This excerpt taken from the PBR 6-K filed Sep 10, 2009.
b) Financing from BNDES
On July 30, 2009, Petrobras, jointly with its subsidiaries, Transportadora Associada de Gás S/A (TAG) and Refinaria Abreu e Lima S/A (RNEST), entered into a financing agreement in the amount of US$12,810 (R$25 billion) with the National Bank for Economic and Social Development (BNDES). This transaction was included in the 2009-2013 Business Plan as one of the sources for financing investments estimated at US$174,400 for the period.
The funds will be received as federal government bonds and their purpose is to finance investments related to increasing oil and gas production, amplifying refining capacity and expanding the existing network of gas pipelines in Brazil.
The cost of the financing is in line with that verified on the international capital market for a similar period and the main characteristics of the financing are:
A term of 19 years and 8 months;
Half-yearly amortization in September and March, with the first payment in September 2016;
Payment of half-yearly interest, also in September and March;
The currency of the agreement is the Real (R$); and
Indexed to the exchange variance of the US dollar.
This excerpt taken from the PBR 6-K filed Sep 9, 2009.
Financing from BNDES
On July 30, 2009, Petrobras and two of its subsidiaries entered into a U.S.$12,810 million (R$25 billion) financing agreement with BNDES. The funds will be used to increase our oil and gas production and refining capacity and expand the existing natural gas pipeline network in Brazil, in accordance with the 2009-2013 Business Plan. The financing has a term of 19 years and 8 months and it is indexed to the exchange variation of the U.S. dollar. The terms and conditions and the interest of the financing reflect prevailing market terms and rates at the time of incurrence.