Petrobras borrows $400 million to fund UK projects

Petrobras borrows $400 million to fund UK projects

Petrobras said it has signed a loan agreement through its wholly-owned subsidiary Petrobras Global Trading B.V. – PGT.

The finance agreement will see Petrobras receive US$ 400 million from Credit Agricole Corporate and Investment Bank (CACIB) with a guarantee from the UK Export Finance (UKEF).

The company disclosed that the maturity is 2029 and the funds will support procurement from UK suppliers on Petrobras projects.

This operation 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.