This excerpt taken from the PBR 6-K filed Aug 25, 2006.
a) Offer to buy back notes
On July 24, 2006 PETROBRAS INTERNATIONAL FINANCE COMPANY (PIFCo), a subsidiary of PETROBRAS, concluded the buyback tender for five series of notes it issued in the amount of US$ 888 million. If the notes bought back by PETROBRAS
and its affiliates in the past are considered, the operation entails the amount of US$ 1,215 million. The note buyback aims to lower the Companys overall indebtedness and simplify its debt profile, by using the balance of its cash in cash equivalents.