This excerpt taken from the PBR 6-K filed Dec 23, 2008.
Extension of the financing terms
(Rio de Janeiro, December 22, 2008). PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, informs it has refinanced the loans contracted with Banco do Brasil (BB) and Caixa Econômica Federal (CEF) during 2008, postponing its maturities and enlarging the principal amount due to CEF.
The loans with BB, in the amount of R$ 2.0 billions, that were negotiated during the first semester of this year with the maturities schedules for the first semester of 2009, were prepaid and exchange for a new loan, to mature in 2011.
The Company has also pre-paid the loan contracted at the end of the last October with CEF, and then exchange it for a new loan in the total amount to R$ 3.6 billions, bringing additional net resources in the amount of R$ 1.5 billion. Maturity is also scheduled for the beginning of 2011.
By these new transactions the Company aims to extend the duration of its debt, adjusting it to Companys needs.
This document may contain forecasts that merely reflect the expectations of the Companys management. Such terms as anticipate, believe, expect, forecast, intend, plan, project, seek, should, along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: December 23, 2008
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.