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 companys 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)