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PBR » Topics » We are exposed to increases in prevailing market interest rates, which leaves us vulnerable to increased financing expenses.This excerpt taken from the PBR 20-F filed May 22, 2009. We are exposed
to increases in prevailing market interest rates, which leaves
us vulnerable to increased financing expenses.
As of December 31, 2008, approximately
66%—U.S.$17,956 million of our total
indebtedness—consisted of floating rate debt. In light of
cost considerations and market analysis, we decided not to enter
into derivative contracts or make other arrangements to hedge
against the risk of an increase in interest rates. Accordingly,
if market interest rates (principally LIBOR) rise, our financing
expenses will increase, which could have an adverse effect on
our results of operations and financial condition.
This excerpt taken from the PBR 20-F filed Jun 30, 2005. We are exposed to increases in prevailing market interest rates, which leaves us vulnerable to increased financing expenses.
As of December 31, 2004, approximately 55% of our total indebtedness consisted of floating rate debt. We have not entered into derivative contracts or made other arrangements to hedge against interest rate risk. Accordingly, if market interest rates (principally LIBOR) rise, our financing expenses will increase, which could have a material adverse effect on our results of operations and financial condition.
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