|
|
 | | | |
- close
- close
- close
- close
This excerpt taken from the PBR 20-F filed May 22, 2009. PifCo’s Short-Term
Borrowings
PifCo’s short-term borrowings are denominated in
U.S. dollars and consist of short-term lines of credit,
loans from financing institutions and the short-term portion of
long-term lines of credit and loans from financing institutions.
At December 31, 2008, PifCo had short-term borrowings of
U.S.$143 million, consisting of the short-term portion of
long-term lines of credit and loans from financing institutions,
compared to U.S.$311 million of short-term borrowings at
December 31, 2007. The weighted average annual interest
rate on these short-term borrowings was 3.59% at
December 31, 2008 compared to 5.59% at December 31,
2007. At December 31, 2008, PifCo had no short-term lines
of credit or loans from financing institutions outstanding.
The short-term portion of PifCo’s notes payable to related
parties consists of notes payable to us, and increased 5.7% to
U.S.$25,353 million at December 31, 2008, from
U.S.$23,978 million at December 31, 2007, primarily as
a result of PifCo’s short-term financing needs. This
increase was partially offset by the assumption by Brasoil of
PifCo’s obligations under the notes payable to us in the
amount of U.S.$8,231 million, as a consequence of the
transfer of PifCo’s notes receivable to Brasoil in the
same amount.
Table of Contents
|
| |||||||
