Brazil's Petrobras secures up to $378.5 million loan

By Reshmi Basu

New York, Nov. 29 - Petroleo Brasileiro SA said its subsidiary Petrobas Netherlands BV secured a loan of up to $378.5 million from the Brazilian Economic Development Bank (BNDES).

The proceeds will be used to fund construction of the P-52 platform. The new platform will operate off the coast of Rio de Janeiro state in the Roncador field of the Campos Basin, which accounts for more than 80% of Brazil's total oil output.

The loan will amortize over 10 years after construction is complete, which is expected at the end 2006. The interest rate will be Libor plus 200 basis points, with an estimated total annual cost of 5.4%.

State-owned Petrobras, based in Rio de Janeiro, is an energy company.

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