Petrobras Announced to the Market the Pre-Payment of R$ 2.7 Billion Debt with Its Employee Pension Fund Petros
Petrobras informs that it completed, this Monday, August 12, the pre-payment of the Financial Commitment Term (TCF) FAT/FC, in the amount of R$ 2.7 billion, which was due in 2028, resulting from the Reciprocal Obligations Agreement (AOR).
The agreement, according to Petrobras, was signed with the Petrobras Social Security Foundation (Petros) and several labor unions in 2006 aiming for a solution to rebalance the plans, adjust their regulations, and close existing legal disputes.
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The term aimed to cover debts generated by the introduction of the Initial Adjustment Factor (FAT) and Correction Factor (FC) in 1984, during a hyperinflationary period, in the regulation for the protection of the benefits of the employees of the company.
The pre-payment contributes to the improvement of the plans’ liquidity and is in line with the company’s liability management strategy, reducing interest expenses.
In a statement, Petros informed that the payment advance increases the liquidity of two benefit plans, making a larger portion of the assets consist of financial assets rather than receivables.
The payment, however, does not change the 2015 Deficit Equating Plan (PED-2015), because the accounts of the current agreement were already included in the asset calculations of the two plans, with expected receipt in 2028.
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