Petrobras to borrow up to $400M to support procurement from UK suppliers

Brazilian state-owned giant Petrobras has signed a financing agreement with a French bank and a UK export credit agency for up to $400 million as part of its four-year business plan. 

Petrobras last Thursday signed, through its subsidiary Petrobras Global Trading B.V. – PGT, a finance agreement of up to $400 million with Credit Agricole Corporate and Investment Bank (CACIB) with a guarantee from the UK Export Finance (UKEF).

The maturity is 2029 and the funds will support procurement from UK suppliers on Petrobras projects, the Brazilian company explained.

The agreement is in accordance with Petrobras liabilities management strategy, which aims to improve its amortization profile and reduce cost, taking into account the deleveraging goal set forth in its 2018-2022 Business and Management Plan.

In related news, Moody’s agency recently raised Petrobras’ corporate debt rating from Ba3 to Ba2, keeping the outlook stable. The review of Petrobras’ rating reflected the improvement of the perspective of the sovereign rating of Brazil, from negative to stable.

Additionally, the agency pointed out that the change in the risk classification was the result of the continuous process of improving the company’s liquidity profile, reducing the leverage and debt portfolio management strategy, giving more security to the fulfilling of its obligations.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

GeoConvention 2019

GeoConvention offers some of the best local and international insights to efficient energy exploration…

read more >

16th MOSCOW INTERNATIONAL OIL AND GAS EXHIBITION

The Moscow International Oil & Gas Exhibition display products like oil and gas products, oil and gas services…

read more >

Erbil International Oil & Gas Exhibition 2019

The event will be held at the Erbil International Fair Ground which is one of the largest energy related events in Iraq…

read more >

THE 24 th IRAN INTERNATIONAL OIL , GAS , REFINING & PETROCHEMICAL EXHIBITION

The second largest OPEC producer, Iran sits atop 11 percent of oil and 18 percent of gas…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply