September 6, 2017 / 12:25 PM / 19 days ago

Petrobras stretches out trade loans amid debt-cutting strategy

SAO PAULO, Sept 6 (Reuters) - Petróleo Brasileiro SA refinanced $1.32 billion in trade finance loans with two large banks, as part of a strategy by Brazil’s state-controlled oil producer to smooth out looming amortizations through the end of the decade.

In a Wednesday securities filing, Petrobras said that it contracted a 1 billion-real ($321 million) trade financing deal with Banco Bradesco with maturity in August 2024 and prepaid $250 million of a $1 billion trade facility with Credit Agricole SA, whose maturity was extended by two years through December 2022.

Petrobras also agreed to fully repay a 2.5 billion-real trade note with state-controlled Caixa Econômica Federal that was due in November 2018. Petrobras is the world’s most indebted major oil company.

$1 = 3.1128 reais Reporting by Guillermo Parra-Bernal

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