Rio de Janeiro, March 26, 2018 – Petróleo Brasileiro S.A. – Petrobras reports that it has signed on 3/23/2018 with Banco do Brasil a revolving credit facility in the amount of R$ 2 billion, with maturity in February 2023. Through the instrument, the company may draw from the line until the month prior to maturity.
The revolving credit facility will have a cost of 0.40% p.a. for maintaining the limit with Banco do Brasil, creating yet another alternative of funds available to the company to be used according to its needs. As such, Petrobras may use its cash for early repayment of current debts, allowing for the reduction of the cost of interest without loss of liquidity.
It is noteworthy that the company had already concluded transactions with this bank, on 2/26/2018, by means of: (i) financing contracts as Export Credit Notes (NCE) in the total value of R$ 6.5 billion, with maturities in 2023 and 2024; and (ii) early repayment of NCEs in the total value of R$ 7.5 billion, whose maturities were due between 2019 and 2021.
The transactions are in line with the liability management strategy company, which aims to improve amortization profile and cost, taking into consideration the deleveraging goals under its 2018-2022 Business and Management Plan.