Brazil's 3R Petroleum subsidiary agrees on $500 mln loan to pay for Potiguar oil field (updated)

Banco Santander Brasil SA

03/08/2022 02:14

(Adds context, explains Potiguar Basin)
    Aug 2 (Reuters) - Brazil oil company 3R Petroleum said on
Tuesday its subsidiary 3R Lux agreed to a $500 million loan to
pay for the acquisition of the country's Potiguar oil field.
    In a securities filing, the company said the loan will be
granted by a group of lenders led by Morgan Stanley senior
funding, including Banco do Brasil SA, Citibank, Deutsche Bank
AG, HSBC Mexico SA, Itau BBA International and Santander Brasil
SA.
    It added the loan would mature within 54 to 60 months from
Aug. 2.
    With the loan, the company expects to consummate its
acquisition of the Potiguar Cluster of oil and gas producing
fields as well as private-use terminal, refinery and storage
assets in the Potiguar Basin in the northeastern state of Rio
Grande do Norte.
    The cluster is currently owned and operated by Brazil's
state-run oil company Petrobras.
    In January, Petrobras's board approved the sale of 22
concessions of a group of assets in the Potiguar Basin to 3R
Petroleum for $1.38 billion.  urn:newsml:reuters.com:*:nS0N2TJ00F

 (Reporting by Carolina Pulice; Editing by Brendan O'Boyle and
Stephen Coates)
 ((Carolina.Pulice@thomsonreuters.com;))