Petrobras prepays $2.88 billion debt, gets $300 million financing

By Susanna Moon

Chicago, Nov. 6 – Petroleo Brasileiro SA prepaid $1.28 billion of bank debt and renegotiated $1.6 billion of debt and $300 million of financing, according to a 6-K filing with the Securities and Exchange Commission.

Specifically, Petrobras prepaid $730 million of debt due 2018 and 2019 to JPMorgan.

The company prepaid $400 million of debt due 2019 to HSBC for $750 million of new financing due 2022 and 2023 with the prepayment to be executed in December.

Also, the company prepaid $150 million of debt due 2020 to Intesa Sanpaolo for $850 million of new debt due 2022.

Finally, the new financing was $300 million due 2023 with Safra.

The company said it “will continue to assess new prepayment and funding opportunities pursuant to its liability management strategy in order to improve its amortization profile, taking into account the deleveraging goals under its 2017-2021 business and management plan.”

Petrobras is an energy company based in Rio de Janeiro.

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