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This excerpt taken from the PBR 20-F filed May 22, 2009. RECENT
DEVELOPMENTS
Since December 31, 2008, PifCo has incurred
U.S.$1,500 million of indebtedness through the issuance of
notes in the international capital market and
U.S.$4,000 million of indebtedness through various credit
facilities. See Item 5. “Operating and Financial
Review and Prospects—Liquidity and Capital
Resources—PifCo—Long-Term Indebtedness Incurred after
December 31, 2008.”
On May 19, 2009, we concluded negotiations with China
Development Bank for a bilateral loan in the amount of
U.S.$10 billion. The loan will have a tenor of
10 years and the proceeds will be used to finance our
2009-2013 Business Plan and to finance the acquisition of goods
and services from Chinese companies.
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