October 31, 2018 (NEW YORK, SÃO PAULO) – Proskauer represented Banco Santander S.A., a Spanish bank with a major presence in South America, in the negotiation and execution of a US$750 million export financing for Petrobras Global Trading, a subsidiary of Petróleo Brasileiro S.A. – Petrobrás.
The loan facility was guaranteed by Petrobrás, a Brazilian-based multinational corporation in the petroleum industry. The proceeds of the facility will be used by Petrobras Global Trading for general corporate purposes, including the financing of future imports of crude oil and other products from Petrobrás. The loan facility will be repaid from the proceeds of export receivables generated by Petrobras Global Trading.
The Proskauer team was led by partner Antonio Piccirillo and foreign associate Guilherme Alves (Latin America Practice Group); with assistance from Richard Corn (Tax).