Signed new contract for financing to Petrobras

Petrobras reported that it signed a new contract for export financing to the value of 6.5 billion reais, due in 2024.

According to a note released to the market, Petrobras also reported that at the same time it liquidated export credit notes (NCES) issued in favor of BB, whose debtor balance (principal) amounted to 7.5 billion reais. Contracts settled between 2019 and 2021.

The oil company has been doing extensive work in search of improving the debt profile, the largest in the industry in the world, reducing costs and extending values due in the market.

Petrobras plans to reduce its net debt to 77 billion dollars by the end of this year, volume 12,6% smaller than that recorded in the third quarter of 2017, the oil company said in February.

The State also stated that the financial and non-financial obligations of the new contract between Petrobras and BB are in accordance with the practices adopted on the market and in the other state debt contracts, and the pricing is in line with the average debt cost of the COM Company. Source: Exam

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