Rio de Janeiro, October 5, 2018 – Petróleo Brasileiro S.A. – Petrobras informs that yesterday it prepaid a debt with Banco do Brasil, in the amount of R$2 billion, whose maturity would occur in 2020. Simultaneously, Petrobras has signed with the same institution and the same amount a revolving credit facility, with maturity in October 2025.
The revolving credit facility represents an additional source of liquidity available for the company to be used according to its needs. As such, Petrobras may use its cash for early repayment of current debts, allowing for the reduction of interest rates without loss of liquidity.
It is noteworthy that with this new credit facility, Petrobras has available to withdraw a total amount of R$6 billion hired from Brazilian banks and US$4.35 billion hired from international banks under revolving credit facilities.
The transactions are in line with the Petrobras 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.