SAO PAULO, Dec 4 (Reuters) - Brazil's Petrobras (PETR4.SA: Quote, Profile, Research, Stock Buzz) (PBR.N: Quote, Profile, Research, Stock Buzz) said on Thursday it secured three loans in the last month totaling $900 million, the latest in a flurry of recent announcements by the state-run oil giant seeking to dispel speculation it was struggling to raise funds. Petrobras said the first credit line, a $200 million loan with a 12-year maturity, was granted by a pool of international banks on Nov. 7. It secured another 12-year loan on Dec. 1 for $500 million with Canadian development bank Export Development Canada and a one-year, $200 million credit line on Wednesday with Brazilian bank Bradesco (BBDC4.SA: Quote, Profile, Research, Stock Buzz)(BBD.N: Quote, Profile, Research, Stock Buzz). In a statement, Petrobras said it sought the loans to ensure funding for its long-term investment plan, which projects spending of up $112.4 billion between 2008 and 2012. On Wednesday, Petrobras Chief Financial Officer Almir Barbassa told Reuters that the company expects to raise more than $1 billion on international capital markets in December. Some opposition political leaders have suggested that Petrobras may be struggling with a shortage of cash since it emerged that the company borrowed 2 billion reais ($806 million) from a Brazilian state-owned bank in October, at the peak of the financial crisis. Petrobras executives have repeatedly dismissed those concerns, stressing that the company regularly seeks loans with both domestic and foreign banks to finance its growth plans. (Reporting by Todd Benson, editing by Dave Zimmerman)
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment