Petrobras Prepays Debt with Pension Fund

August 13, 2019

© JCLobo /Adobe Stock
© JCLobo /Adobe Stock

Brazil's state-run oil company Petroleo Brasileiro SA said on Monday it had prepaid a 2.7 billion reais ($678 million) debt with its employees' pension fund Petros that was due in 2028, according to a securities filing.

Petrobras, as the company is known, said the debt with Petros is related to hyperinflation losses the fund incurred in the 1980s. "The prepayment contributes to improve liquidity of the fund and is aligned with the company's liabilities management strategy", it said in the filing.


($1 = 3.9795 reais)

(Reporting by Gabriela Mello; editing by Jonathan Oatis)



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