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This excerpt taken from the PBR 6-K filed Aug 25, 2006. b) Debentures issuing On August 02, 2006 the Extraordinary General Meeting held by ALBERTO PASQUALINI – REFAP S.A. approved the value of the private issue of simple, nominative and book-entered debentures to the amount of R$ 852 million. The debentures are being issued in order to expand and modernize the company’s industrial facilities and to raise its oil processing capacity from 20.000 m³/day to 30,000 m³/day, in addition to increasing the portion of national oils being processed. The issue shall be made on the following terms*: term of issue up to December 30, 2006 and amortization over 96 months plus a 6-month grace period; 90% of the debentures shall be subscribed by the BNDES yielding interest at the Long-term Interest Rate +3.8% p.a.; 10% of the debentures shall be subscribed by BNDESPAR at the interest rate of the BNDES’ basket of currencies + 2.3% p.a. * (basic terms approved by BNDES and BNDESPAR on 23/06/2006) 83
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