November 17, 2017 / 11:38 AM / 24 days ago

Petrobras seals $1 billion financing from banks, repays $500 million debt

RIO DE JANEIRO (Reuters) - Brazilian state-controlled oil company Petroleo Brasileiro said on Friday it had secured $1 billion in financing from a banking syndicate headed by Standard Chartered PLC, to which it repaid $500 million of debt ahead of schedule.

Brazil's state-run oil company Petrobras ship is seen in the Guanabara bay in Rio de Janeiro, Brazil October 7, 2017. REUTERS/Pilar Olivares

The syndicate includes China Construciton Bank, ABN AMRO Bank, Industrial and Commercial Bank of China, Banco Latinoamericano de Exportações and Commerzbank. The loan will be guaranteed by Petrobras’s P-56 platform and will be used to help pay down other debts, the company said.

Reporting by Alexandra Alper; Editing by Robin Pomeroy

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