Petrobras Signs $5B Financing Agreement with CDB

Source: www.gulfoilandgas.com 12/5/2017, Location: South America

Petrobras has signed with China Development Bank (CDB) a financing agreement of US$5 billion with maturity in 2027. Petrobras has also signed a commercial agreement with Unipec Asia Company, establishing a preferential supply of 100,000 barrels of oil equivalent per day, based on market conditions, for a period of 10 years.

The agreement with CDB provides for the disbursement of half of the amount in December 2017 and the other half in January 2018, when the debt balance of US $ 2.8 billion of the loan contracted in 2009 with the bank will also be prepaid. In addition, the prepayment will result in the early termination of the commercial agreement signed with Unipec Asia Company in 2009, due 2019, for the preferential supply of a total volume of up to 200,000 barrels of oil equivalent per day.

Petrobras will continue to evaluate debt prepayment and new financing opportunities, in accordance with its liabilities management strategy, in order to improve its amortization profile, taking into account the deleveraging goal set forth in its Business and Management Plan 2017-2021.

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