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