Agence France-PresseMay 14, 2013 06:31
Brazilian oil group Petrobas said on Tuesday that it had raised $11.0 billion on the corporate bond market, marking a record high amount for such an issue in an emerging economy.
The company, controlled by the Brazilian state, is carrying a heavy amount of debt, but it will use the money to help finance investment of $237 billion from 2012-2016 to develop oil reserves off Brazil's shoreline.
This year alone, Petrobas intends to borrow about $20 billion, the group's finance director said last month.
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