November 17, 2017 / 11:38 AM / in 3 months

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.

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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