September 20, 2019 / 9:45 PM / 25 days ago

Brazil's Petrobras to receive in advance $2 billion from receivables: filing

FILE PHOTO: A logo of the Brazil's state-run Petrobras oil company is seen in Rio de Janeiro, Brazil March 25, 2019. REUTERS/Sergio Moraes/File Photo

SAO PAULO (Reuters) - Brazil’s state-controlled oil company Petrobras has signed a deal to receive in advance around 8.4 billion reais ($2.02 billion) related to debts held by Centrais Elétricas Brasileiras SA, or Eletrobras, according to a securities filing on Friday.

Petrobras will cede its rights over receivables from Eletrobras to a fund, which in turn will advance that payment to the oil company. Originally, Eletrobras would pay its debt with Petrobras —formed by overdue fuel bills— in parcels up to 2025. Santander, Itaú BBA and BB Banco de Investimento advised Petrobras in the deal.

Reporting by Marcelo Teixeira; Editing by Chizu Nomiyama

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