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Financial News: PETROBRAS: Company To Contribute With R$ 6.3 Billion

PETROBRAS: Company To Contribute With R$ 6.3 Billion In BR Restructuring

08/27/2017 - 19:11:00 (RTTNews)

(RTTNews) - The Brazilian state-owned oil company Petrobras will carry out a corporate restructuring in BR Distribuidora which will involve a R$ 6.3 billion (US$ 2 billion) capital contribution and a partial spin-off.

The dismembered instalments would come from Eletrobras' debt settlement agreements (CCDs), which have real guarantees, and the receivables held by BR with Petrobras subsidiaries. A spun-off party will be merged into Downstream Participações, which will belong to Petrobras.

In a statement to the market, Petrobras said that the funds generated by the capital injection would be used in full for the prepayment of debts previously contracted by BR and guaranteed by the parent company. The operations will be carried out at book value based on an appraisal report, with no impact on the result of the companies involved.

"The transaction also does not generate a material change in the shareholders' equity of Petrobras and BR," the company said in the statement.

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