PETROBRAS: Company Prepays US$ 750 Million In Debt With Bank Of Nova Scotia

(RTTNews) - The Brazilian state-owned oil company Petrobras made a prepayment of US$ 750 million in debt due in 2022 with Bank of Nova Scotia, and contracted a new credit line for the same amount, but with better financial costs and maturing in 2023.

According to Petrobras, the transaction is part of the debt management strategy that the company launched in 2016 and is in line with its previous operations, which moved US$ 61.7 billion in prepayments, US$ 48.6 million billion in funding with more attractive rates and US$ 11.7 billion in financing term extension operations.

In a statement, the company reported that prepayment operations contributed to improving the debt profile and lengthening its average term, from 7.14 years in December 2015 to 9.34 years in June 2018, resulting in savings of around US$ 1.6 billion compared to the investor return rates on Petrobras' internationally traded debt securities for equivalent terms.