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This excerpt taken from the PBR 20-F filed May 22, 2009. Long-Term
Indebtedness Incurred After December 31, 2008
On February 11, 2009, PifCo issued Global Notes in the
total amount of U.S.$1,500 million in the international
capital market, due March 15, 2019. The Global Notes bear
interest at the rate of 7.875% per year, payable semiannually
beginning on September 15, 2009. The funds raised will be
used for general corporate purposes, including financing the
2009-2013
Business Plan. The offering had an estimated cost of
U.S.$6 million, a discount of U.S.$26 million and an
effective interest rate of 8.187% per year. The Global Notes
constitute general senior unsecured and unsubordinated
obligations of PifCo and are unconditional and irrevocably
guaranteed by Petrobras.
Between March 24, 2009, and May 20, 2009, PifCo
borrowed an aggregate amount of U.S.$4,000 million under
lines of credit with Banco Santander, S.A., Citibank, N.A., HSBC
Bank USA, N.A. and JPMorgan Chase Bank, N.A. The loans will
mature in 2011 and bear interest at an initial rate of Libor
plus spreads reflecting prevailing rates at the time of
incurrence. The proceeds will be used
by PifCo to purchase oil on the international market for sale to
Petrobras and to purchase our oil exports.
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