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This excerpt taken from the PBR 6-K filed Sep 9, 2009. Long-Term Debt Our outstanding long-term debt consists primarily of the issuance of securities in the international capital markets, debentures in the domestic capital markets, amounts outstanding under facilities guaranteed by export credit agencies and multilateral agencies and loans from the BNDES and other financial institutions. Outstanding long-term debt, plus the current portion of our long-term debt amounted to U.S.$24,826 million on June 30, 2009 compared to U.S.$17,562 million on December 31, 2008. This increase was primarily due to funds raised by PifCo from financial institutions and through the issuance of Global Notes. See Note 10 of our unaudited consolidated financial statements as of June 30, 2009. Project Financing Since 1997, we have utilized project financings to provide capital for our extensive exploration and production operations and related projects, including some natural gas processing and transportation systems. All of these projects and the related debt obligations of special purpose companies established for these financings are on-balance sheet and accounted for under the line item “Project Financings”. Under typical contractual arrangements, we are responsible for completing the development of the oil and gas fields, operating the fields, paying all operating expenses relating to the projects and remitting a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the end of each financing project, we have the option to purchase the project assets from the special purpose company or, in some cases, acquire control over the special purpose company itself. Outstanding project financing, plus the current portion of our project financing, totaled U.S.$7,120 million on June 30, 2009 compared to U.S.$6,795 million on December 31, 2008. This increase in outstanding project financing was primarily due to increased debt relating to the Gasene and Codajás projects. See Note 12 of our unaudited consolidated financial statements as of June 30, 2009. 19 Extinguished securities On June 30, 2009, and December 31, 2008, we had amounts invested abroad in an exclusive investment fund that held debt securities of some of our group companies in the amount of U.S.$695 million and U.S.$749 million, respectively. Once these securities are purchased by the fund, the related amounts, together with applicable interest, are removed from the presentation of project financing. See Note 12 of our unaudited consolidated financial statements as of June 30, 2009. Off Balance Sheet Arrangements As of June 30, 2009, there were no off-balance sheet arrangements that have, or are reasonably likely to have, a material effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. This excerpt taken from the PBR 6-K filed Jun 1, 2009. Long-Term Debt Our outstanding long-term debt consists primarily of the issuance of securities in the international capital markets, debentures in the domestic capital markets, amounts outstanding under facilities guaranteed by export credit agencies and multilateral agencies and loans from the BNDES and other financial institutions. Outstanding long-term debt, plus the current portion of our long-term debt amounted to U.S.$20,006 million on March 31, 2009 compared to U.S.$17,562 million on December 31, 2008. See Note 10 of our unaudited consolidated financial statements for the three-month period ended March 31, 2009. Project Financing Since 1997, we have utilized project financings to provide capital for our extensive exploration and production operations and related projects, including some natural gas processing and transportation systems. All of these projects and the related debt obligations of special purpose companies established for these financings are on-balance sheet and accounted for under the line item “Project Financings”. Under typical contractual arrangements, we are responsible for completing the development of the oil and gas fields, operating the fields, paying all operating expenses relating to the projects and remitting a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the end of each financing project, we have the option to purchase the project assets from the special purpose company or, in some cases, acquire control over the special purpose company itself. Outstanding project financing, plus the current portion of our project financing, totaled U.S.$6,712 million on March 31, 2009 compared to U.S.$6,795 million on December 31, 2008. This decrease in outstanding project financing was primarily due to decreased debt relating to the Barracuda/Caratinga, PDET Offshore and Cabiúnas projects. See Note 12 of our unaudited consolidated financial statements for the three-month period ended March 31, 2009. 19 Extinguished securities On March 31, 2009, and December 31, 2008, we had amounts invested abroad in an exclusive investment fund that held debt securities of some of our group companies in the same amount of U.S.$749 million. Once these securities are purchased by the fund, the related amounts, together with applicable interest, are removed from the presentation of marketable securities and project financing. See Note 12 of our unaudited consolidated financial statements for the three-month period ended March 31, 2009. Off Balance Sheet Arrangements As of March 31, 2009, there were no off-balance sheet arrangements that have, or are reasonably likely to have, a material effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. This excerpt taken from the PBR 20-F filed May 22, 2009. Long-Term Debt
Our outstanding long-term debt consists primarily of the
issuance of securities in the international capital markets,
debentures in the domestic capital markets, amounts outstanding
under facilities guaranteed by export credit agencies and
multilateral agencies and loans from the BNDES and other
financial institutions. Outstanding long-term debt, plus the
current portion of our long-term debt amounted to
U.S.$17,562 million at December 31, 2008 compared to
U.S.$13,421 million at December 31, 2007.
Included in these figures at
December 31, 2008 are the following international debt
issues:
Unless otherwise noted, all debt is
issued by PifCo, with support from us through a standby purchase
agreement.
This excerpt taken from the PBR 6-K filed Mar 30, 2009. Long-Term Debt Our outstanding long-term debt consists primarily of the issuance of securities in the international capital markets, debentures in the domestic capital markets, amounts outstanding under facilities guaranteed by export credit agencies and multilateral agencies and loans from the BNDES and other financial institutions. Outstanding long-term debt, plus the current portion of our long-term debt amounted to U.S.$17,562 million at December 31, 2008 compared to U.S.$13,421 million at December 31, 2007. See Note 12 of our consolidated financial statements for the year ended December 31, 2008. Included in these figures at December 31, 2008 are the following international debt issues:
(1) Issued in connection with our export prepayment program. Unless otherwise noted, all debt is issued by PifCo, with support from us through a standby purchase agreement. 21 This excerpt taken from the PBR 6-K filed Mar 30, 2009. (b) Long-term debt • Composition
• Composition of foreign currency denominated debt by currency
65 • Maturities of the principal of long-term debt The long-term portion at December 31, 2008 becomes due in the following years:
• Composition of long-term debt by annual interest rate Interest rates on long-term debt were as follows:
66 • Structured finance of exports Petrobras and Petrobras Finance Ltd. - PFL have certain contracts (Master Export Contract and Prepayment Agreement) between themselves and a special purpose entity not related to Petrobras, PF Export Receivables Master Trust (“PF Export”), relating to the prepayment of export receivables to be generated by PFL by means of sales on the international market of fuel oil and other products acquired from Petrobras. As at December 31, 2008, the balance of export prepayments amounted to US$348 in non-current liabilities (US$398 as of December 31, 2007) and US$75 in current liabilities (US$68 as of December 31, 2007). • US$899 Global Notes issue – Petrobras International Finance Company – (“PifCo”) On October 06, 2006, PifCo issued Global Notes to the amount of US$500. The notes have an effective rate of 6.185% per annum and a ten-year term. The Global Notes were offered at 99.557% of the face value with a stated of 6.125% per annum. PifCo used the proceeds from this issuance principally to repay trade-related debt. 67 The subsidiary Petrobras International Finance Company - PifCo made a note exchange offer, with the transaction being settled on February 07, 2007. PifCo consequently received and accepted offers to the amount of US$399 (face value). The old securities received under the exchange were cancelled on the same date and as a result PifCo issued new securities on the transaction settlement date maturing in 2016 with a coupon of 6.125% p.a. to the amount of US$399. The securities constitute a single, fungible issuance with the US$500 issued on October 06, 2006, amounting to US$899 in securities issued with maturity in 2016. PifCo also paid investors the amount equal to US$56 as a result of the offering to exchange the securities. The transaction has been treated as an exchange for financial reporting purposes and accordingly, the US$56 are amortized to interest expense over the life term of the notes in accordance with the effective interest method. As of December 31, 2008 and 2007, the Company had an outstanding balance of net premiums on reissuance that amounted to US$13 and US$22, respectively. 68 • US$1,750 Global Notes issue – PifCo On November 01, 2007 Petrobras, through its wholly-owned subsidiary Petrobras International Finance Company (PifCo) concluded its bond issue of US$1,000 in senior debt, unsecured Global Notes on the international market, due March 01, 2018, with the following characteristics: (i) coupon of 5.875% p.a; and (ii) issue price of 98.612% . Interest will be paid on March 01 and September 01 of each year, with the first payout due March 01, 2008. On January 11, 2008, PifCo issued Senior Global Notes of US$750 that constitute a single issue fungible with the US$1,000 launched on November 1, 2007, amounting to US$1,750 in issued bonds due on March 1, 2018. The Notes bear interest at the rate of 5.875% per annum, payable semiannually, beginning on March 1, 2008. The purpose of this issue was to access long-term debt capital markets, refinance prepayments of maturing debt and to reduce the cost of capital. This excerpt taken from the PBR 6-K filed Nov 28, 2008. Long-Term Debt Our outstanding long-term debt consists primarily of the issuance of securities in the international capital markets, debentures in the domestic capital markets, amounts outstanding under facilities guaranteed by export credit agencies and multilateral agencies and loans from the Banco Nacional de Desenvolvimento Econômico e Social (the Brazilian National Development Bank, or BNDES) and other financial institutions. Outstanding long-term debt, plus the current portion of our long-term debt amounted to U.S.$15,162 million on September 30, 2008, as compared to U.S.$13,421 million on December 31, 2007. This excerpt taken from the PBR 6-K filed Sep 4, 2008. b) Long-term debt • Composition
29 10. Financings (Continued) b) Long-term debt (Continued) • Composition of foreign currency denominated debt by currency
• Maturities of the principal of long-term debt The long-term portion at June 30, 2008 becomes due in the following years:
30 10. Financings (Continued) b) Long-term debt (Continued) The composition of annual interest rates on long-term debt are as follows:
31 10. Financings (Continued) b) Long-term debt (Continued) Global Notes – PifCo (Continued) On January 11, 2008, PifCo issued Senior Global Notes of US$750 that constitute a single issue fungible with the US$1,000 launched on November 1, 2007, amounting to US$1,750 in issued bonds due on March 1, 2018. The Notes bear interest at the rate of 5.875% per annum, payable semiannually, beginning on March 1, 2008. The purpose of this issue was to access long-term debt capital markets, refinance prepayments of maturing debt and to reduce the cost of capital. This excerpt taken from the PBR 6-K filed Sep 4, 2008. Long-Term Debt Our outstanding long-term debt consists primarily of the issuance of securities in the international capital markets, debentures in the domestic capital markets, amounts outstanding under facilities guaranteed by export credit agencies and multilateral agencies and loans from the Banco Nacional de Desenvolvimento Econômico e Social (the Brazilian National Development Bank, or BNDES) and other financial institutions. Outstanding long-term debt, plus the current portion of our long-term debt amounted to U.S.$16,188 million at June 30, 2008 as compared to U.S.$13,421 million at December 31, 2007. This excerpt taken from the PBR 6-K filed May 22, 2008. b) Long-term debt • Composition
29 10. Financings (Continued) b) Long-term debt (Continued) • Composition of foreign currency denominated debt by currency
• Maturities of the principal of long-term debt The long-term portion at March 31, 2008 becomes due in the following years:
30 10. Financings (Continued) b) Long-term debt (Continued) • Composition of long-term debt by annual interest rate Interest rates on long-term debt were as follows:
31 10. Financings (Continued) b) Long-term debt (Continued) Global Notes - PifCo The subsidiary Petrobras International Finance Company - PifCo made a note exchange offer, with the transaction being settled on February 07, 2007. PifCo consequently received and accepted offers to the amount of US$399 (face value). The old securities received under the exchange were cancelled on the same date and as a result PifCo issued new securities on the transaction settlement date maturing in 2016 with a coupon of 6.125% p.a. to the amount of US$399. The securities constitute a single, fungible issuance with the US$500 issued on October 06, 2006, amounting to US$899 in securities issued with maturity in 2016. On January 11, 2008, PifCo issued Senior Global Notes of US$750 that constitute a single issue fungible with the US$1,000 launched on November 1, 2007, amounting to US$ 1,750 in issued bonds due on March 1, 2018. The Notes bear interest at the rate of 5.875% per annum, payable semiannually, beginning on March 1, 2008. The purpose of this issue was to access long-term debt capital markets, refinance prepayments of maturing debt and to reduce the cost of capital. 32 10. Financings (Continued) b) Long-term debt (Continued) Notes - Pesa On May 07, 2007, Petrobras Energia S.A. (Pesa), a company indirectly controlled by Petrobras, issued notes amounting to US$300 with a term of 10 years and 5.875% interest p.a. Interest will be paid semiannually and the principal will be paid in a single installment at maturity. The issuance was made both in the Argentinean and in the International market. This excerpt taken from the PBR 6-K filed May 22, 2008. Long-Term Debt Our outstanding long-term debt consists primarily of the issuance of securities in the international capital markets, debentures in the domestic capital markets, amounts outstanding under facilities guaranteed by export credit agencies and multilateral agencies and loans from the Banco Nacional de Desenvolvimento Econômico e Social (the Brazilian National Development Bank, or BNDES) and other financial institutions. Outstanding long-term debt, plus the current portion of our long-term debt amounted to U.S.$14,934 million at March 31, 2008 as compared to U.S.$13,421 million at December 31, 2007. This excerpt taken from the PBR 6-K filed Mar 18, 2008. Long-Term Debt Our outstanding long-term debt consists primarily of the issuance of securities in international capital markets, debentures in the domestic capital markets, amounts outstanding under facilities guaranteed by export credit agencies and multilateral agencies and loans from the Banco Nacional de Desenvolvimento Econômico e Social (the Brazilian National Development Bank, or BNDES) and other financial institutions. Outstanding long-term debt, plus the current portion of our long-term debt amounted to U.S.$13,421 million at December 31, 2007 as compared to U.S.$12,616 million at December 31, 2006. Included in these figures at December 31, 2007 are the following international debt issues:
22 This excerpt taken from the PBR 6-K filed Nov 29, 2007. Long-Term Debt Our outstanding long-term debt consists primarily of the issuance of securities in the international capital markets, debentures in the domestic capital markets, amounts outstanding under facilities guaranteed by export credit agencies and multilateral agencies and loans from the Banco Nacional de Desenvolvimento Econômico e Social (the Brazilian National Development Bank, or BNDES) and other financial institutions. Outstanding long-term debt, plus the current portion of our long-term debt amounted to U.S.$ 12,697 million at September 30, 2007 as compared to U.S.$ 12,616 million at December 31, 2006. This excerpt taken from the PBR 6-K filed Sep 6, 2007. Long-Term Debt Our outstanding long-term debt consists primarily of the issuance of securities in the international capital markets, debentures in the domestic capital markets, amounts outstanding under facilities guaranteed by export credit agencies and multilateral agencies and loans from the Banco Nacional de Desenvolvimento Econômico e Social (the Brazilian National Development Bank, or BNDES) and other financial institutions. Outstanding long-term debt, plus the current portion of our long-term debt amounted to U.S.$ 12,269 million at June 30, 2007 as compared to U.S.$ 12,616 million at December 31, 2006. This excerpt taken from the PBR 6-K filed Jun 13, 2007. Long-Term Debt Our outstanding long-term debt consists primarily of the issuance of securities in the international capital markets, debentures in the domestic capital markets, amounts outstanding under facilities guaranteed by export credit agencies and multilateral agencies and loans from the Banco Nacional de Desenvolvimento Econômico e Social (the Brazilian National Development Bank, or BNDES) and other financial institutions. Outstanding long-term debt, plus the current portion of our long-term debt remained relatively constant, amounting to U.S.$ 12,027 million at March 31, 2007 as compared to U.S.$ 12,616 million at December 31, 2006. This excerpt taken from the PBR 6-K filed Apr 10, 2007. Long-Term Debt Our outstanding long-term debt consists primarily of the issuance of securities in the international capital markets, debentures in the domestic capital markets, amounts outstanding under facilities guaranteed by export credit agencies and multilateral agencies and loans from the Banco Nacional de Desenvolvimento Econômico e Social (the Brazilian National Development Bank, or BNDES) and other financial institutions. Outstanding long-term debt, plus the current portion of our long-term debt remained relatively constant, amounting to U.S.$ 12,616 million at December 31, 2006, as compared to U.S.$ 12,931 million at December 31, 2005. Included in these figures at December 31, 2006 are the following international debt issues:
(1) Euro; U.S.$ 1.3191 = EUR 1.00 at December 31, 2006. This excerpt taken from the PBR 6-K filed Nov 28, 2006. Long-Term Debt Our outstanding long-term debt consists primarily of the issuance of securities in the international capital markets, debentures in the domestic capital markets, amounts outstanding under facilities guaranteed by export credit agencies and multilateral agencies and loans from the Banco Nacional de Desenvolvimento Econômico e Social (the Brazilian National Development Bank, or BNDES) and other financial institutions. Outstanding long-term debt, plus the current portion of our long-term debt, decreased to U.S.$ 11,705 million at September 30, 2006, as compared to U.S.$ 12,931 million at December 31, 2005. This decrease was a result of our decision to settle some of our long-term obligations. This excerpt taken from the PBR 6-K filed Nov 28, 2006. b) Long-term debt • Composition
22 b) Long-term debt (Continued)
(1) At September 30, 2006 and December 31, 2005, the Company had amounts invested abroad in an exclusive investment fund that held debt securities of some of the PETROBRAS group companies and some of the SPEs that the Company consolidates according to FIN 46 (R), in the total amount of US$597 and US$2,078, respectively. These securities are considered to be extinguished, and thus the related amounts, together with applicable interest have been removed from the presentation of marketable securities and long-term debt, of US$239 and US$356 for September 30, 2006 and December 31, 2005, respectively and project financings, of US$358 and US$1,722, respectively (See also Note 9). Gains and losses on extinguishment are recognized as incurred. Subsequent reissuances of notes at amounts greater or lower than par are recorded as premium or discounts and are amortized over the life of the notes. Petrobras recognized a loss of US$17 on extinguishment of debt during the period ended September 30, 2005. As of September 30, 2006 , the Company had an outstanding balance of net premiums on reissuance of US$51. 23 b) Long-term debt (Continued) • Composition of foreign currency denominated debt by currency
• Maturities of the principal of long-term debt The long-term portion at September 30, 2006 becomes due in the following years:
• Composition of long-term debt by annual interest rate Interest rates on long-term debt were as follows:
24 | EXCERPTS ON THIS PAGE:RELATED TOPICS for PBR:
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