Brazilian state-run oil giant Petrobras announced Friday that it has secured a $1 billion loan from a syndicate of institutions headed by the UK’s Standard Chartered Bank. The loan is part of a drive by Petrobras to restructure debt. Petrobras said it will use $500 million from the loan to pay down debts due in December. The other $500 million will be used to pay down other short-term obligations. Petrobras did not provide details on the new loan. Petrobras is one of the most heavily indebted companies in the world. It ended the third quarter with the equivalent of more than R$350 billion in debts. The company’s efforts to restructure debt have met with a favorable market response. In September, Petrobras sold $2 billion in global bonds at interest rates ranging from 5% to 6%, the lowest rates obtained by the company since 2014.
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