agreements for financing exports

On April 4 and 11, 2008, Petrobras contracted credit facilities of R$ 400.000 thousand and R$ 1.600.000 thousand with Banco do Brasil. The transaction was guaranteed by Export Credit Notes (NCE), the purpose of which is to increase Petrobras’s exports of oil and oil products. It was negotiated with the following terms:

  • Term: 1 year, with half-yearly interest and payment of the principal at the end of the term;

  • Interest rate: 102% of CDI + Flat Fee of 0,06% payable half-yearly in advance;

  • Clause for early repayment as from 180 days of drawing, without penalties;

  • Exemption of IOF (tax on financial operations) upon presentation of proof of the export operations; and

  • Waiver of guarantees.
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