This excerpt taken from the PBR 6-K filed Mar 18, 2005.
Under this project, PETROBRAS sold certain assets in connection with secondary recovery projects (water injection systems) related to Pargo, Carapeba, Garoupa, Cherne and other fields (PCGC) located in the Campos Basin to the SPC Companhia de Recuperação Secundária (CRSec), incorporated as a publicly-held company. CRSec provided funds to the Project in the amount of R$ 196.191, which were used to acquire the related assets, later leased back to PETROBRAS. The funds used by CRSec for the purchase of assets derive from single series simple subordinated debentures of R$ 180.000 issued on December 1, 2001, R$ 161.800 of which were subscribed with maturity on December 1, 2008, and from shareholders capital amounting to R$ 43.456.
CRSec revenues arise solely from PETROBRAS monthly lease payments, which may be subject to increase in the event that CRSec revenues are not sufficient to cover the commitments undertaken before its financing sponsors. From January 1 to December 31, 2004, lease amounts paid to CRSec totaled R$ 93.933 (R$ 88.499 in 2003), which includes R$ 26.061 paid in January for a review of lease amounts for 2003, and R$ 5.656 of monthly lease amounts paid from January to December 2004.