Brazil’s Petrobras repays $1 billion debt due 2023 via new bank line

By Susanna Moon

Chicago, Nov. 1 – Petroleo Brasileiro SA prepaid $1 billion of debt due 2023 with Banco Santander, according to a 6-K filing with the Securities and Exchange Commission

At the same time, Petrobras signed a new $750 million line of credit due October 2028 with the same bank at “more competitive financial costs.”

“These transactions are in line with the company’s liability management strategy, which aims to improve the amortization profile and the cost of debt, taking into account the deleveraging target set forth in its 2018-2022 business and management plan,” the filing added.

Petrobras is a Rio de Janeiro-based oil and gas company.

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