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The Brazilian state-oil company Petrobras extended the term of its US$ 1 billion debt with the Mizuho Bank. Installments originally expiring in 2020 and 2022 had its terms extended to 2024, the company said.
With the renegotiation Petrobras achieved more competitive financial costs, it said in a statement.
The oil company also said that the transaction is in line with its liability management strategy, which aims to improve the amortization profile and the cost of debt, taking into account the deleveraging goal set forth in its 2018-2022 Business and Management Plan.
