Petrobras in $5 billion financing deal with Chinese bank

Brazilian state-owned giant Petrobras has signed a financing agreement of $5 billion with China Development Bank (CDB).

The agreement with the Chinese bank was signed on Monday, December 4 and it matures in 2027, according to Petrobras’ statement on Tuesday.

Petrobras added that half of the loan will be disbursed this month and the other half in January 2018 when the company pays the remaining $2.8 billion it owes to the bank from a 2009 loan.

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 thousand barrels of oil equivalent per day.

In exchange, Petrobras on the same date signed a commercial agreement with Unipec Asia Company, establishing a preferential supply of 100 thousand barrels of oil equivalent per day, based on market conditions, for a period of ten years.

Petrobras said it would 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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