DECEMBER 18, 2009, 4:45 A.M. ET
SAO PAULO (Dow Jones)--Petrobras Quimica SA, an arm of Brazilian state-run oil company Petroleo Brasileiro SA (PBR), also known as Petrobras, obtained a credit line worth 2.6 billion Brazilian reals ($1.45 billion) from National Development Bank, the BNDES, Petrobras said late Thursday in a statement.
The credit line was obtained by Companhia Petroquimica de Pernambuco, or PetroquimicaSuape, and the Companhia Integrada Textil de Pernambuco, or Citepe, both companies controlled by Petrobras Quimica.
"The amount may be withdrawn by companies in different tranches, according to the cash needs to the development of the project (building of Petroqu??micaSuape Complex). The average estimated tenor is 12 years, with monthly installments, grace period of two and a half years, and cost in line with other corporate loans of Petrobras, the full guarantor of the finance," the company said.
"The complex is in an advanced stage of deployment...and its first units are expected to go on stream during the second half of 2010," it added.
-By Rogerio Jelmayer, Dow Jones Newswires; 55-11-2847-4521; rogerio.jelmayer@dowjones.com
Source: http://online.wsj.com/article/BT-CO-20091218-702856.html
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